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Monobank: features of a famous virtual bank in Ukraine

Monobank is a virtual online bank and application in Ukraine. It refers to neobanks, also called digital or internet banks; their difference from traditional banking structures is the absence of physical branches. Today, there are 256 such banks (neobanks) in the world; some obtain their banking licence, and others work in cooperation with traditional banks. The term "neobank" itself appeared in 2017.

Monobank also dates back to 2017. Privatbank was nationalized that year, and its former top managers founded the Fintech Band company. The company developed the Monobank app, which cost 2 million euros. Monobank does not have a banking licence — it operates under the licence of Universal Bank.

Universal Bank

"Universal Bank" is a bank from Ternopil, operating since 1994 as "Bank Universal". It became a Ukrainian bank in 2007 after the Greek division of the international banking group Eurobank EFG acquired it. In 2008, it was renamed to Universal Bank. It is on the list of systemically important banks in Ukraine.

Universal Bank is now one of the companies of TAS Group, which is owned by Ukrainian businessman and politician Serhiy Tihipko. "Universal Bank" is included in the international rating of the top TOP-200 fintech companies and has a credit rating of "uaAAA" (high) according to Credit-Rating.

Features of Monobank

Monobank has 6 million customers as of 2023.

Monobank has no physical branches, so for transactions requiring customer presence, such as depositing or withdrawing cash in dollars and euros, Universal Bank's or partner bank A-Bank's cash desks are used.

Monobank is one of Ukraine's most popular financial applications, ranking 3rd and 4th in GooglePlay and AppStore.

Advantages of the monobank application:

  • Free transfers to mono and other banks.
  • Payment for utilities and mobile communications without commissions.
  • Convenient support service: works by phone or in any messenger of your choice: Viber, Facebook Messenger, Telegram.
  • Profitable cashback — every month, you can choose two categories and get a refund on purchases in them from 0.75% to 20%.

Types of cards issued by Monobank

Black card

A basic card has a credit line with a fixed interest (3.1%). The grace period is approximately 2 months (62 days). You can choose monthly cashback; top-up is free at Ibox terminals.

White card

Debit card for receiving salary payments to entrepreneurs. Cash is withdrawn without commission.

Premium card Platinum

Combines the elite Infinite (Visa) and World Elite (Mastercard) cards. It differs in that the card may not be labelled with a number.

Premium privileges for owners:

  • 24-hour concierge service.
  • MasterCard and Lounge Key access to airport business lounges.
  • Fast Line — airport privileges in the departure and arrival areas — check-in, passport and customs control.
  • Mileage accrual for air ticket purchase — 11 miles per 1,000 hryvnias spent.
  • Discount vouchers in airport restaurants.
  • Special conditions for booking on Booking.com and in RIXOS, Agoda, Jumeirah Hotels & Resorts and Visa Luxury Hotel Collection hotels.

Iron Bank Visa Card

Most of the Iron card's options are the same as the Platinum card, plus it has a special metallic design and a separate ironapp application. Among the advantages of this card are commission-free payments to legal entities' accounts and free cash withdrawal abroad (up to UAH 10,000).

Children's card

Parents can issue a children's card for children from 6 to 16 years old. This debit card has parental control — the owner can see where the child spends money.

ATB card

A discount card of ATB supermarkets, connected with a Monobank payment bank card. You can get a 5 to 45% discount when paying at an ATB shop. The card also has a credit limit.

Achievements of monobank and Universal Bank

Monobank is a multiple winner of Financial Club Awards, PSM Awards and other awards in the categories:

  • mobile banking,
  • digital bank,
  • best credit card,
  • best deposit,
  • loyalty programme.

Exchange Monobank to e-currencies

On our site you can see the current exchange rates of Monobank UAH to other electronic payment systems.

Exchange Monobank UAH to another currency:

Exchange e-currency to Monobank UAH:

© BestChange.com – , updated 11/13/2023
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