Poland, Germany, Spain: where and how Ukrainians spend money abroad
5 September 16:53
Ukrainians spent $5.6 billion abroad in the first half of 2025. This is evidenced by the data of the National Bank of Ukraine, reports "Komersant Ukrainian".
The amount announced by the national financial regulator is less than in the same period in 2024. Then the amount of expenses was $6.4 billion, and in 2023 – almost $7 billion. Thus, there has been a gradual decline in foreign consumption using Ukrainian means of payment.
In the peak period of 2022-2023, the average monthly expenditures of Ukrainian citizens in foreign jurisdictions reached $1.1-1.2 billion, in particular due to mass evacuation, the need to pay for housing, medical services, insurance, and basic goods.
Spending patterns and payment behavior
According to NBU analytics and data from international payment systems:
- ~70% of expenditures are made by non-cash payments in retail chains, restaurants, pharmacies, supermarkets, and shopping centers;
- ~25% – cash withdrawals from ATMs or conversion into local currency via POS terminals;
- ~5% – other transactions (mobile payments, transfers, transportation).
The key recipient countries are Poland, Germany, Spain, the Czech Republic, and Italy. It is in these countries that the concentration of Ukrainian immigrants and refugees remains the highest, so it is logical that banks record the highest card payment activity here.
Read also: uAH 750 for lunch: how Ukrainians’ spending in restaurants has changed in the summer of 2025
Banking services and restrictions
In 2024-2025, Ukrainian banks adapted their mobile applications to international customer activity. The NBU allowed non-cash transactions abroad within the framework of currency regulation. However:
- some currency transfers are subject to limits;
- cash withdrawals are often subject to additional fees from foreign banks;
- since July 2024, Monobank and PrivatBank have introduced updated limits on P2P withdrawals abroad (to reduce shadow currency outflows).
Impact on the balance of payments and reserves
Reduced spending abroad directly affects the current account of Ukraine’s balance of payments. Less “consumption from abroad” means less pressure on foreign exchange reserves held by the NBU to stabilize the hryvnia.
In the first half of 2025, the current account surplus increased, partly due to a reduction in imported consumption by Ukrainian citizens abroad.
Migration stabilization as a financial factor
Another explanation for the decline in spending is that the initial phase of mass migration has ended. Most migrants have either returned or integrated into the social assistance, employment, and taxation systems of their host countries. As a result, there is less need for regular transactions with Ukrainian bank cards.
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Forecast for the second half of 2025
The NBU expects that in July-December 2025, Ukrainians’ expenditures abroad will remain at a level not exceeding $5.5 billion, meaning that the annual figure will not exceed $11-11.5 billion, which is significantly lower than the peaks of 2022-2023. In the future:
- decrease in cash withdrawals,
- stabilization of non-cash purchases,
- an increase in payments by local banks in the host countries.
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