How to open Wise and withdraw funds in Ukraine in 2026: a complete guide for freelancers

The author of the article: Denis Korablyov

Modified date: 06 January 2026

You received $1,000 from a foreign client, transferred it through a bank – and suddenly only $930 shows up in your account. Where did the $70 go? Into fees, currency conversions, and other “technical details” the bank quietly didn’t mention. Sound familiar? If you work with clients from the US, Europe, or Canada, Wise (formerly TransferWise) is a way to receive payments at the real mid-market exchange rate.

In this article, we’ll break down how this British fintech giant works in 2026, how to legally withdraw foreign currency to a Ukrainian card, and how much you can realistically save.

What is Wise and how the international transfer system works

Wise – is not a bank in the classic sense, but a multi-currency platform. The main feature – the mid-market exchange rate. Where a bank adds 3-5% hidden markup to the exchange rate, Wise charges only a transparent transfer fee (0.4% – 1.5%).

How does it work? Instead of physically moving currency across borders (which is expensive and slow), Wise uses a system of local accounts.

1. You send dollars within the US to a Wise account.
2. Wise sends you hryvnias from its Ukrainian account.
3. Technically, these are two local transfers, not one expensive international SWIFT.

Result: faster, cheaper, more transparent. Plus, you can also issue a Wise card (physical or virtual) linked to this account. This is very helpful for online purchases or travel.

Why do millions of users choose this service? According to Trustpilot data, Wise has a rating of 4.3 out of 5 stars. Users value the absence of hidden fees that banks often “forget” to warn about. With Wise, you can receive and send money to 80 countries worldwide. You can also hold funds in 54 currencies at the same time and convert them at the real exchange rate without bank markups.

The main advantage – transparency. There is no fee for opening an account, no monthly maintenance, no hidden conversion fees. You pay only a fixed fee for the transfer – and you see it immediately, even before confirming the transaction. Traditional banks add 2-4% of an “invisible” fee to the exchange rate – Wise does not do this. Result: on a $1,000 transfer you save $20-40 compared to a bank.

Among the drawbacks – there is no 24/7 support in Ukrainian, there are limitations when working with cash, and for full functionality you need to complete the identity verification process (KYC)

Wise vs banks and PayPal: where fees are lower and rates are better

The technology is simple: Wise has accounts in different countries, and when you make a transfer, the money does not physically “fly” across the border. You deposit dollars into a US Wise account, and the recipient withdraws hryvnias from a Ukrainian Wise account. Some transactions are completed in just a few minutes.

Step-by-step registration in Wise for Ukrainians

Registration in Wise is simple, but requires attention to detail. If you plan to receive payments as an entrepreneur, it is important to choose the correct profile type.

Step 1. Registration and profile selection. Go to wise.com and click “Register”.

• Email: Use an active email address (best – Gmail).
• Account type: * Personal – for personal transfers and receiving fees.
  • Business – if you register an account for a sole proprietor or a company.

Step 2. Country and phone verification. Select Ukraine as your country of residence. Then enter your phone number – you will receive an SMS code for confirmation. This is your two-factor authentication to protect your funds.

Step 3. Identity confirmation (Verification). Wise is a serious financial institution, so you need to prove that you are you.

• Documents: Prepare a photo of your international passport or driver’s license (ID card is also accepted).
• Selfie: The system may ask you to take a photo of your face using your phone camera.
• Time: Usually the verification takes from 30 minutes to 24 hours.

Step 4. Account activation and details. To get your own USD or EUR account details, Wise will ask you to:

1. Top up the balance with about $25 (this amount will remain in your account and can be withdrawn).
2. Why this is needed: This is a standard activation procedure for international accounts. You can top up using a regular Ukrainian UAH card.

Important for Ukrainians: Currently, Wise does not deliver physical plastic cards to addresses in Ukraine. However, you can use virtual cards (add to Apple Pay/Google Pay) and receive funds to account details without any restrictions.

An important taxation nuance: if you plan to regularly receive money through Wise – do not forget about legalizing income. The Wise account is technically linked to your passport, and if the tax office asks where the money comes from, the answer “it is a gift from a foreign friend” will not work. 

How to receive money via Wise: two main scenarios

Suppose you are a designer and have completed a project for a client from the US. The client is ready to send $800. How can you receive it with minimal fees? You have two options.

Fee example. When transferring $800 using the standard method (not express), the Wise fee is $13.60, which is 1.7% of the amount. What would a bank charge for the same transfer?

• Fixed fee of $20-30 for an international transfer
• Hidden fee of 2-4% built into the exchange rate

Conclusion: a bank would take $36-62, Wise takes $13.60. The difference is obvious.

How to create a payment request in Wise

To do this, you simply need to generate a ready-made payment request in your account.

Wise will generate a unique link that you send to the payer – they open it, see the amount and your details, and simply confirm the transfer. This is convenient when you do not want to send an IBAN manually or explain where exactly to transfer the money.

You may also need to confirm your identity using documents.

You can provide your details to your clients, and they can then make domestic transfers using them.
 

How to withdraw funds from Wise to a Monobank or PrivatBank card

When the money is already in your Wise balance, the final step remains – transfer it to your card (Monobank, PrivatBank, etc.). To do this, click the “Send money” button and follow the steps:

Step 1. Amount and speed selection

You specify how much you want to send and in which currency. Wise will immediately show the fee and delivery speed.

Money-saving tip: Wise offers different transfer types. For example, withdrawing $1,000 may cost $4.51 (delivery in 4 hours) or only $0.41 (delivery in 3 days). If you do not need the money urgently, choose the slower option – the fee difference can be up to 10 times!

Step 2. Recipient details

Select the “Myself” option if you are withdrawing to your own card. You will need your IBAN (the account number starting with UA…). If you do not know another person’s details, it is enough to enter their email – Wise will send them a request to fill in the details.

If you want to compare Wise with other systems and learn more secrets of withdrawing foreign currency to Ukraine, we have prepared a detailed video review on our YouTube channel.

Step 3. Reason for transfer

This is a technical requirement for the platform’s financial monitoring. Choose the most appropriate option: “Payment for services”, “Transfer to relatives”, or “Savings”.

Important for sole proprietors: If you are withdrawing funds to your business account, choose “Payment for services”.

Step 4. Review and payment

Finally, Wise will show all transfer details for review. You can also schedule the transfer for a specific date here if you do not want to send it now.

If there is money on your Wise balance, you simply confirm the operation and the transfer is sent. If there is no balance or it is insufficient, you will first need to top up your Wise account. We will discuss this later in the article.

The legal side: Wise and sole proprietor taxes in Ukraine

For many entrepreneurs, the main stumbling block is the question: “What will I show to the bank and the tax authorities?”. Let us clear up the myths.

Is a Wise statement a primary document?

Yes. According to current explanations from the NBU and foreign currency control practice, documents from payment systems (Electronic Money Institutions) such as Wise are recognized as a valid basis for confirming sole proprietor income.

To ensure that your bank has no questions when crediting foreign currency, your “document package” should look like this:

1. Invoice: Issued by you in the client’s name (can be generated directly in Wise or using your own template).
2. Wise statement: It can be downloaded as a PDF for any period. It confirms that the money was received from the client to your transit account.
3. Public offer: If you work through a marketplace (Upwork, etc.).

When does income arise?

This is the most important accounting nuance. The tax authorities insist that sole proprietor income arises at the moment the funds are credited to your Wise account, not when you withdraw them to a Ukrainian card.

When withdrawing money from Wise to your sole proprietor account, specify the payment purpose as: “Payment for services according to invoice No… dated [date]”. This automatically removes 90% of financial monitoring questions.

Wise business account: a solution for sole proprietors and companies

If you operate actively in the international market, a personal profile may not be enough. Wise Business offers tools that significantly simplify an entrepreneur’s workflow:

• Batch payments: You can pay salaries to 100 employees or settle with dozens of suppliers in one click by uploading a single file.
• Cards for the team: Issue virtual or physical cards to your employees with set limits. This allows transparent management of expenses for marketing, software, or business trips.
• Accounting integration: Wise Business automatically syncs with Xero, QuickBooks, and other services. This is critical for clean reporting.
• Higher limits: Business accounts have significantly higher transaction limits than personal profiles.

This is convenient if you have a team abroad, pay foreign contractors, or purchase goods in different countries. Instead of dozens of separate transfers – one batch payment with minimal fees.

Wise support: where to contact?

The Wise website is intuitive, and the fee calculator shows everything transparently before the transfer. But if questions or issues arise, you can contact support via email or phone on this page. 

Conclusion

Wise is an international transfer service that helps save on conversion and quickly receive funds in different currencies. For Ukrainian freelancers and entrepreneurs, it is a convenient tool for working with international clients.

What you should know about Wise before getting started:

• Wise is more выгодный than banks and PayPal thanks to the interbank rate without hidden markups.
  
• The fee depends on the currency, country, and transfer speed – usually 1-2.5%.
  
• For regular income, it is better to open your own Wise account with local details.
  
• For one-time payments, it is enough to simply give the client the IBAN of a Ukrainian bank.
  
• The rate is fixed for the duration of the transfer – this protects against currency fluctuations.
  
• For large amounts, it is more cost-effective not to rush and not transfer everything at once ($1,000 can be sent in 4 hours with a $4.51 fee or in 3 days with a fee 10 times lower).
  
• If income is regular – be sure to think about legalization and taxes to avoid problems in the future.

Check the details, choose the optimal top-up and withdrawal methods, and use a business account for regular transfers, and if you have doubts, questions, or plan to scale income, contact our accountants for a consultation.