Ukrainian neobank Monobank has decided to cancel fees for all international SWIFT payments. This was announced by the bank's co-founder, Oleksandr Horokhovsky, in his Telegram channel. The new rule came into effect on June 10.
Previously, users paid an average of around 1,000 UAH for international transfers. Now, this service has become completely free. According to Horokhovsky, this decision was made considering that such payments are now important for both businesses and individuals.
Why did the bank take this step?
Oleksandr Horokhovsky noted that Monobank earned more than 11 million UAH annually from SWIFT transfer fees. However, the bank's management decided not to spare these funds in order to improve conditions for customers.
"We won't complicate things. As of today, everything is free," the co-founder wrote in his message.
What else is new in Monobank?
This is not the only service improvement in recent times. Previously, the bank introduced an expense tracking function, as well as a "shared card" tool, which allows multiple users to manage a budget jointly.
In addition, Monobank has simplified the process of international transfers via IBAN number. Now the procedure has become more transparent and convenient for customers.
The cancellation of SWIFT transfer fees is an important step in the development of financial services in Ukraine. This makes Monobank one of the most accessible banks for those who work with international payments.