Monobank for Entrepreneurs: Account Opening Rates and Terms

How accounts for entrepreneurs work in monobank. Features include an accounting suite, internet acquiring, and tax services.

Icon: Updated
Mar 17, 2024
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Time to read:
3 minutes

How Does an Entrepreneur Account Work?

Monobank is a Ukrainian digital bank offering a wide range of banking services for individuals and entrepreneurs.

The main advantages of monobank include free service, ease of use, quality support, and reasonable currency control.

Accounts for individuals and entrepreneurs can be opened online in just a few minutes, in Ukrainian hryvnia, US dollars, and euros.

Please note that you can open an account with monobank only if you are a citizen or a tax resident of Ukraine.

What Are the Service Rates?

Monobank does not charge a commission for:

  1. Opening and maintaining accounts.
  2. Any payments within Ukraine and tax payments.
  3. Generating account statements.

Comparison of rates for main services with other banks.

Table 1: Tariff Comparison.
Service monobank PrivatBank Oschadbank
Opening Cost 0UAH 0UAH online, 100UAH in-branch 150UAH
Maintenance Cost 0UAH 150UAH 169UAH
Transfer Fee 0UAH 5UAH 2UAH

A horizontal scroll appears in the table when viewed on a phone.

The table includes the most popular banks, but Sense, Raiffeisen and Pumb were also analyzed.

The result is the same: monobank's terms are more favorable.

I've included links to the official websites for you to review on your own.

What Banking Services are Available?

What you get immediately after registration:

  1. Account cards: you can issue both digital and physical cards in hryvnia, dollars, and euros.
  2. Accounting suite: for report management, sending, and processing payments. Access can be granted to an accountant.

Depending on your business, additional services can be connected:

  1. Check by mono: issuance of fiscal receipts, inventory management, remote control, and payment acceptance.
  2. Expirenza by mono: a service for restaurants for menus, payment acceptance, and tips.
  3. Base by mono: for collecting donations and monthly payments from subscribers, learn more about Base.
  4. Internet acquiring: for accepting payments on a website, learn more about acquiring.

How to Open an Account?

What you need to open an account:

  1. An open Monobank account for a simple individual: this can be done quickly and for free online.
  2. Be registered as an individual entrepreneur in Ukraine: automatic and free registration within 15 minutes through Diia.
  3. Then there are two options: independently go to the account opening section in the app and select "Individual Entrepreneur", or use my affiliate link, and then you'll receive 150 UAH upon opening.
How to Open an Account for Individual Entrepreneurs at Monobank

How to Manage Your Account in the App?

You can manage your entrepreneurial account using the same app as for personal accounts.

What can you do?

  1. Transfers to cards and payments via IBAN.
  2. Payments to the budget and tax authorities.

How can you top up?

  1. From your own accounts.
  2. Via details within Ukraine.
  3. SWIFT or SEPA.
  4. Payoneer.
How to Top Up and Make Transfers from Your Individual Entrepreneur Account at Mono

How to Grant Access to Your Accountant?

To expand payment management capabilities and use internet acquiring, utilize the accounting suite at

To grant access to your accountant:

  1. Open the mobile app.
  2. Navigate to the section for managing your sole proprietorship account.
  3. Select "Web Office Access."
  4. Enter your accountant’s phone number.
How to Grant an Accountant Access to the Monobank Web Cabinet

When entering the web office page, you must authenticate using a phone number or by scanning a QR code.

Login to the Accounting Web Cabinet

The accounting suite offers payment analytics, the ability to create new transfers, and order account statements.

How to Make a Payment in the Entrepreneurial Account Web Cabinet at Mono

For instance, my course payments go through Monobank's internet acquiring, and here's the available information for a specific payment.

It’s convenient to see the payment breakdown and have the option to process refunds quickly.

Details of Incoming Payments in the Web Cabinet

How to Pay Taxes?

I do my reporting through Taxer.

This service automatically fills out all the necessary reports for the tax authorities, calculates tax payments, and checks for any outstanding debts.

You can also pay taxes through Taxer, but with a fee.

I take the amount calculated by Taxer and pay through monobank's accounting suite without any fees.

How to Pay Taxes via Taxer

How to Connect Internet Acquiring?

To connect, you need to:

  1. Have an individual entrepreneur account with monobank.
  2. Submit an application on the website.

Then, they will contact you via messenger to clarify details about your work.

Here’s an example of how it went for me.

How to Connect Internet Acquiring from Mono

How to Integrate Payments?

Once your connection is confirmed, you will have access to the "Acquiring" section in the accounting suite.

In this section, you can obtain API keys for integration.

Integration of Mono Payments on Your Website

What Does the Payment Look Like?

  1. On the left: a mobile payment page, where you can quickly pay via mono Pay, Apple Pay (or Google Pay on Android), or using card details.
  2. On the right: how the payment appears in the buyer's statement.
Example of a Transaction from Monobank's Internet Acquiring

Base for Collecting Donations and Subscriptions

Monobank recently launched Base.

Tools for receiving donations and subscriptions directly to your entrepreneurial account.

How does it work?

After registering, you will receive a page and widgets that you can place on your resources or during a stream.

Example of a Base page.

How to Receive Donations and Subscriptions via Base from Mono

Who is Base Suitable For?

Primarily for streamers with a Ukrainian audience.

Also, for those who do not plan to create exclusive content for paid subscribers.

Currently, you can create different subscription levels, ranging from 10 UAH to 2000 UAH.

However, you cannot set up any bonuses for subscribers.

If you want to create exclusive content for paid subscribers, monetization through Patreon or Buy Me a Coffee would be more suitable.

In Base, you will see a list of all your subscribers, but unfortunately, there’s no way to interact with them.

Analytics of Paid Subscriptions through Base from Mono

How to Set Up Base?

To set up Base, you need to have an individual entrepreneur account with monobank.

Then follow these steps:

  1. Apply on the official Base website.
  2. Provide a link to your primary profile on one of the social networks: YouTube, Twitch, Instagram, TikTok, or Telegram.
  3. Set up your Base profile: choose a category, add photos and a description.
  4. Place the obtained Base link in the description of your main profile.
  5. Wait for the moderators to review and confirm your profile.
  6. After confirmation, Monobank will send you a contract in the app.

Accept it to start receiving donations and subscriptions.

For streamers, there's a special widget for OBS, allowing you to display real-time donation statistics.

The commission for processing payments through Base is 3%.

Tools for Streamers to Receive Payments via Base from Mono


I can only speak for myself, and you can compare how much our situations match.

I chose an account with Monobank because:

  1. I want to legally transfer money from Payoneer and pay taxes on it.
  2. I want to manage personal and business accounts in one app.
  3. After comparing many internet acquiring services for payment processing, I found that Monobank has the lowest commissions and convenient integrations.

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