How to Open an Electronic Wallet: A Guide for Entrepreneurs and Businesses

If you work with clients from the EU or the USA, sell services online, or receive regular payments in foreign currency, the question of how to open an electronic wallet ceases to be theoretical. An online wallet for businesses works as a flexible, multi-currency “control panel” for managing cash flows. At the same time, an electronic wallet in Ukraine is typically opened online, without waiting in line at a branch, and with a much simpler initial verification process than in traditional banks.

A modern electronic wallet for business is an online account in a fintech service that allows you to:

• accept payments from customers from different countries;
• hold funds in multiple currencies;
• conveniently withdraw money to the account of an individual entrepreneur or a company in Ukraine.

In this article, we will look at how to create an electronic wallet, what services are available in it, what documents need to be prepared, how to use the wallet in daily work, and how to choose the best electronic wallet for yourself.

What is an electronic wallet and why is it useful for business?

For an entrepreneur, an electronic wallet is an online account that is not hosted by a specific bank but by a fintech service. You register an account, go through verification, and receive details for depositing funds through a convenient interface. There you can view balances, payments, fees, exchange rates, and manage your money as easily as via email or messenger.

E-wallet for business – this is your online account with a fintech company (not necessarily a bank), where:

• multi-currency balances are opened (EUR, USD, GBP, etc.);
• details for transferring funds are generated (IBAN, account in the USA);
• tools are available for conversion, withdrawal, payouts, and basic analytics.

Unlike one-time transfers between banks, an e-wallet for business works as a permanent financial hub: it can simultaneously receive payments from marketplaces, B2B clients, and affiliate programs, and you can manage this flow from one account.

Why a bank is usually not enough

A traditional bank excels in handling hryvnia and local payments. But as soon as you enter foreign markets, a number of problems arise:

• it is inconvenient for clients to make expensive SWIFT transfers to Ukraine;
• international payments take longer and can “hang” on compliance;
• opening separate currency accounts for each country is often not feasible;
• difficulties arise in separating personal and business flows if everything goes to one or two cards.

A bank account is still needed for paying taxes and formal reporting, but an electronic wallet is becoming the first line for many international payments. That is why more and more individual entrepreneurs are creating an electronic wallet for international payments, which complements their regular account. For an entrepreneur, this means less bureaucracy and more personal control.

Who is an electronic wallet relevant for in Ukraine?

The question of how to open an electronic wallet most often arises among:

• individual entrepreneurs, freelancers, and consultants working with foreign clients;
• small IT companies and outsourced teams;
• online schools, marketing, and production agencies;
• sellers on marketplaces and small eCommerce operations.

For them, an electronic wallet for business is a way to make payments for the client localized, ensuring predictability and cutting down on expenses.

What e-wallets are available for Ukrainian businesses?

Services that offer an e-wallet in Ukraine can be broadly categorized into several types.

1. European multi-currency wallets

Characteristic features:

• IBAN details in the Eurozone (SEPA transfers in EUR);
• multicurrency balances (EUR, USD, GBP, and others);
• transparent conversion and withdrawal rates.

The benefit is that EU customers are able to pay you on an electronic wallet in Ukraine, as they would in a regular European account. However, there are also stricter requirements for documents and compliance.

2. Wallets with a focus on the US

Another large group of services allows you to open accounts in US dollars with local account numbers and routing numbers. This is especially important for IT outsourcing, marketing, and creative agencies that work with American customers.

For IT companies and marketing, this is a convenient electronic wallet for international payments in dollars: the client pays as if in the USA, and you can withdraw money to your Ukrainian bank (or keep the funds in your e-wallet in the original currency).

3. Wallets for online businesses and marketplaces

For eCommerce businesses, they can:

• accept payments from customers using cards;
• integrate with marketplaces, subscription platforms, SaaS;
• make payments to referrers and partners;
• access reporting by country, currency and sales channels.

Here it is important to check: does the service work with residents of Ukraine? What business models does it allow? And, how exactly does it allow you to withdraw earnings?

4. Universal fintech solutions

These are services for travelers, freelancers and other small businesses:

• personal and business accounts in one application;
• virtual and physical cards;
• internal transfers between service users.

A Ukrainian individual entrepreneur can use an online wallet for business as an intermediate link: accept a payment, spend part in foreign currency, and withdraw part to a bank account on a scheduled basis.

How to open an electronic wallet: step-by-step instructions

In most services, the process of opening an electronic wallet follows a similar logic: registration → verification → currency selection → receipt of details → test payment. Below is a detailed analysis of each stage, focused explicitly on entrepreneurs and individual entrepreneurs.

Account registration

The first step in creating an electronic wallet for a business involves:

1. Going to the service’s website or application.
   
2. Choosing the type of account: personal or business (you need a business or professional profile if you plan to work as an individual entrepreneur or company).
   
3. Specifying:
   
   • an email address that you have constant access to
   • country of residence (Ukraine)
   • basic information about yourself (first name, last name)
     
4. Creating a strong password and enabling 2FA (authorization via SMS or authenticator app).

At this stage, the business e-wallet is still operating under restrictions. Full access is available after verification.

Verification of the person and business

In order for the electronic wallet in Ukraine to work without getting frozen, the service goes through KYC/AML procedures:

• check of your documents (passport/ID, sometimes selfie/video);
• request of company documents;
• proof of address (sometimes);
• a brief description of your business and expected turnover.

The more specific and truthful you are, the less likely you will be to receive unnecessary requests in the future.

Currency selection

The next important step is to set up the currencies you will be working with. In a business account, this typically appears as a list of balances, including EUR, USD, GBP, and occasionally PLN, CZK, and other currencies.

In an electronic wallet for international payments if:

• 80% of your clients are from the EU, you definitely need a balance in EUR.
• your main customers are in the USA or you work with dollar contracts, be sure to activate USD.
• There are regular payments within the UK, GBP will be needed.

Obtaining details

Once the account is verified and currencies are selected, the business e-wallet generates the details for you. Usually these are:

• IBAN in the Eurozone for SEPA transfers (customers in the EU will find it convenient to pay to such an account as to a regular European bank account)
• local details for Great Britain (Account Number + Sort Code) if the service supports GBP
• US account: Account number + Routing number for ACH payments

These details are then inserted into invoices, contracts, and payment instructions.

Test payment

To check how an electronic wallet works for international payments:

• ask a friend or client to make a small test transfer;
• check the crediting time, fees, and transaction description in the statement;
• If necessary, clarify the details with technical support.

If everything goes as expected, the main flow of payments can be transferred to a business’s online wallet.

Table: How to open an electronic wallet

Step	What are you doing?	Goal	What to look out for
Registration	Create a business account, password, 2FA	Access to the office	Use a work email, enable 2FA right away
Verification	Upload documents, describe activities	KYC/AML verification	Clearly describe services and customer countries
Currency selection	Activate EUR, USD, etc.	Preparing to accept payments	Check conversion rates
Obtaining details	Copy IBAN, account in the USA	Sending to customers	Save separately for EU/US/SWIFT
Test payment	Perform the first small operation	Checking the payment	Record actual fees and enrollment time

What documents are needed?

Looking to create an electronic wallet without delays and additional requests from security? You should prepare a basic package of documents in advance. Almost all services with an available electronic wallet for Ukraine require the same information: confirmation of your identity, the nature of your business, and the source of the funds.

1. Personal documents

• international passport or ID card;
• proof of address (utility bill, bank statement, official letter).

The requirement is that the document must be valid, and the photo/scan must be readable.

2. Business documents

For sole proprietors:

• registration document;
• tax number.

For the company:

• registration document;
• information about directors/beneficiaries;
• EDRPOU, tax data.

This is necessary to have a wallet for business that is tied to a real business entity.

3. Source of funds

The service often asks:

• typical invoices to customers;
• contracts/offers;
• links to the website, profiles on freelance platforms, and business pages.

This is a regular part of compliance: the service needs to confirm that there is no suspicious activity in the electronic wallet for international payments.

How to use an e-wallet in business

Once everything is set up, the electronic wallet in Ukraine becomes an integral part of the country’s daily financial system.

Accepting payments from customers

• EU customers pay to your IBAN in EUR;
• clients from the USA – to an account in the USA in USD.

For them, it’s a regular internal transfer; for you, it’s a relatively faster and often a cheaper way to get money.

Payment to suppliers

E-wallet for business is convenient not only for receiving, but also for spending on necessities such as:

• advertising (Google Ads, Meta);
• SaaS services, CRM, hosting;
• contractors and suppliers in other countries.

You simply spend part of your foreign exchange earnings directly, without having to shuttle it back and forth through the bank.

International SWIFT/SEPA transfers

If a client or partner cannot pay with local details, an e-wallet for international payments allows you to receive and send regular SWIFT and SEPA transfers. You will receive separate details (IBAN and SWIFT/BIC) to transfer to the counterparty. The payment will then be credited to your balance in the selected currency. From there, through the e-wallet for business, you can either convert the funds and withdraw them to a Ukrainian bank, or use them for other international payments.

Virtual cards for online payments

Many services that provide e-wallets for business also offer virtual (and sometimes physical) cards.

Typical cases include:.

• a separate card for advertising.
• a separate card for SaaS services and subscriptions.
• a card for test purchases or small one-time expenses.

Thus, an online wallet for business turns into a mini card management system, where you block/delete a card with one click if something goes wrong (suspicious transaction, data leak, etc.).

Mass payments

Most services that work as an e-wallet for business support bulk payments via API (for example, Payoneer). You upload a list of recipients or connect your service via API and the system automatically sends dozens or hundreds of payments to freelancers, authors, partners in different countries and currencies. This eliminates manual processes, reduces the risk of errors, and transforms the e-wallet for international payments into a convenient settlement hub for the team.

Table: Main scenarios for using an electronic wallet

Scenario	What can you do through the wallet?	Advantage
Accepting payments from the EU	Send IBAN in EUR	The client pays as if to a local account
Accepting payments from the USA	Use a US account	Payment as a regular ACH
Payment for services	Pay from your currency balance	No unnecessary conversions
Advertising, subscriptions	Link a virtual card	Cost control + security
Mass payments	Upload file with recipients	Save time on dozens of transfers

Safety and limits

To ensure the safety of both you and the service, an online business wallet has limits and additional levels of protection.

Transfer limits

Almost every electronic wallet in Ukraine has several levels of limits:

1. For one operation.
   Maximum amount per input/output or transfer. For example, up to X thousand EUR per transaction.
2. Daily/monthly limits.
   How much you can receive or send per day/month. Often tied to the account verification level.
3. Wallet balance limit.
   Some services set a limit on the amount that can be kept on the balance without additional checks.
4. Separate limits for cards.
   If the service issues virtual or physical cards, it may set daily and monthly limits on payments and withdrawals.

At the start, when you are just figuring out how to open an e-wallet, the account usually operates under a basic cautious set of limits. After complete verification, a stable history of transactions and, if necessary, additional documents (invoices, contracts), the service can:

• raise limits on transactions.
• expand the total monthly turnover.
• allow large one-time payments.

Table: Types of limits

Limit type	What limits	How does it increase?
For operations	Maximum transfer amount	After additional verification
Daily/monthly	Total turnover	After a history of stable transactions
On balance	Maximum balance	After KYC/AML verification
For the card	Card expenses/withdrawals	Flexible configuration in the office

2FA, or two-factor authentication

To protect your e-wallet for business, it is critical to:

• enable 2FA for login and withdrawal;
• use a strong password;
• not share your login/codes with third parties.

In addition to your username and password, you confirm your login or transaction with an additional code:

• this code comes via SMS, e-mail or is generated in the application (Google Authenticator, Authy, etc.);
• even if the password is “leaked” somewhere, it is much more difficult to log into the account without a second factor.

What you should do immediately after you create your e-wallet:

• enable 2FA not only for login, but also for critical actions (changing details, creating new recipients, withdrawing funds);
• save backup codes from the authenticator application in a safe place (offline, not in the same email);
• do not give out login/password/codes to business assistants, accountants, or contractors – it is better to create separate access for them, if the service allows it.

Blocking and how to avoid them

An electronic wallet for international payments may be temporarily restricted if:

• there is a sharp increase in turnover;
• receipts from atypical countries appear;
• the service considers the business niche risky;
• real transactions do not correspond to what you originally declared in the questionnaire.

To reduce risks:

• honestly describe your activities;
• do not mix personal and business payments;
• keep a ready package of contracts/invoices;
• respond quickly and calmly to compliance requests.

Advantages and disadvantages of electronic wallets

To make an informed decision about opening an electronic wallet, it is worth considering both the strengths and weaknesses of this tool for an entrepreneur.

Advantages of electronic wallets for business:

• Comfortable payments for customers from the EU and the USA;
• Multicurrency and flexible exchange rate control;
• Quick online registration;
• Additional tools (cards, mass payments, analytics);
• Clear separation of international and local operations.

Cons:

• Strict compliance and document requests;
• Commissions and possible costs for the SWIFT chain;
• Not all services work equally comfortably with residents of Ukraine;
• “Gray” schemes are prone to blockages.

To find your conditionally best electronic wallet, pay attention to:

• accessibility for Ukrainian residents and the availability of a business account;
• the set of currencies and details (IBAN, account in the USA);
• tariffs for incoming payments, withdrawals and conversions;
• limits, payment speed, quality of support;
• service reputation and reviews from business users.

Advantages and disadvantages of electronic wallets

Advantages of electronic wallets	Disadvantages of e-wallets
Fast online discovery	Limits on transaction amounts and turnover
Multicurrency in one office	Not all banks are willing to accept credit transfers
In some cases, lower fees than bank SWIFT transfers	They don’t work with cash, you need a bank account
Local details for EU/USA (IBAN, ACH)	Mandatory KYC/AML checks and documents
Virtual cards, mass payments, invoices	Temporary blocks are possible in the case of suspicious activity
Ability to choose the time and method of the currency exchange	Withdrawal and SWIFT transfer fees can make a dent in funds

Conclusion: Electronic wallet for business as an important tool

For a Ukrainian entrepreneur today, an electronic wallet for business is a key working tool. It does not replace a bank, but complements it, by helping you conveniently receive and send international payments, allowing you to work flexibly with currencies, and giving you the option to plan the withdrawal of funds to Ukraine in a way that benefits you.

If you open an electronic wallet with the correct documents and use it with international partners, then you’ll see why it’s such a powerful tool in the world of modern business.

Frequently asked questions (FAQs)