The National Bank of Ukraine is introducing restrictions on money transfers from card to card in order to combat illegal financial transactions and fraud.
New restrictions on transfers
Reasons for introducing restrictions
The National Bank of Ukraine (NBU) decided to introduce restrictions for outgoing card-to-card transfers (P2P transfers) to combat shadow financial schemes and online fraud. This decision is aimed at combating illegal practices such as tax evasion, payment of salaries in envelopes, transfer of funds abroad and trade in prohibited goods.
Restrictions on transfers
According to preliminary data, it is planned to limit the number of outgoing transfers from the card to card up to 30 transactions per month and up to 100,000 hryvnia. However, the final parameters of the restrictions may be adjusted. These measures will not apply to incoming transfers, which will allow us to continue to accept funds onto the card without hindrance, including for volunteer fees.
Distribution of shadow schemes
According to the NBU, recently cases of using so-called "drops" or "money mules". This is a scheme in which fraudsters obtain the data of ordinary citizens and open bank cards in their names to carry out many illegal financial transactions in the amount of up to 400,000 hryvnia (larger amounts are subject to financial monitoring).
Growth in transfer volumes
In 2023, the volume of P2P transfers in Ukraine increased significantly - from UAH 210 billion in January to UAH 247 billion in December. This volume exceeded the figures for purchases and cash withdrawals using cards, which, according to the NBU, indicates “abnormal behavior” of the payment transactions segment.
Glossary
- NBU – National Bank of Ukraine, the country's central bank.
- P2P transfers – transfers from card to card between individuals.
- Drops/money mules - a scheme in which fraudsters use the data of ordinary citizens for illegal financial transactions.
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Answers to questions
What restrictions will the National Bank of Ukraine introduce on P2P transfers?
What is the reason for introducing restrictions on card-to-card transfers?
How will restrictions affect volunteer fees?
Why does the National Bank of Ukraine consider the volumes of P2P transfers abnormal?
What other reasons are given for introducing restrictions on P2P transfers?
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Discussion of the topic – New restrictions on P2P transfers from the NBU: no more than 30 transactions per month
The National Bank of Ukraine plans to introduce restrictions on outgoing P2P transfers in order to combat online fraud. The limit will be no more than 30 transactions per month.
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Алексей
It is, of course, inconvenient to introduce restrictions on transfers, but I understand the goal of the NBU. Fraudsters are finding new ways to launder money. 🤔 We need to find a balance between security and freedom of transfers.
Марина
I agree, the measures seem reasonable. 30 transfers per month is a lot for an ordinary person. The main thing is that nothing interferes with volunteer gatherings. 💸
Франц
What about those who accept payment for work or services on a card? This may be a problem for them. There should be exceptions for businesses. 💼
Эмма
I'm more concerned about safety. Recently, cases of card fraud have become more frequent. It’s better to tighten control than to regret the lost money later. 🔒
Григорий
Once again the authorities are minding their own business! 😠 Why restrict honest citizens? This is our money, we have the right to dispose of it as we want!
Анна
Grigory, I understand your dissatisfaction, but we cannot turn a blind eye to the problem of illegal financial transactions. They damage the country's economy. 💰 Measures are needed to protect all citizens.
Владимир
Did you know that some countries already have similar restrictions in place? 🌍 Maybe it’s worth studying their experience before criticizing the NBU’s decision.
Елена
It seems to me that the limit of 100,000 UAH is quite reasonable. Most people don't transfer that much money every month. And for those who need it, an exception can be made. 💱