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The topic of currency exchange has always been relevant for Ukrainians. Let’s be frank — in which currency are real estate, cars, and other items usually bought and sold in Ukraine? While dealing with cash might be more or less clear (everyone knows where to find exchange points or kiosks at the market), fiat payments, and especially digital currency, are relatively recent developments that Ukrainians are happy to use. Especially now, when many of our citizens are in Europe and beyond.
Obmify has delved into this matter in more detail for you.
Where to buy Tether? What’s the best euro exchange rate now? Should you trust exchange points at the railway stations? Which exchange is truly reliable? Let’s break it down step by step and discuss each method of exchange, its advantages, and disadvantages.
Bank
The good old method of buying and selling currency, which was relevant in pre-war times, is now questionable. Currently, neither selling nor buying is a viable option for several reasons:
- Banks in Ukraine do not sell foreign currency.
- When buying your currency, the bank offers the standard exchange rate of the National Bank, which is not always advantageous.
Also, it’s worth noting that banks operate only during certain hours and days, with lunch breaks, queues, and so on, making it not the most convenient option when you urgently need to exchange money.
Among the advantages, it’s also possible to exchange old-style banknotes as well as dirty, worn, or less-than-perfect banknotes. However, recently even here the news isn’t very pleasant — even banks have started to turn up their noses at not-so-new foreign currency banknotes.
Licensed Exchange Points
Market kiosks, stalls at railway stations, and so on — all of this can be categorized as “regular exchange points,” because if there’s at least a stall and a window, then there must be a license.
Among the advantages, we can highlight:
- More convenient working hours compared to banks.
- A wider selection of currencies.
- The possibility to buy currency with hryvnias.
- Relative safety. Yes, sometimes there might be fraud in calculations, but it still happens much less often than at “exchange guys”.
Among the disadvantages:
- Not very favorable exchange rates (depends on the specific point).
- Points are offline, meaning most of the time it’s impossible to check the exchange rate at a certain exchange point in advance, which is especially relevant for residents of big cities.
‘Exchange Guys’
Guys with bum bags/fanny packs at shopping mall entrances, markets, railway stations… well, you know how they look like in Ukraine. Here the pros and cons are quite obvious.
Pros:
- They could offer a better exchange rate
- They operate on weekends and holidays
- There’s a room for negotiation on the rate when exchanging a large amount (though, for introverts, this might be a con)
Cons:
- Possible fraud
- Possibility of counterfeit currency (although rare, and if it happens, you can’t report it to law enforcement since it’s an unlicensed point)
- Inability to know the rate beforehand and the necessity to communicate in person for clarification
Online Exchanges
The light at the end of the tunnel, considering everything said above. By the way, did you know that online exchanges can work with cash as well? You can place an order for the desired amount from home, then come to the exchange and be confident that your money in the required currency is already waiting for you. But let’s also discuss the pros and cons.
Pros:
- Operate 24/7 (except for cash directions, of course, but even here, they are progressing by offering cash delivery at convenient times)
- Deal not only with dollars and euros but also with digital currencies like Tether
- Ability to view the rate online (and compare with other points)
- Option to leave reviews and choose an exchange based on feedback
- Capability to see limits and reserves online. Limit is the maximum or minimum amount you can exchange, and reserve is how much of the required currency is left in that exchange.
Cons:
- Difficult to choose the best rate among hundreds of exchange platforms
- Challenging to choose a reliable exchange if you haven’t used it before, especially crucial for those exchanging e-money as you need to pay for the order before receiving hryvnias on your card or cash from the counter
…and here’s where Obmify comes in, the website you’re on right now.
We are an online exchange monitoring service. Here, you can check the rate for the necessary exchange pair, compare it across different exchanges, and choose the best one considering limits and reserves. Moreover, on Obmify, you can leave reviews and read them to make your decision easier.
Advantages of Obmify
We have a lot of them 🙂
Convenience
We have a minimalist and user-friendly interface, even on mobile devices.
Benefit
The best currency exchange rates in various directions, including electronic currencies.
Security
Every exchange goes through a scoring procedure before being listed on Obmify. We evaluate exchanges based on various parameters. Scammers and fraudulent exchanges won’t get through!
Obmify is a fully transparent service with open information about founders (anyone interested can find our social media pages and send us messages). We want you to trust us.
Ukrainian Product
Yes, we are aware that there’s already a monopoly in this market, and furthermore, we know it’s of Russian origin. Obmify is a Ukrainian product, created by Ukrainians. By using Obmify, you’re not supporting Russia, nor with traffic, or with commissions from each transaction.
Conclusion
In conclusion, we’ve explored various currency exchange options in Ukraine and assessed their advantages and disadvantages. In the context of modern opportunities, online currency exchange platforms have emerged, offering convenience, round-the-clock availability, and enhanced security measures. Obmify is a magic wand that seeks and compares current exchange rates, provides information about limits and reserves, and has genuine customer reviews. Thanks to Obmify, you can safely exchange any currencies at your convenience.
