How to Pay by IBAN in Privat24 and monobank and Check the Payment

To pay for goods using an International Bank Account Number (IBAN), the buyer needs the seller’s account details, the amount, and the payment purpose. In Privat24 or monobank, open the bank details payment feature, enter the information, and check the recipient, account, tax code, amount, and fee. Confirm the transfer only after checking these details, then save the receipt.

Sellers should send the details of their business account together with the order number and check that funds have actually been credited by reviewing the bank statement. A direct transfer from the buyer’s account to the seller’s account by IBAN does not require fiscalization as a settlement transaction, whereas card payments through acquiring follow a different procedure. Whatever payment method is used, the sale and transfer of the goods to the buyer must be properly documented.

What account details the seller should provide

This guide covers payments in Ukrainian hryvnias within Ukraine to accounts held by businesses and individual entrepreneurs (FOP). To let the buyer complete the payment without additional correspondence, we recommend sending all the details in one message or on an invoice.

PrivatBank explains the Ukrainian IBAN format and how it differs from a card number. A card number does not replace an IBAN in the bank account payment form. At the same time, the UA prefix alone does not confirm that the account is intended for business activity: the seller must provide the details of their business account.

Under paragraphs 10 and 24 of Section I of National Bank of Ukraine Instruction No. 162, an individual opens separate accounts for business activity and personal needs. Using a personal account for business transactions is prohibited. Accordingly, an entrepreneur must receive business revenue into a business account.

For an entrepreneur who has officially refused an RNOKPP on religious grounds and has the relevant mark or record in their passport, passport details are used. Do not replace an FOP’s code with five nines: under the annex to Instruction No. 163, that substitution is provided only for a recipient who is an individual, not a business entity, when the payer does not know their tax or passport details.

How to fill in the payment purpose

Paragraph 41 of Instruction No. 163 requires the payment purpose to provide the recipient with complete information about the payment and the documents on which it is based. For a store, it is practical to include a unique order number in this text: it helps identify the purchase even if several customers transfer the same amount.

Illustrative example: “Payment for a table lamp under invoice No. 247.” If the buyer is making a prepayment or paying the balance, we recommend stating this directly in the payment purpose. Enter value added tax information from the seller’s invoice in accordance with the actual terms of sale.

If another person is paying for the purchase, we recommend agreeing this with the seller in advance and including the order number. The seller should keep the buyer’s explanation with the sales documents so that the employee reviewing the statement can link the payer to the order.

How to pay by IBAN in Privat24

Paying from a computer

1. Sign in to Privat24 through the bank’s official website. Have the seller’s invoice ready so you can check the details as you fill in the form.
2. Open the feature for payments to businesses. Find the recipient by account, name, or EDRPOU code. If the recipient is not listed, use the option to enter the details manually.
3. Enter the IBAN, recipient name and code, amount, and payment purpose. Check any fields that were filled in automatically against the invoice as well.
4. Select the card or account to debit. Review the fee and the total amount the bank will debit.
5. Check the recipient and account details again before confirming. If you are paying through a payment basket, review all selected payments so you do not confirm an extra one.
6. Confirm the payment using the method offered by the bank, then check its status in “Payment Archive” (“Архів платежів”).

Paying in the mobile app

1. Open Privat24 and sign in to your account.
2. In “Payments” (“Платежі”), use the search to find the recipient by IBAN or other account details. Open the payment form for the required business or entrepreneur.
3. Enter the amount and payment purpose, and check the recipient name, code, and account.
4. Select the funding source and review the fee. If the amount or recipient does not match the seller’s invoice, return to the form and edit it.
5. Confirm the transfer and open the transaction details to check the result and obtain a receipt.

The official PrivatBank payments page describes how to search for a recipient, check a payment’s status, and obtain a receipt. Follow the bank details payment form in your interface if the layout differs.

How to pay by IBAN in monobank

The official monobank page confirms that IBAN payments are available. Use the bank account transfer feature in the app to make the payment.

1. Sign in to the monobank app and open the IBAN payment feature.
2. Enter the seller’s account number. If the app fills in the recipient’s information, compare it with the invoice.
3. Enter or check the recipient name, tax code, and any other fields shown in the form.
4. Enter the amount and payment purpose, then select the source of funds.
5. Review the fee, total debit amount, and all account details on the confirmation screen.
6. Confirm the transaction. Then open its details, check the status, and use the available option to obtain a receipt. If you cannot find it, contact the bank’s support team.

Security rule for both banks: confirm payments only in the bank’s own environment. Do not share your banking password, card verification value (CVV), or one-time password (OTP) with the seller. If needed to locate the payment, the seller may ask for the order number and receipt.

How to check the fee and transfer time

Before confirming, check the amount being transferred to the seller and the bank’s fee for the transaction separately. Do not reduce the purchase price by the fee without agreement: the seller will reconcile the payment against the order amount. Pay particular attention to the terms if you are using credit funds.

Illustrative example, not the bank’s actual rates: the seller’s invoice is for UAH 1,250, and the bank shows an additional fee of UAH 10. The total debit will be UAH 1,260, of which UAH 1,250 is transferred to the seller.

Do not schedule the goods to be handed over on the assumption that every IBAN transfer will arrive within seconds. For ordinary transfers, paragraphs 13, 18, and 21 of Instruction No. 163 take account of the bank’s operating hours and the terms of the agreement. PrivatBank also states that, in some cases, processing a payment may take 1–2 business days.

Instant credit transfers follow a separate procedure: Section VII of Instruction No. 163 provides for the service to be available around the clock and for funds to be credited within 10 seconds of acceptance of the instruction, subject to the applicable conditions and limits. If the outcome of such a transfer is unclear, the bank must take the steps provided for in that section. The buyer should first check the status of the initial transaction before paying again.

How to get a receipt and verify payment as a seller

In Privat24, a receipt can be obtained through “Payment Archive” (“Архів платежів”) or “Card Statement” (“Виписка за карткою”); the bank provides options to print it or send it by email. In monobank, open the relevant transaction details and the document options available for it.

Save the receipt as a separate file and, if needed, send it to the seller with the order number. For your own records, we recommend naming the file so the date, store, and order are easy to find. Do not send a screenshot of the entire banking screen if it contains unnecessary information about your accounts.

The seller must verify that the funds were actually credited. Under paragraphs 37-2 and 37-3 of Instruction No. 163, a receipt may confirm that a payment instruction was accepted for execution. Therefore, receiving a document from the buyer still needs to be reconciled against the credit to the account.

We recommend the following daily procedure:

1. Find the incoming payment in the statement for the specific business account whose details you gave the buyer.
2. Check the amount, payer, date, and payment purpose against the relevant order. Record the transaction identifier so that it is not counted twice.
3. If the payer is someone else or the payment purpose does not identify the purchase, ask the buyer to clarify the details and temporarily leave the incoming payment unallocated.
4. Record the payment in your accounting records and check the outstanding balance. If the payment is partial, do not mark the entire order as paid.
5. Confirm receipt of the funds to the buyer and follow the agreed terms for collection or delivery.

Illustrative reconciliation example: an order costs UAH 2,400, and UAH 1,000 has been credited as a prepayment. The balance due is UAH 1,400. If there is another UAH 1,000 credit on the same day, check the order number and payer before linking it to this purchase.

What to do if you made a payment error

If you notice an error before confirming, return to the form and correct the details. If you have already confirmed the transaction, contact your bank immediately through an official support channel. Have the receipt, date, amount, transaction number, entered details, and correct details ready.

Under paragraph 42 of Instruction No. 163, the payer may revoke a payment instruction, in agreement with the bank, before the funds are debited; the procedure is set out in the agreement. Special rules in paragraphs 28 and 45 apply to instructions with a value date and certain other initiation methods. Therefore, whether a transaction can be cancelled depends on its specific status. These rules do not establish a universal, guaranteed “10-minute cancellation window.”

If the funds have already reached another recipient, ask your bank to explain the next steps and the procedure for requesting a return. Contacting support alone does not guarantee that the funds will be returned. If the correct seller received the funds but you entered the wrong order number, send the seller the receipt and a written explanation so they can reconcile the payment.

When an IBAN payment requires an RRO or PRRO

The need to use a registrar of settlement transactions (RRO) or a software registrar of settlement transactions (PRRO) depends on the payment method. Article 2 of Ukrainian Law No. 265/95-VR defines a settlement transaction, while paragraphs 1 and 2 of Article 3 set out the requirements for carrying one out and issuing a document.

The buyer’s choice of a card as the funding source in their own banking app does not, by itself, mean that the seller accepted payment through acquiring. If the statement does not make the payment mechanism clear, ask the bank or payment service provider to explain the specific transaction.

Separately, paragraph 14 of Article 9 of Law No. 265/95-VR provides for RRO and PRRO not to be used for settlements for services if they are carried out exclusively through remote banking systems and/or money transfer services. Apply this provision only when its conditions are met. It does not establish a corresponding exception for the sale of goods.

What documents to prepare after an IBAN payment

To organize the sale, we recommend preparing an invoice listing the goods, quantities, prices, and account details, and preparing a delivery note or another appropriate transfer document when dispatching the goods. Keep these documents with the order and payment information so you can confirm what the money was received for and which goods were transferred.

Obligations to consumers also apply to direct bank transfers. Part 11 of Article 8 of Ukrainian Law “On Consumer Protection” No. 1023-XII requires the seller to issue a settlement document in the prescribed form, or create it electronically, no later than the transfer of the goods or provision of the service. The document must certify the purchase and include the sale date. Paragraph 15 of Article 3 of Law No. 265/95-VR also provides for the buyer, on request, to receive a receipt, delivery note, or other document certifying the transfer of ownership. Select the document form based on the goods and transaction; the buyer’s bank receipt does not replace all of the seller’s documents.

For goods covered by a warranty, provide the appropriate warranty documents marked with the sale date. Before purchase, the buyer must receive the information required about the goods, price, purchase conditions, and seller under Article 15 of Law No. 1023-XII.

The payment method also does not determine whether the seller is exempt from keeping inventory records. If paragraph 12 of Article 3 of Law No. 265/95-VR applies to the seller, they must keep such records, sell goods recorded in them, and provide the required documents during an inspection. This paragraph provides an exception for FOPs who are single tax payers and are not registered as value added tax payers. The exception does not cover entrepreneurs selling technically complex household goods subject to warranty repair, medicines, medical devices, or the specified jewelry and household goods made of precious metals and stones. For internal stock control, we recommend recording the actual dispatch separately from receipt of payment.

How to reconcile IBAN payments with customer invoices in Torgsoft

The paid “Bank Statements” (“Банківські виписки”) feature imports statements from PrivatBank and monobank. For PrivatBank, connect “AutoClient” (“Автоклієнт”) in “Privat24 for Business” (“Приват24 для бізнесу”) through an application programming interface (API). The “Get authorization data in the old format” (“Отримати авторизаційні дані в старому форматі”) button provides a client identifier (ID) and token. For monobank, enter a token and select the FOP account. Follow the linked help page to configure the feature. You can allow an employee to view incoming payments only. We recommend checking that the business and account match and keeping access keys confidential.

Go to “Payments” (“Оплата”) → “Bank account statements” (“Виписки з банківських рахунків”), set the period, and click “Get statements” (“Отримати виписки”). Mark a payment already entered in the system using “Mark as transferred” (“Позначити як передану”) to avoid duplication. For a new direct IBAN credit, select the relevant transaction in the statement and click “Transfer to financial transaction” (“Передати в фінансову операцію”). In the “Unidentified payments” (“Невизначені оплати”) form, check the automatically filled account, date, currency, and amount, then select “Do not include acquiring” (“Не враховувати еквайринг”).

After entering the payment, go to link it to the customer’s invoice. If acquiring is enabled in the account settings and you do not select this option, the program will create an acquiring financial document according to those settings.

Go to “Document” (“Документ”) → “Trade with invoice issuance” (“Торгівля з випискою рахунка”) → “Customer payments” (“Оплати клієнтів”). Select the unidentified payment, click “Link to invoice” (“Пов’язати з рахунком”), find the order, and click “Select” (“Вибрати”). We recommend checking the payer and amount before confirming: an employee is responsible for verifying that the payment matches the order. Details are available in the customer payments help page. Resolve bank transfer errors with the bank.

Official legal sources

• Resolution of the Board of the National Bank of Ukraine dated 29 July 2022 No. 162, “On Approval of the Instruction on the Procedure for Opening and Closing Accounts for Users by Payment Service Providers Servicing Accounts”: paragraphs 10 and 24 of Section I—separate accounts and the prohibition on conducting business transactions through accounts for personal needs.
• Resolution of the Board of the National Bank of Ukraine dated 29 July 2022 No. 163, “On Approval of the Instruction on Cashless Settlements in the National Currency by Payment Service Users”: paragraphs 13, 18, 21, and 28 of Section I; paragraphs 37–37-3, 41, 42, and 45 of Section II; Section VII; and the annex—account details, receipts, execution times, revocation, and instant transfers.
• Ukrainian Law dated 6 July 1995 No. 265/95-VR, “On the Use of Registrars of Settlement Transactions in Trade, Public Catering, and Services”: Article 2; paragraphs 1, 2, 12, and 15 of Article 3; and paragraphs 2 and 14 of Article 9—settlement transactions, documents, inventory records, and relevant exceptions.
• Ukrainian Law dated 12 May 1991 No. 1023-XII, “On Consumer Protection”: part 11 of Article 8 and Article 15—purchase documents, warranty documents, and information for the buyer.

Before purchasing the additional “Bank Statements” (“Банківські виписки”) feature, check with Torgsoft how long it can be used and the terms for extending it.