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Monobank has отменed its commission on international SWIFT transfers for both sending and receiving funds, starting June 10, according to co-founder Oleh Horokhovskyi.
He said that SWIFT transfers previously cost users around ₴1,000 per transaction in fees. The bank decided to remove the charge because such payments are currently important for both businesses and individuals.
Horokhovskyi noted that Monobank was generating over ₴11 million per year from these fees, but said the bank is willing to forgo this income in exchange for improving customer conditions.
The change applies to both private clients and business users and effectively makes SWIFT transfers more accessible, especially for those who regularly send or receive international payments.
Analysts say the impact on Monobank’s overall revenue is likely to be limited, but the move could increase competitive pressure on other Ukrainian banks and potentially attract customers who frequently use international transfers.
The biggest beneficiaries are expected to be freelancers, entrepreneurs working with foreign clients, labor migrants sending money home, students abroad, and people making large international purchases such as real estate or vehicles.
SWIFT remains the global interbank messaging system used by more than 11,000 financial institutions in over 200 countries and is the main infrastructure for cross-border bank transfers in foreign currency.
