In what bank is it better to open a foreign currency account for business?

International payments are becoming increasingly common for Ukrainian individual entrepreneurs and companies that work with foreign clients. Opening a foreign currency account is necessary to receive and use currency funds conveniently. In this article, we compare the most popular banks in Ukraine by tariffs, functionality, list of available currencies, and integration with international payment services.

What is essential to consider when choosing the bank?

The choice of bank to open a foreign currency account depends on several main factors. Below are the main criteria that should be taken into account by an entrepreneur who wants to decide which bank is better for opening a foreign currency account. Some of them can significantly affect the comfort of daily service, the cost of transactions, and the speed of payment.

Business format — individual entrepreneur or LLC

Banks set different requirements for opening foreign currency accounts for individual entrepreneurs and other legal entities. The individual entrepreneur is usually able to complete registration quickly – often through a mobile application or the bank’s web cabinet, with a minimal package of documents. Instead, the LLC requires mandatory submission of constituent documents, verification of the authority of the signatories, and often a physical visit to the branch. In addition, some banks have limited support specifically for LLCs — this should be taken into account at the stage of choosing an institution.

Online opening and digital tools 

Remote account opening is becoming standard for most banks in 2025. This is especially relevant for FPOs, which can apply, undergo identification and sign a contract online. It is important to check whether bank supports KEP (qualified electronic signature), is the personal account available from a mobile phone, does the application work stably. The presence of these functions will not only save time, but also make the interaction safe and modern.

Payment systems and services 

Modern bank must provide support for international payment systems: SWIFT, SEPA, and also have technical compatibility with payment platforms such as Payoneer. This is especially important for freelancers, e-commerce businesses and exporters of services. Without integration with these systems, receiving funds may be more difficult or more expensive. Some banks allow you to link a Payoneer account directly, others only through SWIFT payments.

Tariffs and commissions 

Different banks offer different tariff packages. To decide which bank is best for opening a foreign currency account, it is necessary to take into account not only the subscription fee but also commissions: for crediting a currency transfer, currency conversion, initial payment, or even reviewing the balance. You should be especially careful when receipts occur regularly and in different currencies.

Quality of service 

In addition to technical factors, it is essential to evaluate the human factor. Will you have a personal manager? Does the support service respond promptly? Is the internet banking interface clear? In case of a problem with currency control or payment delay, the speed and professionalism of the manager can be decisive. Banks set different conditions for individual entrepreneurs and legal entities. A FPO can open an account faster and easier, often online. An LLC usually requires a larger package of documents and undergoes a longer inspection.

Online opening and digital tools 

In 2025, the majority banks offer remote opening of a foreign currency account, especially for individual entrepreneurs. It is important that bank supported work with KEP, had a convenient interface and worked without the need for a physical visit. Modern banks allow you to submit an application, undergo identification and conclude a contract completely online – through a mobile application or a web office. This is especially convenient for those who value speed, mobility and want to avoid unnecessary bureaucracy.

In which the bank better to open a foreign currency account for business in Ukraine in 2025? 

This issue is relevant for most entrepreneurs who work with foreign clients. Below is an overview banks, which in 2024-2025 were most often used for opening foreign currency accounts in Ukraine. The table will help you quickly assess the key benefits each option and understand in which the bank better to open a foreign currency account. The choice depends on the format business, type of payments and currency and service needs.

Bank	Suitable For	Type of Currencies	Features
MonoBank	Individual entrepreneur, LLC	USD, EUR	🔹Convenient application 🔹SWIFT and SEPA support 🔹Integration with Payoneer and Wise 🔹Possible online opening 🔹KEP support 🔸Limited functionality for LLCs 🔸There is no personal manager
PrivatBank	Individual entrepreneur, LLC	USD, EUR, GBP	🔹 The largest network 🔹Good currency support       🔹Integration with Payoneer 🔹Privat24 online office                 🔹There are personal managers 🔸High tariffs 🔸They often ask for confirmation of transactions 🔸 Complex bureaucracy
PUMB	Individual entrepreneur, LLC	USD, EUR	🔹Online opening for individual entrepreneur 🔹Integration with Payoneer 🔹KEP support 🔹There are personal managers 🔸Restrictions for some SWIFT payments 🔸Sometimes slow processing of receipts
Savings Bank	LLC with state orders	USD, EUR	🔹 State guarantee 🔹Low tariffs 🔹 Works with projects state financing 🔹There are personal managers 🔸Slow service 🔸Complex online banking interface 🔸Connection to KEP is complicated
Raiffeisen Bank	Ltd., export/import	USD, EUR, CHF	🔹International reputation 🔹Support for currency control 🔹SWIFT 🔹There are personal managers 🔸High tariffs 🔸 Paper document circulation 🔸The opening procedure is more complicated 🔸Connecting to the KEP requires additional actions

Invoice formats

The type of account that an entrepreneur opens depends on the organizational and legal form business. individual entrepreneur and LLC have different requirements, legal restrictions and opportunities in working with currency. Also, consider whether you need a separate account for each currency or whether a multi-foreign currency account is sufficient. 

Foreign currency account for an individual entrepreneur 

An individual entrepreneur opens a foreign currency account in her own name, and such an account is not legally separated from her personality as a subject of entrepreneurial activity. Such accounts are often opened online, and most banks allow you to complete the entire procedure in 1-2 days. You need a few documents: passport, TIN, extract from the UDR and KEP. However, there are restrictions on transfers: it is forbidden to transfer currency without reason to the accounts of individuals or non-residents without supporting documents. In which the bank better to open foreign currency account, if you are an individual entrepreneur? Individual entrepreneurs often open foreign currency accounts in Monobank or PrivatBank, but the choice is yours.

Foreign currency account for LLC 

A legal entity account is opened in the name of the enterprise, and its maintenance is regulated by separate requirements. For opening, a complete set of founding documents is required, including the charter, protocols, orders on the appointment of a manager, information on beneficiaries, etc. Also bank checks the company’s reputation, office address and activities. The opening process usually takes up to 5 working days and involves a physical visit to the branch. 

Multiforeign currency accounts 

Some banks offer multi-foreign currency accounts that allow you to store and use multiple currencies within one account. It is convenient if business works simultaneously with the US, EU or other countries. An alternative is to open separate accounts for each currency — sometimes this is more profitable from the point of view of commissions or accounting. It is worth clarifying in advance in the bank, what options are available and whether it is possible to add a new currency to an already opened account without additional costs. 

Necessary documents

A package of documents for opening a foreign currency account depends on the type business, the bank and the registration method. As a rule, fewer documents are required for a sole proprietorship than for an LLC, and many banks allow you to submit them online. The presence of KEP speeds up the process and makes it possible to conclude a contract remotely. In general, to open foreign currency account, you need to prepare the following package of documents:

Category	Documents for an individual entrepreneur	Documents for LLC
Registration Documents	Extract from the EDR, information about RNOKPP	Statute, minutes of meetings, order appointing a director
Manager’s Documents	Passport, identification code	Passport, identification code
Documents for the right to use the office
Licenses and Permits	If the type of activity requires them	If the type of activity requires them
KEP (electronic signature)	Mandatory for remote registration

Summary
We note once again that choosing the bank depends on the format of your business and the type of international operations. It is worth evaluating not only tariffs, but also technical capabilities, support of payment systems and platforms, as well as the level of service. Having chosen which the bank it is  better to open foreign currency account, which corresponds exactly to yours business, you will get a convenient tool for working with foreign clients and platforms like Payoneer.

Frequent question (FAQ)

• If I receive funds from abroad, is it necessary to open a foreign currency account for the individual entrepreneur?
  Yes, so that you can receive currency and possibly sell it for official purposes, you need a foreign currency account.
• Can I open an account in multiple currencies at the same time?
  So, the majority of banks offer multi-foreign currency accounts or the possibility of opening individual accounts.
• Can I withdraw money from Payoneer to my FPO foreign currency account?
  Yes, most Ukrainian banks allow individual entrepreneurs to receive payments from Payoneer. 
• Which banks support integration with Payoneer?
  Monobank, PrivatBank, and PUIB have the best integration with Payoneer. 
• What documents are required to open a foreign currency account for an individual entrepreneur?
  Passport, TIN, extract from the UDR, bank questionnaire, KEP. Other documents are possible depending on the bank.
• How often can the bank request confirmation of the origin of funds?
  With everyone’s income, mainly from new counterparties.
• Do I need to have a separate foreign currency account for each platform?
  No, you can use one account for all platforms if the bank has no restrictions. 
• Can I open a foreign currency account for an individual if I am not a registered individual entrepreneur?
  Yes, but only for personal use. For business activities, you need to register as a sole proprietorship or legal entity (LLC).
• Is it necessary to have a KEP (electronic signature) to open a foreign currency account?
  Yes, almost all banks require KEP for signature contracts online.

Is it possible to have several foreign currency accounts in different banks?
Yes, restrictions on quantity of accounts there is none.