Monobank or PrivatBank: Choosing a Bank for Receiving International Transfers.

Monobank or PrivatBank: Choosing a bank for receiving international transfers.

When choosing a bank to receive international transfers in Ukraine, it is important to consider fees, ease of use, and other factors that could influence your decision. In this article, we compare Monobank and PrivatBank, two popular Ukrainian banks, to help you select the most advantageous option for receiving funds from abroad.

International transfer fees.

One of the key factors when choosing a bank to receive international transfers is the fees charged for crediting funds to your account. Let's look at the fees for various card types at Monobank and PrivatBank.

Monobank.

SWIFT transfers in euros or US dollars:

Credited to foreign currency accounts without conversion. No incoming transfer fee.

SWIFT transfers in other currencies:

Credited to a hryvnia account after automatic conversion. No incoming transfer fee, but indirect costs may arise from conversion.

SEPA transfers:

Supported for transfers in euros. No incoming transfer fee.

Cash withdrawals:

According to tariffs from the 2024 review: 0.9% fee when withdrawing cash at partner bank branches for foreign currency accounts.

PrivatBank.

Hryvnia cards:

According to tariffs from the 2024 review: Card for Payouts: incoming transfer fee is 0.5%.

Universal Card and Internet Card: no incoming transfer fee.

Foreign currency cards:

According to tariffs from the 2024 review: incoming transfer fee is 2%.

SWIFT transfers:

Hryvnia accounts (Card for Payouts and Internet Card): 0% fee.

According to tariffs from the 2024 review: foreign currency accounts (Card for Payouts and Internet Card): 1% fee.

Universal Card: 0% fee across all account types.

Ease of use and additional services.

In addition to fees, consider app usability and the available supplementary services.

Monobank:

Modern and intuitive mobile application.

Support for SEPA transfers in euros.

Automatic currency conversion for transfers in other currencies.

Fast crediting of funds to the account.

PrivatBank:

Extensive network of branches and ATMs across Ukraine.

Feature-rich Privat24 application.

Ability to open different card types for various needs.

Higher incoming fees on foreign currency cards.

Conclusion.

After analyzing the fees and user experience of Monobank and PrivatBank, Monobank emerges as the more advantageous option for receiving international transfers. Zero incoming fees on SWIFT and SEPA transfers, combined with a user-friendly mobile app, make it the preferred choice for many users. At the same time, PrivatBank can be beneficial for those who prefer access to the extensive capabilities of a traditional bank, despite higher fees.

Recommendations for choosing a money transfer service.

To transfer money to a Monobank card or account, use our search and comparison of international transfer services and neobanks to Ukraine on the paytoua.com platform. Information on rates and fees, with timestamps showing when data was retrieved, will help you select the most cost-effective way to send money. We recommend the following platforms for transferring funds:

Revolut:

For SWIFT transfers via Revolut, check the sender fee and potential intermediary bank charges; zero additional fees are not guaranteed.

Official Revolut website.

Wise (TransferWise):

Transparent exchange rates and low fees.

Official Wise website.

Skrill:

Convenient transfers with multi-currency support.

Official Skrill website.

Zen:

Outgoing standard SEPA at ZEN costs 0.25 EUR on Free/Gold and is free on Platinum/PRO; incoming SEPA is free.

Official Zen website.