Monobank updated the transfer rules: what everyone needs to know

Monobank, a well-known Ukrainian bank, announced the cancellation of the commission for transfers to accounts in IBAN format for customers who send their own funds. The bank’s co-founder, Oleg Horohovsky, spoke with this news outlet.

Customers can now transfer funds to IBAN accounts for free, regardless of the transaction amount.

Previously, there was a different procedure: no commission was charged for transfers up to 10 thousand hryvnias, but if the amount exceeded 10 thousand hryvnias, a 0.5% commission was withheld. According to Horokhovsky, such a system existed since the bank’s launch in 2017, when IBAN payments were not yet widespread, and the bank needed to recover the costs of processing them. Commission fees brought the bank more than 200 million hryvnias every year.

The cancellation of the fee indicates the bank’s rejection of a stricter policy regarding non-cash payments. In addition, Monobank has recently expanded its customers’ options by introducing the ability to invest foreign currency deposits, with funds in dollars and euros earning up to 3.7% per annum.

We remind you that in cases of suspicious transactions, banks have the right not only to suspend customer service, but also to terminate business relations with such persons.

Attention was focused on the fact that Oschadbank plans to pay pensioners 5,000 hryvnias: it was clarified who can receive these funds and for what.

It was also reported that the possibility of restoring social benefits for those previously canceled due to the increase in the living wage for disabled people was under consideration.