Wire Transfer in Ukraine: What Businesses Need to Know

In modern international business, Wire transfers remain one of the most reliable methods for transferring funds between companies from different countries. Wire transfers are used for both large corporate payments and regular service payments, ranging from IT consulting to marketing projects.

For Ukrainian entrepreneurs and sole proprietors working with foreign partners, it is critically important to understand how to receive a wire transfer in Ukraine and how to send a wire transfer abroad. Businessmen should understand how wire transfers work in Ukrainian banks, what commission (wire transfer fees) may be charged when using them, and how to avoid possible delays in international wire transfers.

In this article, we will analyze step by step what a wire transfer is, which Ukrainian banks support it, the differences between wire transfer and other payment methods, and what you need to know to optimize any wire transfer terms and fees.

What a wire transfer is in simple words

What is a wire transfer? This is an electronic bank transfer between accounts in different countries or between various financial institutions in the same country. Wire transfers to a bank in Ukraine are a legal way for Ukrainian companies, entrepreneurs, and freelancers to receive funds from foreign partners or send funds abroad.

International wire transfer

International Wire transfer is used for settlements between businesses located in different countries for payment of international contracts and invoices. The transfer of funds is carried out between banks, which exchange encrypted payment messages.

During a transfer, the sender’s bank sends a payment message to the recipient’s bank via the international financial data exchange system. The money moves through intermediary banks until it reaches the recipient’s account.

The bank typically charges a fee for such transactions — a wire transfer fee, the amount of which depends on the bank, country, and currency.

Difference from SWIFT and ACH

People sometimes try to run a comparison of wire transfer vs SWIFT; however, this shows a lack of understanding. After all, the difference between them is that SWIFT is an international system through which payment instructions or transfers are transmitted, and a Wire transfer is the transfer itself, which can be made through this system. The same can be said about the difference between wire transfer and ACH: wire transfer is a transfer, and ACH (Automated Clearing House) is a US payment system.

But there is a difference between SWIFT and ACH. ACH is a domestic US payment system that is not suitable for international transactions. Therefore, for businesses that work with customers abroad, an international wire transfer via SWIFT is the main option.

Where is a wire transfer used?

Wire transfer in Ukrainian banks is used for:

• contract payments and invoices between companies;
• receiving transfers to the account of an individual entrepreneur from clients abroad;
• withdrawal of funds from international platforms (like Payoneer).

Although a wire transfer fee via SWIFT can usually be higher, this method is widely used in B2B payments with large amounts.

How a wire transfer works in Ukraine

A wire transfer is a method of conducting international banking transactions supported by most major Ukrainian banks. It allows businesses to receive and send payments in US dollars, euros, pounds sterling, and other currencies directly to the accounts of companies and sole proprietors.

Wire transfer in Ukrainian banks

Most major financial institutions support wire transfer services in Ukrainian banks. The most popular among them are:

• Monobank supports incoming and outgoing international Wire transfers, SWIFT, and the fintech platform Payoneer.
• PrivatBank allows you to receive funds from foreign partners and platforms (for example, Payoneer).
• Raiffeisen Bank, OTP Bank, PUMB, Ukrgasbank serve corporate clients with full support for currency transactions.

Banks may have different internal rules: some require confirmation of contracts, others only an invoice or payment order.

Through which networks do wire transfers go?

A wire transfer can pass through several systems:

• SWIFT — the leading network for international wire transfers.
• SEPA — a network for transfers in euros between EU countries.
• Domestic Wire transfer — for transfers between banks within Ukraine in USD or EUR.

SEPA uses the Euro and works for EEA/EU countries; for Ukraine, receipts in EUR usually go via international wire transfer via SWIFT.

That is, in most cases, banks use SWIFT; therefore, wire transfer and SWIFT are often perceived as the same thing. But technically, SWIFT is a messaging channel, and wire transfer is a type of transfer.

Enrollment time and currency control

In wire transfer terms, fees may vary depending on the sender’s country and the number of intermediaries.

• Typically, the money is received within 1–5 banking days.
• If several intermediary banks are involved, the term may increase by up to a week.
• Ukrainian banks conduct currency control: you may be asked to provide a contract or invoice to confirm the source of funds.

Commissions (or wire transfer fee) are often charged to both the sender and the recipient. Some banks offer an OUR option in which the sender pays all fees.

How to make or receive a wire transfer

Ukrainian companies and individual entrepreneurs need to know how to make a wire transfer or receive a wire transfer in Ukraine, so that the payment can go through without delays or additional costs. The process consists of a few simple steps that can be completed via online banking or at a bank branch.

Step 1: Get details

To initiate the transaction, you will need to provide your bank details.
For an international wire transfer, it is necessary to specify:

• Recipient’s name (in Latin)
• Account number in IBAN format
• SWIFT or BIC code of the bank
• Bank name and country

Ukrainian banks automatically provide these details upon opening a foreign currency account.

Step 2: Send the correct data to the client

Before the partner makes a wire transfer to a Ukrainian bank, ensure you provide them with accurate information, including the IBAN, SWIFT code, and full bank name. Even one mistake in the symbol can lead to a refund. It is advisable to attach brief instructions, as this reduces the risk of inaccuracies in international wire transfer payments.

Step 3: Wait for the transfer

After the customer sends the money, the international wire transfer passes through one or more financial institutions.

• In most cases, funds are received within 1–3 business days.
• If there are intermediaries (correspondent banks) on the transfer route, the waiting time for money may increase to 5 days.

The exact time depends on the country, currency, and transfer route.

Tips: How to avoid delays

If you avoid common mistakes, you can shorten processing time and reduce the wire transfer terms and fees, especially when transferring money through multiple banks.

• Copy the details exactly as they appear, and always verify the correctness of the SWIFT and IBAN before sending.
• Please clearly indicate the payment purpose in English (for example, ‘Payment for IT services’).
• Use the OUR option so that the sender covers all fees.
• If the bank requests documents, prepare an invoice or contract in advance.

Commissions, deadlines, and hidden costs

It is essential for businesses to understand the terms and fees associated with wire transfers, including the transfer time, and the components that contribute to the fee. Wire transfer fees depend on the sending bank, intermediary banks, and the receiving bank. Additionally, consider currency conversion, credit card commission, and potential costs associated with document verification.

Parameter	Sending	Receiving
Basic commission wire transfer	$15–50 (depends on bank/channel)	$10–30 (enrollment fee)
Brokerage commissions	$10–40 (1–2 correspondent banks “on the way”)	$0–20 (may be held “on the way” and reflected in the net amount)
Type of commission payment (OUR/SHA/BEN)	OUR — all fees are paid by the sender; SHA — shared; BEN — paid by the recipient	OUR — full amount received; SHA — minus intermediaries; BEN — maximum withholding
Currency conversion	If the currency is different from the recipient’s account, double conversion	Margin 0.5–2.5% of interbank (depends on the bank)
Currencies	USD, EUR, GBP (others are according to bank rules)	USD, EUR, GBP (account must be in the corresponding currency)
Refund	$15–50 (return + broker fees)	A separate fee may apply for return processing
Typical hidden costs	Additional correspondence charges, priority fee	Bank commission for crediting, fee for certificates/statements
Regional time reference points	EU→Ukraine: 1–3 days; USA→Ukraine: 2–5 days; UK→Ukraine: 1–4 days	Add 0.5–1 day for internal processing/control

How to minimize the overall Wire transfer fee:

• Ask the sender to select the OUR option (the sender pays all fees), and the full amount will be credited to your account.
• Send an international Wire transfer in the recipient’s account currency (avoid unnecessary conversion).
• Ask your bank about direct correspondent relationships for the route (fewer intermediaries = fewer withholdings).
• Compare routes/tariffs across different banks — sometimes another correspondent reduces withholding amounts.

Hidden costs to keep in mind:

• The difference between buying/selling currency during conversion (bank margin).
• Commissions of intermediary banks, which may be charged “along the way” (sometimes they are only visible in the payment details).
• Fee for additional verification or statement (copy of MT103, etc.) depends on the bank’s policy.
• Refund of payment due to incorrect details — double shipping/return fees.

If it is important to reduce costs and time for correspondents, optimize the route (direct correspondents, OUR option) and check the Wire transfer fee at a specific partner bank. Send the sender step-by-step instructions on how to complete a wire transfer, including your exact details. Check with your bank to learn how to initiate a wire transfer in Ukraine.

Wire transfer and SWIFT: What’s the difference?

In short, SWIFT is a global network for exchanging payment messages between banks, or a transfer channel, and a Wire transfer is the money transfer itself. In other words, an international wire transfer usually goes through the SWIFT network.

• International Wire transfer is the actual transfer of funds between accounts; SWIFT is a method of transmitting payment instructions between banks.
• Where is it used? Wire transfer via SWIFT: For large B2B payments, invoices, and contracts, SWIFT is the preferred channel in most cases.
• Cost and terms: the transfer route and the number of correspondent banks affect wire transfer terms and fees.
• Payment details: IBAN and SWIFT are the same for both approaches, as an international Wire transfer typically goes through SWIFT.

In addition to SWIFT, international wire transfer can be done using fintech services (for example, Payoneer). Choose a wire transfer through SWIFT for regular large amounts, official contracts, or when you need confirmation of the movement of funds (MT103).

Advice for Ukrainian business

• Check the payment route. Ask your bank about direct correspondent relationships for the currency/country you need — fewer intermediaries, faster, and lower wire transfer fees.
• Agree on the type of commissions. Negotiate with your partner about OUR to minimize losses on the recipient’s account. This is especially important when planning a wire transfer in Ukraine to a sole proprietorship account.
• Only work with accurate details. Before that, to initiate a wire transfer, please send the counterparty’s IBAN, SWIFT/BIC, bank name, and payment purpose in a single message/file. For reliability, attach a screenshot from the banking application.
• Optimize the payment currency. Reconcile the account currency and the transfer currency to avoid double conversion and unnecessary wire transfer fees.
• Keep your documents ready. Contract, invoice, account — these speed up currency controls when wire transfers are made to Ukrainian banks and reduce overall enrollment time.
• For regular payments, there are fintech alternatives. Consider using Payoneer or Wise Business for invoicing and local details, followed by an international wire transfer to your Ukrainian currency account.
• Test with a small amount. Before making a large payment, it is better to make a mini-transfer to check the route, wire transfer terms and fees, and correctness of details.
• Communication = speed. Share deadlines, holidays, and time zones with your business partner to help you plan international wire transfers properly and avoid unnecessary delays.

Advantages and disadvantages of wire transfer

Wire transfers in Ukraine remain the primary tool for B2B payments, especially when large sums are transferred, payment confirmation (MT103) is required, and the terms are predictable. At the same time, wire transfer fees and possible intermediary retention affects the net amount.

Table: Pros and Cons of wire Transfer via SWIFT

Pros	Cons
High safety and route predictability of the route	Higher costs: Wire transfer fee + commission to intermediaries (correspondents)
Accepted by banks worldwide	Potentially longer enrollment time (1–5 days)
Suitable for large amounts and B2B contracts	The risk of hidden withholdings from correspondents
Full Documentary Trail (MT103)	Dependence on the accuracy of details and currency control
Currency flexibility (USD/EUR/GBP, etc.)	Conversion losses if the transfer currency ≠ the account currency

Briefly about balance

• When appropriate, international wire transfers via SWIFT are used for large invoices, official contracts, and bank/client requirements for reliability and a documentary trail.
• When to search for alternatives: when making frequent small payments, consider cost and time sensitivity (such as Payoneer or local details).

How to optimize international payments

To reduce costs and speed up international wire transfers, act systematically: choose the correct route, keep your details in order, and plan your departure time.

Practical steps

• Multicurrency accounts (Payoneer, Wise Business).
  Keep USD/EUR/GBP in separate accounts and get local details (US routing, EU IBAN). This reduces the number of intermediaries and reduces wire transfer fees. An international wire transfer is better done through a Ukrainian bank afterward.
• Templates of details for counterparties.
  Prepare a single file containing all your details (IBAN, BIC/SWIFT, bank address, payment purpose) and send it to the sender. This will reduce the likelihood of errors when your partner wants to make a wire transfer.
• OUR option and payment currency.
  Agree on commission payments according to the OUR scheme (the sender pays all commissions), and match the payment currency to the account currency to reduce the total Wire transfer fee.
• Comparison of fares and routes.
  Before sending, check how different banks handle routes. Wire transfer to a Ukrainian bank: who has direct correspondents in the desired direction, what fees are charged by intermediaries, and what wire transfer terms and fees usually exist on the selected route.
• Cut-off time and calendar.
  Send payments before the bank’s daily cut-off time and avoid holidays in correspondent countries. This way, there is less chance of “hanging” on weekends.
• Documents are ready.
  Keep the contract/invoice/deed nearby to pass currency control faster — this is especially helpful when you have received a Wire transfer in Ukraine for an individual entrepreneur or company.
• Test payment and MT103.
  For new partners, a small pilot payment. Request an MT103 to track international wire transfers in case of delays quickly.
• Accounting automation.
  Integrating the bank/fintech service with accounting: automatic import of statements and reconciliation of payments will eliminate manual errors and expedite the closing of invoices.
• When alternatives are appropriate.
  If transfers are small and frequent, it may be more convenient and efficient to invoice through Payoneer.

Real-world business use cases

Below are brief scenarios of how companies in Ukraine utilize international wire transfers in their daily operations. This will help you see the practical nuances — from requisites to cost control.

Digital services marketplace from Kyiv

The platform offers design and content services to clients in the US and EU. For payments to the operating company, the marketplace sends international wire transfers with the OUR option (to avoid additional withholdings when transferring funds). Details are sent in the format screenshot from the bank + text template to minimize errors. On the day of transfer, the financier requests an MT103 and checks the route, recording the actual wire transfer terms and fees for subsequent payments.

Kyiv marketing agency (B2B)

The agency invoices the client from Germany in EUR. The client pays via wire transfer to a Ukrainian bank to the agency’s foreign currency account. To avoid double conversion, the agency issues an invoice in euros and maintains a separate euro account for this purpose. Before sending, instructions are sent to the counterparty on how to make a wire transfer (IBAN, BIC/SWIFT, bank address, and payment purpose). If this is the first payment, they request a test amount of 50–100 EUR to verify the route.

IT outsourcing (long-term contracts)

The Ukrainian team receives monthly payments based on the accounts. The client in the US makes an international wire transfer in USD, and the company immediately submits the invoice/contract for currency control. To standardize the process, a how to get a wire transfer in Ukraine template is used, which helps the company use the required documents, provide the correct payment purpose in English, use the expected terms, and maintain contact with the financial manager in case of clarifications.

Payments from fintech platforms (Payoneer/Wise → Ukrainian bank)

The company accumulates small invoices in Payoneer/Wise and makes a consolidated international wire transfer to a Ukrainian bank once a week. This way, they reduce the overall wire transfer fee (by conducting fewer transactions) and plan their receipts in a better way. Bank details are saved as a payment template, reducing the risk of errors in IBAN/BIC.

Conclusion for business

The same principles apply in all cases: accurate details, agreed fee type, test payment for a new route, MT103 for tracking and accounting of the actual wire transfer terms and fees. If you need to explain the process to a counterparty, prepare a short instruction for them based on the materials in this article, like “How to Make a Wire Transfer,” and also make instructions for yourself, “How to Receive a Wire Transfer in Ukraine,” with a list of required documents and deadlines.

Frequently asked questions (FAQs)