The National Bank of Ukraine introduces temporary restrictions on money transfers between cards of individuals, setting a monthly limit of 150,000 hryvnia. This measure is aimed at combating fraud, but provides exceptions for certain categories of citizens.
NBU transfer restrictions
New rules for money transfers
Starting today, the National Bank of Ukraine is introducing new rules for money transfers between individuals. These restrictions apply to card-to-card transactions, but have a number of exceptions.
Restriction details
- The maximum transfer amount is set at UAH 150,000 per month.
- The restriction applies to all client accounts in one banking institution.
- The measure is temporary and will be in effect for six months.
- The number of operations is not limited.
Exceptions provided
- Clients whose income exceeds 150 000 hryvnia per month can be exempted from the limit upon confirmation of their income.
- Transfers between own accounts within the same bank, transactions of legal entities and transfers via IBAN are not subject to restrictions.
- Volunteer accounts that meet certain criteria are also exempt from limits.
Volunteer Criteria
To avoid restrictions, volunteers must meet at least two of the following criteria:
- Official registration as a volunteer.
- Regular holding of volunteer collections through bank accounts.
- Availability of a confirmation letter from government agencies, military units or charitable foundations about cooperation.
- Providing information about planned fundraisers, their purposes and use.
- Confirmation of volunteer activity from open sources and social networks.
Goals and prospects of restrictions
According to the National Bank, the new rules will not affect 98% clients of Ukrainian banks, since their transfers do not exceed the established limit. The main purpose of the restrictions is to combat fraudulent schemes, in particular with the use of third-party cards for illegal transactions, the volume of which is estimated at 200 billion hryvnia annually.
During the period of restrictions, the National Bank plans to develop alternative methods to combat fraud. Among the measures being considered is the adoption of bill No. 11043, which provides for an increase in fines for violations of payment legislation, as well as the creation of a special register of violators for banking institutions.
Glossary
- NBU (National Bank of Ukraine) is the central bank of Ukraine, responsible for monetary policy and stability of the country's financial system.
- P2P (Peer-to-Peer) - a type of money transfers between individuals without the participation of intermediaries.
- IBAN (International Bank Account Number) - international format for a bank account number.
- Drops - persons who provide their bank cards or accounts to conduct illegal financial transactions.
- Bill No. 11043 is a draft law aimed at strengthening liability for violations in the field of payment services.
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Answers to questions
What restrictions does the National Bank introduce on money transfers?
Are there exceptions to this rule?
How can volunteers avoid transfer restrictions?
What goal does the National Bank pursue by introducing these restrictions?
What further steps does the National Bank plan to combat fraud?
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Discussion of the topic – New limits on P2P transfers in Ukraine: what everyone needs to know
From October 1, 2023, the National Bank of Ukraine will introduce restrictions on P2P transfers for individuals. The limit is UAH 150,000 per month, but there are exceptions for volunteers.
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Olivia
Wow, an unexpected decision from the National Bank! 150,000 UAH per month for translations is quite significant. I wonder how this will affect ordinary people? 🤔
Francesco
I think this is a good measure against scammers. 200 billion UAH per year through drop schemes is a huge amount! I hope this helps reduce the number of scams. 💪
Sophie
I agree with Francesco. But I am concerned about how this will affect volunteers. It's good that there are exceptions for them, but won't that make their job more difficult? 🤷♀️
Hans
I wonder how banks will determine whether a person is a volunteer? The five criteria sound reasonable, but hopefully the process won't be too bureaucratic. 🧐
Viktor
Come on, these meaningless restrictions again! They only make life more difficult for ordinary people. It would be better to do something useful, rather than come up with new rules. Still, scammers will find a way to bypass these limits. 😒
Olivia
Viktor, I understand your disappointment, but let's look at it from the other side. The National Bank says that 98% of clients will not be affected. Maybe this will really help in the fight against fraud? 🤔
Isabella
I agree with Olivia. It is important that this is a temporary measure. Six months is not that long, and during this time, perhaps, they will find more effective ways to combat scammers. Let's be optimistic! 😊
Sophie
Indeed, Isabella is right. In addition, if your income exceeds UAH 150,000 per month, you can confirm this and avoid restrictions. I think this is a pretty flexible approach. 👍