monobank review

The business account carries a monthly fee of UAH 0, which is the floor, so there is little to budget for. Running costs therefore sit at the bottom of the market. For a business that uses the card for everyday spending, the balance held matters more than the account fee.

Free ATM withdrawals run to UAH 50,000 for the account, a generous allowance for business clients. That covers regular cash takings without charge. Business owners who need physical cash often will find it more useful than a small rebate.

It is a debit card, so payments come straight out of the money in the account. The card type is listed as debit (debit), so purchases draw on the balance you hold. Anyone wanting to spread costs over time would need a credit card.

The audience is listed as business (business), so the account is set out for business clients such as freelancers, sole traders and companies. Households comparing personal current accounts would find a different fit.

The bank is supervised by the National Bank of Ukraine, the regulator in its home market. The account is a Ukrainian product run by a Ukrainian bank, so funds and the card sit inside a single national banking system. That is the protection angle to weigh for a business account.

The account is built around spending in its home market rather than travel use. The company is headquartered in Ukraine and the products are set out for Ukrainian business clients, so a single market is the focus. Frequent overseas spending is better served by a multi currency account such as Wise.

It is a plain debit card for business spending rather than a rewards card. Nothing in the account is set up to pay cashback or points on transactions, since the card type is debit (debit). A business that wants to earn back its spend would need a rewards product.