Monobank Eliminates Fees for IBAN Transfers: A New Benefit for Customers.

Monobank Introduces Commission-Free IBAN Transfers

According to Novyny.live: Starting February 23, 2026, Monobank customers will no longer pay fees for IBAN transfers from their own cards. This move eliminates the previous 0.5% commission charged on transfers exceeding 10,000 hryvnias. This change marks a significant improvement in the bank's customer service terms. The decision reflects a broader trend in digital banking where customer-friendly pricing is becoming a key competitive advantage.

It is notable that IBAN transfer tariffs had remained unchanged since Monobank's launch in 2017. In 2020 alone, the bank earned over 200 million hryvnias annually from these commissions. The revision of the tariff policy is linked to new market conditions and evolving approaches to customer service. Oleg Horokhovskiy, a bank representative, explained the initial rationale:

'This approach was justified because, at the project's start, large IBAN payments were infrequent, and the tariff model was formed for a different transaction structure.' - Oleg Horokhovskiy

What Else to Know

In addition to removing IBAN transfer fees, Monobank has also launched a pilot program for investing foreign currency savings. To participate, customers must deposit a minimum of $1,100 or €1,100 into a foreign currency account. The program offers an annual interest rate of 3.7% for US dollars and 2.8% for euros. These innovations aim to expand clients' financial opportunities and attract new users to the bank's services.

The elimination of the IBAN commission could significantly ease financial operations for Monobank clients, especially for those making large transfers. This decision also illustrates the bank's adaptation to new market conditions and shifts in consumer behavior. The introduction of new financial instruments, like foreign currency savings investment, is likely to stimulate interest in banking products and draw in new clients, which is crucial for Monobank's growth in a competitive environment.