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Raif: The Best Solutions for Foreign Currency Operations

Every 10th dollar or euro in Ukraine’s foreign trade passes through Raiffeisen Bank. Raif regularly introduces technological innovations and optimizes “classic” foreign exchange procedures. We will tell about  the most business-friendly solutions and why they are worth trying.

FX-light: Foreign Currency Transactions in Just a Few Seconds

The innovative service FX-light from Raif is a must-have in today’s volatile foreign exchange market. It is available to all users of Raiffeisen Business Online, and offers businesses a range of unique advantages.

Key Benefits of FX-light service by Raiffeisen Bank

  • Transaction speed: Currency sale and exchange transactions are completed in just 3 seconds. Currency is purchased immediately after approval by the foreign exchange supervision unit.
  • High level of security: Full confidentiality and protection of your funds.
  • Extended time limit: For transactions that do not require fx control, applications to participate in the trading session can be submitted via Raiffeisen Business Online 24/7.
  • Live exchange rates: Rates are updated every 30 seconds, ensuring direct quotes from the interbank market.
  • Rate fixation: An opportunity to choose from several exchange rate fixation options.

Traditionally, financial institutions accept applications for trading sessions from 10:00 a.m. to 5:00 p.m., Monday to Friday. FX-light service by Raiffeisen Bank significantly expands these boundaries. Near‑constant access to foreign currency transactions enables businesses to address unplanned needs and manage liquidity more efficiently in general.

These capabilities are especially relevant for exporters, while for importers even minor exchange rate fluctuations can substantially affect the hryvnia cost of imported goods.

Fixing the transaction rate helps minimize these risks. In Raiffeisen Business Online, clients can view the closing rate of an application (meaning a currency sale or conversion rate) directly while creating it. The client may either confirm the deal at the current rate or postpone execution until a more favorable moment.

There are several ways to fix an exchange rate:

  • Automatically — “At the Bank’s Rate” option (most commonly used);
  • Personally — selecting the moment of rate fixation personally; such transactions are calculated 24/7;
  • Order — setting a desired rate;
  • Direct dealing — fixing the rate by phone with the Bank’s dealer.

“Not all banks offer clients live interbank rate updates. Even in 30 seconds, market conditions can change dramatically. The hryvnia exchange rate directly depends on market sentiment, regulator’s actions, news background, and the global situation. The speed of funds crediting after rate fixation is another unique advantage — both for purchases and sales. Previously, this process could take hours, preventing clients from using purchased foreign currency or received hryvnia”, says Emal Bakhtari, Head of Financial Instruments Sales Division of Raiffeisen Bank.

The Practical Role of SWIFT GPI Tracker

This is a unique offering in the banking services market. With the SWIFT GPI tracker, which is also implemented in Raiffeisen Business Online, clients can track international payments similarly to a shipment tracking service.

What Information is Available to Clients?

  • Which banks processed the payment and how much time was spent on processing.
  • Which bank is currently holding the payment for processing.
  • Which bank charged additional fees and in what amount.
  • Whether the payment has been credited to the beneficiary and when.
  • Real-time access to information.

The service helps quickly identify issues, such as requests for additional documents for foreign exchange, enabling payments to proceed without the need to contact the Bank. For businesses, this means not only time and cost savings, but also operational stability.

For example, access to information on status transparency enables companies with regular international supplies (distribution, manufacturing) faster respond to delays, communicate with counterparties more effectively, and avoid disruptions in supply chains. The implementation of SWIFT GPI has reduced funds crediting time by 6 to 24 hours and lowered the number of inquiries to the call center by 50%.

A Service-Oriented Operating Model

Alongside technological solutions, Raiffeisen Bank actively develops its service component: tailored pricing, remote document processing, preliminary analysis of foreign economic contracts, and advisory support. This is particularly important for companies that are scaling up or just entering international markets. In such cases, the combination of digital tools and expert support enables businesses to:

  • Avoid regulatory errors;
  • Launch cross-border business activities faster;
  • Manage foreign exchange risks more effectively.

While using the application, clients often have questions regarding foreign exchange regulation or currency purchase and sale procedures. These issues can be promptly resolved online via chat with a personal manager or through the hotline. Clients of the Business Elite+ package receive tailored services, including a dedicated foreign exchange supervision manager.

Proven Market Leadership

Raiffeisen Bank’s estimated market share across all foreign currency transactions with corporate and retail clients is 10–11%. In terms of currency purchase and sale volumes, Raif is currently surpassed only by large state-owned banks. Over the past year alone, the growth of foreign currency deposits of legal entities at Raif reached UAH 1.7 billion (equivalent).

Raif’s leadership is also confirmed by independent research. Thus, for two consecutive years, Raiffeisen Bank has won the “Bank of the Year” ranking conducted by Financial Club among large privately-owned banks in two nominations: “Best Corporate Bank” and “Best FX Bank for Business”. The assessment is traditionally based on official data from the National Bank of Ukraine.

Certain services have also received professional recognition in competitions and rankings. For instance, the SWIFT GPI service was awarded at the X-Ray competition by MMR.ua in 2025 in the Brand Experience category. The FX Light online foreign currency sales service for legal entities was recognized in the Best Online Customer Experience category at the Ukrainian CX Excellence Awards.

MyRaif for Private Individuals and Individual Entrepreneurs

The MyRaif application offers currency exchange functionality with a user-friendly interface for individuals, and enables not only buying or selling, but also conversion of currency, which was previously available only at cash desks. The Bank plans to extend access to these features to private entrepreneurs as well.