Opening a USD account and dollar transactions with Monobank

Who and how can open a USD account with Monobank?

Both entrepreneurs and individuals, including non-residents with a valid residence permit in Ukraine, can open a USD account with Monobank. Even minors who have reached the age of 6 can open an account. However, only parents can open an account for children under 16.

The account can be opened only remotely, as Monobank is a virtual bank with no physical offices. To create a dollar account, you must first become a current client of Monobank. The order of account opening will be as follows:

1. The user creates an account on Monobank's website or mobile app.
2. To create an account, it is necessary to send a photo of the identity document and specify personal data: Full name, date of birth, residential address, and contacts). At this stage, it is enough to follow the instructions in the application.
3. After sending all the data, it is necessary to wait for confirmation from the bank before opening an account.
4. If the bank has approved the application, the last step is to issue and activate the Monobank card. A new client can use a virtual card or issue a physical card. The plastic card can be received at any issuing point, post office, or courier delivery. After activating the card, the client can use all available services of Monobank, including opening an account in foreign currency.

Non-residents will need a valid Ukrainian residence permit (VNZh) to open an account. To open an account, you need to:

• Fill out a short application form in the application to open an account for a non-resident;
• Upload a photo of your passport, residence permit, and taxpayer identification number (ITIN).

Sometimes, the bank may ask the non-resident additional questions about employment and salary.

Once the user has become a current client of Monobank, he/she can open an account in USD. To do this, it will be necessary to:

1. Connect Internet banking.
2. Authorize the Monobank mobile application, activate a virtual card, or issue a plastic card in American currency. Since Monobank does not have its branches, you can get the card at the office of partner company Universal Bank.

Monobank clients can also open a foreign currency deposit in USD. Funds can be deposited in USD by bank transfer or cash at any bank branch.

What transactions are available to Monobank customers after opening an account?

Monobank allows its customers to send and receive international money transfers in USD and other currencies via instant money transfer systems such as SEPA, Ria, Payoneer, and SWIFT, as well as via VISA/Mastercard.

In addition to money transfers and currency deposits, Monobank's clients also have access to other USD transactions:

• Deposits and cash withdrawals, which can be made through Universal Bank's and A-Bank's cash desks or ATMs;
• Transfers to cards of Monobank's clients and other banks, including those located abroad;
• Purchase of USD and conversion of USD into other currencies;
• Payment for goods and services in USD, including on foreign websites.

Limits and commissions for operations with USD

Regardless of its type, the transfer amount in USD cannot be less than $1 and more than $30,000. Among other things, there is a limit on the number of money transfers: it should not exceed 5 per week and 10 per month.

Fees depend on the type of transaction:

• No fee is charged for instant transfers between Monobank customers;
• For credit card transfers, a 4% fee is charged;
• For transfers to a foreign bank card, Monobank charges 1% of the amount but not less than $1 for debit cards and 4% for credit cards;
• For receiving a transfer from a foreign bank, the fee will be 1.8% of the amount;
• Withdrawals are charged at 0.5% for debit card withdrawals and 4% for credit card withdrawals;
• Cash withdrawals abroad are subject to a 2% fee.