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How to exchange old US dollars
Whether a bank has the right to refuse exchanging US dollars or other foreign currency of an older issue was explained by lawyer Alina Kulava from the “DE-JURE” law firm.
The National Bank has prohibited banks from imposing restrictions on exchanging old banknotes, so if the money is authentic, banks are required to accept it. Refusing to exchange banknotes due to their year of issue is effectively a violation.
If the banknotes are worn or damaged, an encashment procedure is applied — a paid financial service with a set fee (usually around 20%). Encashment applies to banknotes with various defects: torn or cut, with damaged design or security features, discoloured, heavily stained, burned, or damaged by moisture or chemicals. These banknotes are sent by the bank to a foreign financial institution for verification and reimbursement of their value.
If a bank refuses to exchange old currency, this should be documented — preferably in writing with the reason stated — and addressed to the bank’s management. If the issue is ignored, a complaint can be filed with a higher authority, such as the National Bank of Ukraine. The key criteria for exchange are authenticity and condition of the banknote, not its year of issue, so such refusal is a violation of current legislation.
