Money Transfers to Ukraine: Payment Platforms and Commission Features

If you have already worked with foreign clients and accepted payment for services or goods from other countries, then you know what it takes to get money transfers from abroad — not just a technical procedure. It’s a factor that affects your cash flow, financial planning, tax reporting, and even your competitiveness.

To avoid unnecessary costs, you need to consider commissions, transfer terms, currency control restrictions, and double conversion risks. In addition, Ukrainian legislation requires proper documentation of income from foreign partners, especially when it comes to the income of a sole proprietorship or a legal entity.

In this article, we will look at how to optimize money transfers from abroad, reduce fees and choose the best platform for your business, we will also explain the requirements for processing transfers and give some practical advice. 

What are the ways to get money transfer from abroad to Ukraine?

Today, Ukrainian entrepreneurs and freelancers can receive money transfers from abroad in several convenient ways, each of which has its own advantages, depending on the format of cooperation and the type of business. Services with support for invoices and currency accounts are optimal for entrepreneurs. For example, Payoneer provides the ability to accept funds in USD, EUR, GBP, and other currencies.

Payment platforms

Payment platforms are the most convenient tool for sole traders and small businesses. They allow you to easily and quickly open virtual accounts in foreign currencies and issue invoices in order to receive money transfers from abroad to accounts in Ukrainian banks quickly and without problems.

SWIFT transfers.

SWIFT bank transfers are a classic and reliable method for companies that cooperate with large foreign counterparties and receive money transfers from abroad to corporate accounts in foreign currency or hryvnia. However, this option is usually a bit more expensive and slower than digital payment services.

Payment gateways

Payment gateways (e.g., Fondy or Wayforpay) are convenient solutions for website and online store owners who sell goods or services abroad. They allow you to accept card payments from foreign customers directly on the site, automate transaction processing, and simplify integration with payment systems.

Transfers for individuals

Money transfer systems from abroad for individuals (like Western Union or MoneyGram) are usually chosen for single or family private transfers. They are convenient because they do not require opening an account, but they have limits on the amount, frequency of transactions, and less favorable exchange rates.

How money transfer works for Individual Entrepreneurs and companies

All entrepreneurs who conduct business in Ukraine, upon receipt of money transfers from abroad, must take into account the norms of currency control. This is especially relevant for sole proprietorships and legal entities, because receipts in foreign currency require documentary confirmation and, in many cases, a concluded foreign economic agreement.

Depending on the recipient’s status, the requirements for processing payment, account type, and permissible amounts change. For example, if an individual can receive a transfer without a contract, then for entrepreneurs, this may cause the account to be blocked or additional taxes to be charged during verification.

Below is a brief comparison of conditions for different categories of recipients:

Recipient Type	Is a contract required?	Account Type	Limitation
Individual Entrepreneur	Yes, usually needed	Individual Entrepreneur foreign currency account	Myst have proof of income (invoice or contract)
Legal entity	Necessarily	Currency corporate account	Full reporting, currency control, possible inspections by the NBU
An individual	No	Card account or cash receipt	Restrictions on the amount, currency, frequency (according to the bank’s internal policy)

Comparison of commissions in popular payment services

Below is a comparison of the main services for money transfers from abroad, relevant for Ukrainian entrepreneurs for 2025. The data is obtained from the official sites of Payoneer and Wise, as well as from open sources with SWIFT tariffs of banks and the market of international transfers.

Service	Commission for incoming transfer	Currency	Enrollment Time	Bank Withdrawal Fee
Payoneer	0% (when paying via Global Payment Service)	USD, EUR, GBP etc	1-2 days	1-2%
Wise	0.5 – 1.5%	50+ Currencies	1-3 days	Fixed/percentage
SWIFT (via bank)	$15-$50 (fixed)	Any	2-5 days	Absent if received directly
Revolut Business	0.4 – 2%	EUR, USD, GBP	1-2 days	up to 1%

Comments to the table:

• Payoneer: usually does not charge a fee for money transfers from abroad, if the customer sends the payment through the Global Payment Service. Withdrawing funds to a Ukrainian bank account may cost approximately 1% of the amount, sometimes more, depending on the type of card or account.  Payoneer_
  
• Wise (Business): commission consists of two parts: fixed (approximately 6–15USD) and percentage (0.3–1.0%). Wise

It should be noted that Wise does not support transfers to business accounts in Ukraine (only personal). This limitation is set by company policy. 

• SWIFT: the commission for money transfers from abroad consists of several elements (sending, correspondent, and receiving banks). The recipient may receive less due to hidden correspondent fees. Tipalti
  
• Revolut Business allows you to work with several currencies and has low commissions, especially for client direct transfers. However, support for Ukrainian customers is limited, and terms may vary depending on the recipient’s account.

What to pay attention to when choosing a platform

When choosing a service for money transfers from abroad, it is worth focusing not only on the brand’s popularity or the commission’s size, but also on a number of practical criteria that affect the safety and efficiency of work.

Criteria for choosing a service

• Availability of currency account support
  If the service allows you to accept funds in USD, EUR, GBP, etc. to a separate virtual account (as, for example, in Payoneer), this greatly simplifies record-keeping and reduces the risks of double conversion.
  
•  Ability to work with an Individual Entrepreneur
  Ensure that the platform supports invoices, contracts, and other documents needed to prove origin money transfers from abroad for tax and bank checks.
  
• Commissions for incoming and outgoing transfers
  It is important to consider the fee for receiving funds and the cost of withdrawing money transfers from abroad to a bank account in Ukraine.
  
• Enrollment time
  A delay of 3-5 days can be critical for small businesses and freelancers. Choose platforms with a guaranteed enrollment time of up to 1-2 days.
  
• Support of Ukrainian banks
  Some services do not allow direct withdrawal of funds to business accounts in Ukraine. Check compatibility with your bank.
  
• Platform reliability
  Check license availability, reviews from other users, and the level of support. It would be good if the company had a localized interface and service support in Ukrainian and/or English.

Which platform will suit you better

• If convenience and saving on fees are important to you, then the best option is Payoneer.
  
• If you work with a wide range of currencies and want clear rates for money transfers from abroad, consider Wise Business. However, this platform has limitations when working with business accounts in Ukraine.
  
• SWIFT transfers are chosen in the case of a large payment amount or in the case of official corporate work.
  
• Revolut Business can be a good alternative if both parties support this platform, but in Ukraine, the terms of this service are limited.

Banner: We advise you to view the article: Payment instruments: features for business with foreign counterparties (link will be added after publication)

How to issue an incoming transfer correctly

Incorrect processing of the transfer is one of the main reasons for delays or even refusal to transfer funds to the account. A precise sequence of actions should be followed to allow money transfers from abroad to pass without problems. This is especially important for FPOs that work officially and report their income.

Here is the basic procedure:

• Prepare a contract with a foreign customer
  The document must specify the subject of the contract, currency, terms of payment, details of the parties, and signatures. The contract is the main confirmation of the legality of the transfer.
  
• Create an invoice for payment
  The invoice must contain the amount, the recipient’s IBAN, the currency, the service/goods description, and a contract reference. Some platforms allow you to create invoices directly (e.g., Payoneer).
  
• Enter the details of the currency account in the service that accepts payment
  Check that the IBAN and SWIFT code match the currency money transfer from abroad.
  
• Get the funds and do the accounting
  Receipts must be documented. Entrepreneurs are required to declare income, even if the funds have not been converted into hryvnias.

More about this in the article: Individual Entrepreneur foreign currency account (link will be added after publication)

When is it more profitable to use Payoneer and when to use SWIFT?

Choosing a service to receive money transfers from abroad depends on your business model, the frequency of your fund receipts, and the volume of your payments. For example, if you regularly receive small amounts from various clients, one platform may be suitable for you, and if you receive infrequent payments but large payments from companies in the US or EU, another may be suitable.

For single or large transfers from legal entities, banks usually choose banking SWIFT transfers. This is a reliable option, especially for large sums.

When it comes to money transfers for Individual Entrepreneurs or freelancers, platforms like Payoneer allow you to quickly integrate with the exchange, receive funds in a few clicks, and quickly withdraw them to a bank account or card.

When choosing a platform to receive money transfers from abroad, pay attention to the technical compatibility of the service with your Ukrainian bank and whether it allows you to work with the Individual Entrepreneur without violating currency legislation.

✅ Tip: Payoneer is convenient for recurring income and has built-in support for invoices and bulk payments. Instead, SWIFT transfers are appropriate for large transfer amounts and transactions where formal reporting is important.

Summary

Money transfers from abroad are an inflow of funds and an important part of the financial strategy of every business working with international clients. A correctly chosen platform helps:

•  reduce commission costs;
  
•  avoid delays and bureaucratic barriers;
  
•  work in the legal field and feel financially protected.

In the long term, the competent setting of the process depends not only on profitability but also on the entrepreneur’s reputation in front of partners.

When choosing a platform to receive money transfers from abroad, pay attention to the technical compatibility of the service with your Ukrainian bank and whether it allows you to work with the Individual Entrepreneur without violating currency legislation.

Frequently Asked Questions

How long does it take to transfer funds from abroad?
The term depends on the chosen method. Electronic payment systems credit within hours or days, while SWIFT bank transfers, depending on the participating banks, can take between 1 and 5 business days. payments on popular marketplaces.

Which service is the most profitable? for money transfers from abroad for Individual Entrepreneur? It all depends on the volume of payments and the work model. If you cooperate with foreign platforms or customers on an ongoing basis, it is beneficial to use payment systems with low fees and fast withdrawal to the account (for example,  Payoneer).  For large amounts, it is better to choose bank transfers.

Is it possible to receive a money transfer without a contract?
Yes, it is possible, especially when it comes to private transfers or work through platforms that do not require separate contracts. However, to legalize income and avoid tax risks, it is advisable to have documentary proof of cooperation.

How to avoid double conversion?
To avoid currency exchange losses, you should open currency accounts in the same currency in which you receive money transfers from abroad. Some payment services, including Payoneer, allow you to receive and store funds in foreign currency, in which they were sent, without automatic conversion upon enrollment.  https://www.payoneer.com/multi-currency-account