Monobank has waived the fee for all foreign SWIFT payments. Now both business clients and private users can make incoming and outgoing international transfers at no additional cost. This decision is aimed at facilitating financial transactions in difficult times.
- Monobank has cancelled the fee for all SWIFT payments for businesses and individuals.
- Previously, the transfer fee was about UAH 1,000.
- The changes apply to both incoming and outgoing international payments.
- Previously, the bank earned over UAH 11 million in commissions per year.
Fee cancellation for SWIFT transfers in monobank
Monobank has cancelled the fee for all foreign SWIFT payments, which are available to both ordinary users and businesses. Previously, the average fee for such transfers was about UAH 1,000. Now customers can make both incoming and outgoing international payments for free. About. reports Forbes.
Impact on business and private clients
According to the co-founder of Monobank Oleg Gorokhovsky, This decision is important for both categories of customers. Businesses are able to purchase goods at a lower cost in a difficult economic situation. For private individuals, free SWIFT payments make it easier to pay for education, medical treatment and military ammunition.
Financial implications for the bank
Before the cancellation of the fee, Monobank earned more than UAH 11 million a year from SWIFT transfers. However, according to Oleg Gorokhovsky, the bank does not regret the loss of this profitable item, as the priority is to improve market conditions and support customers in difficult times.
The market of international transfers in Ukraine
Monobank's solution is a unique step in the Ukrainian banking sector, where international transfers are often accompanied by high fees. Free SWIFT payments can stimulate market activity and increase customer confidence in digital banking services.
Perspectives for users
Monobank customers can already use the new terms and conditions without any additional settings. Free international payments will facilitate access to finance for many Ukrainians and businesses operating in international markets, especially in times of economic instability.
