Payment by bank details is a convenient way to transfer money between individuals, companies or sole traders. All you need is the account number, IBAN and the EDRPOU code for legal entities, or the taxpayer registration number for individuals or sole traders. This method is used to pay for goods, services and work, as well as for other payments such as utility bills and taxes. Let me explain how to make a payment using bank details correctly and avoid mistakes.
First, let’s clarify the basic concepts. In the simplest terms, payment by bank details is a cashless money transfer method where you enter the recipient’s full official details yourself in online banking, rather than simply transferring money using their card number.
Advantages of this method:
- security — you do not need to share card details (number, CVV or expiry date);
- suitable for large amounts — in some cases, higher limits may be available than when paying by card number. Limits depend on the bank’s policy, financial monitoring requirements and the type of customer account;
- official payment — it is a full bank transaction, payment instruction and account statement, which is important for businesses, sole traders, accounting and tax purposes;
- versatility — it works for individuals, sole traders, LLCs and government organisations;
- transparency — it is easy to verify that the funds have been received and confirm the payment;
- the fee depends on the tariffs of the particular bank and the type of payment.
To make a money transfer, you need complete information about the recipient.
The main detail required for a transfer is the bank account number — IBAN. The system automatically identifies the recipient’s bank using the account number. You will also need:
- the recipient’s EDRPOU or taxpayer registration number;
- the sole trader’s full name or the company’s full legal name;
- payment purpose.
Using bank details allows the recipient to be accurately identified and the payment to be processed correctly through any bank.
All the main and additional details are listed on the invoice. They are usually located at the top of the document above the heading “Invoice”.
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IBAN — recipient’s account number;full company name or sole trader’s full name;EDRPOU code (for legal entities) or taxpayer registration number (for sole traders);bank name, MFO;payment purpose.
recipient’s legal address;
phone number or email for confirmation;
taxation system.
Main Details | Additional Details |
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To avoid mistakes, I recommend copying all the details from the invoice and pasting them into the relevant fields in online banking. Enter the payment purpose exactly as stated in the relevant document.
There are currently two ways to pay an invoice using bank details. The first is to visit a bank branch and provide the cashier with the document in paper form.
The second is to do everything yourself using online banking. Here is a step-by-step guide:
- Open online banking. Open your bank’s mobile app or web version.
- Choose the required section. The name may differ depending on the bank. It is usually called “Transfer to Account”, “Payment by Bank Details” or “Payment Instruction”.
- Enter the recipient’s details. Carefully enter all the information from the invoice: the IBAN account number; recipient’s full name or company name; EDRPOU or taxpayer registration number.
- Enter the amount and payment purpose. Enter the amount specified on the invoice and copy the payment purpose without making any changes. For example: “Payment under invoice No. 123 dated 15 June 2026”.
- Check the details and confirm the transaction. Make sure once again that all the details are correct and confirm the payment. Depending on your bank’s settings, you may need an SMS code, push notification or password.
That’s it — the funds have been sent to the company or sole trader. In most cases, the funds are credited within a few minutes, although the actual processing time depends on the banks involved in the payment and their internal procedures.
The easiest way to transfer money using bank details is through your bank’s mobile app, but you can also visit a branch or use a terminal if necessary.
How to pay an invoice using bank details through the Unex Bank app:
- Open the Unex Bank app.
- Go to the “All Payments” section.
- Select “By Bank Details”.
- Enter the account number beginning with UA.
- Enter the recipient’s full name or the company’s full legal name.
- Enter the EDRPOU code (for companies) or taxpayer registration number (for sole traders).
- Enter the payment purpose.
- Enter the amount and select the card from which the funds will be debited.
- Confirm the bank transfer.
The second way to transfer money is even simpler. Just visit a Unex Bank branch. Provide the cashier with the details: the UA... account number, recipient’s full name or company name, their EDRPOU or taxpayer registration number, and the payment purpose. The cashier will handle everything; you only need to provide the funds in cash or use a terminal.
Paying for services using bank details is a secure process, but no one is completely protected from mistakes. Most problems occur because of inattention when copying information or incorrectly completing required fields.
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Incorrect IBAN
Always copy the IBAN instead of entering it manually.
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Incorrect payment purpose
Simply copy it as well. For tax, budget and business payments, it is important to specify the payment purpose correctly, as mistakes may make it more difficult to identify the transaction.
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Mismatch in the recipient’s name
This may result in a delay or rejection of the payment. Simply copy it from the invoice as well.
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Incorrect EDRPOU or taxpayer registration number
Businesses use an EDRPOU code, while sole traders use a taxpayer registration number. Simply copy it from the invoice as well.
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Ignoring the final check before confirmation
You did not check all the details, so the money went to the wrong recipient.
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Using outdated bank details
The bank or sole trader has changed their account, but you are paying using the old details. If a payment cannot be processed because of incorrect details, the funds are generally returned to the sender, although the timeframe depends on the bank and the circumstances of the transaction.
Common Mistake | My Recommendation |
Incorrect IBAN | Always copy the IBAN instead of entering it manually. |
Incorrect payment purpose | Simply copy it as well. For tax, budget and business payments, it is important to specify the payment purpose correctly, as mistakes may make it more difficult to identify the transaction. |
Mismatch in the recipient’s name | This may result in a delay or rejection of the payment. Simply copy it from the invoice as well. |
Incorrect EDRPOU or taxpayer registration number | Businesses use an EDRPOU code, while sole traders use a taxpayer registration number. Simply copy it from the invoice as well. |
Ignoring the final check before confirmation | You did not check all the details, so the money went to the wrong recipient. |
Using outdated bank details | The bank or sole trader has changed their account, but you are paying using the old details. If a payment cannot be processed because of incorrect details, the funds are generally returned to the sender, although the timeframe depends on the bank and the circumstances of the transaction. |
To avoid mistakes, simply do not rush and check everything carefully. If the payment does not go through, contact your bank.
The easiest way to check whether the details are correct is to contact the recipient of the funds. I also recommend copying the information from the PDF file rather than entering it manually. In addition, after you enter an IBAN, many banks automatically display the recipient bank’s name and warn you about errors.
Additional verification methods:
- IBAN verification — use the official service of the National Bank of Ukraine: bank.gov.ua/ua/iban;
- EDRPOU and taxpayer registration number — enter the code on opendatabot.ua or youcontrol.com.ua. Compare the information and check the company or sole trader’s name.
Please note! An IBAN starts with UA and contains 29 characters. An EDRPOU code consists of 8 digits for legal entities, while the taxpayer registration number consists of 10 digits for individuals and sole traders.
Transferring money using bank details is simple, fast and reliable. The key is to be careful and always double-check all the numbers. However, even if a mistake occurs, contact your bank operator as soon as possible. The funds can generally be returned to the owner.
Translation into English was created with the help of artificial intelligence.
