National Bank obliges banks and exchangers to accept old banknotes

Опубліковано 22 June 2023 року, о 15:34

According to the regulator’s press service reports, the National Bank of Ukraine has banned banks and non-bank exchangers from refusing to accept old or worn-out foreign currency notes.


All foreign currency banknotes whose authenticity is confirmed by special counting equipment, except for those that are significantly worn or damaged, must be subject to currency exchange operations.


Moreover, banks and non-bank institutions must not impose restrictions on the denomination and year of issue of foreign currency banknotes when conducting currency exchange operations.


At the same time, banknotes that show signs of significant deterioration  (e.g., torn in half, stained, burned, etc.) should be subject to collection operations.  Banks and non-bank institutions that carry out such operations must list signs of significant banknote deterioration and collection rates at the cash desk in a place accessible to customers.


The National Bank of Ukraine emphasizes that if a bank or non-bank financial institution violates the above rules, its actions will be considered a potential sign of fraudulent activity.


If a bank or non-bank financial institution violates a customer’s rights, the customer should file a complaint with the management of such bank or non-bank financial institution. If there is no proper response from the managers of such organizations, the consumer may file a complaint with the National Bank.


For more information on how to file a complaint with the National Bank of Ukraine, please click here.