The National Bank of Ukraine has provided official clarifications regarding the cases in which banks and exchangers have the right to refuse to exchange foreign cash. According to the updated criteria, financial institutions may not accept dollars or euros that have obvious damage or signs of counterfeiting.
The list of banknotes that are not suitable for exchange includes banknotes that are torn, cut or glued together, as well as those that have been exposed to water, fire or chemicals. Banknotes with changed color, severe contamination, lack of security elements or printing defects, such as missing portraits or denominations, are not subject to exchange.
It is separately noted that sometimes banks may not accept old-style dollars – issued more than 20 years ago. Although such cases are not widespread, the National Bank reminds that it regulates the actions of financial institutions and has the right to control these operations.
If the exchange is impossible due to the physical condition of the banknote, the owner is offered to use the collection procedure – a special mechanism for replacing damaged banknotes through a foreign correspondent bank. However, this service is paid, and the commission can be quite significant.
The NBU calls on citizens to carefully check the condition of currency banknotes before exchanging them and, if possible, to store them in proper condition in order to avoid additional difficulties.
