In Ukraine, banks and currency exchange offices may refuse to accept certain foreign banknotes, including US dollars, if they are damaged or show signs of wear.
As reported by the NBU, refusal may be received by owners of banknotes with damaged design or security elements, for example, if the image is erased, part of the drawing, watermark or hologram is missing. However, even in such cases, banknotes are not considered hopelessly lost, because they can be returned through the collection procedure. This means that the bank accepts the damaged money, sends it to the foreign issuing bank for verification of authenticity and a decision on the possibility of exchange. However, it is worth considering that the collection commission will have to be paid regardless of the outcome of the review. If the foreign bank recognizes the banknote as unsuitable for exchange, the funds are not returned.
Exchanging old dollars
If we are talking about old foreign currency banknotes, before exchanging it, you need to make sure that they have not lost their payment value. This can be done on the website of the issuing country’s central bank. In many cases, such money can be exchanged without problems at regular exchange offices. For example, dollars and euros printed after 1914 still remain valid means of payment. However, some old currency issues are accepted only at the central banks of their countries, so Ukrainians are advised to check the current status of banknotes before exchanging them to avoid unnecessary costs and disappointment.
