monobank has canceled the commission for IBAN transfers from clients’ own funds. This was announced by monobank co-founder Oleg Horohovsky. We tell you the details.
What happened
monobank changed the rules for IBAN transfers and completely canceled the commission for such operations from clients’ own funds. From now on, transfers to IBAN accounts are free of charge regardless of the amount.
Before the changes, the following model was in effect:
transfers up to UAH 10,000 – no commission;
over UAH 10,000 – 0.5% of the amount from the client’s own funds.
According to Horohovsky, previously the commission for IBAN transfers brought the bank over UAH 200 million per year and appeared at the start of work in 2017, when IBAN payments were less popular, and the costs of their processing required compensation.
