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24 May. 2024

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The limit will be significantly reduced: Ukrainians will be restricted from transferring money from card to card

Finance
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Ukraine
The limit will be significantly reduced: Ukrainians will be restricted from transferring money from card to card

The National Bank of Ukraine will change the rules of P2P transfers. For now, it is planned to limit citizens to 30 transactions per month. Find out what caused the National Bank's decision and what to be prepared for

Legal assistance for Ukrainians in Ukraine and abroad
Legal assistance for Ukrainians in Ukraine and abroad
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The National Bank of Ukraine will introduce restrictions on card-to-card money transfers. The state regulator will reduce the limit to 30 transactions per month. Here's how it will work.


The NBU's innovations will apply only to outgoing transfers, while an unlimited number of transfers will be accepted, said Deputy Chairman of the bank Dmytro Oliynyk, Forbes reports.


How will it work?


The final version is not yet available, but there are currently the following limits: 30 outgoing transfers per month and UAH 100,000. The restrictions will apply only to P2P transfers, i.e. from card to card, and will not affect payments and other transactions.


The restrictions will also not hinder volunteer collections, as incoming transfers remain unrestricted.




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Why is the National Bank imposing restrictions?


They said that the reason for this decision is the growing spread of shadow financial transactions known as "drops" or "money mules". The idea is that fraudsters buy personal data from ordinary citizens - from pensioners to students - and open bank cards. Hundreds and thousands of transactions are made through these cards, mostly for amounts less than UAH 400,000, as transactions below this threshold are not subject to financial monitoring.


Such schemes are used in a number of industries, Oliynyk said. In particular, for paying salaries in envelopes, tax evasion, withdrawing funds abroad, for drug trafficking operations, etc.


However, the NBU is openly stating that such restrictions will not eradicate these schemes, but will only complicate the work of fraudsters. The restrictions will not affect 95-98% of bank customers, the National Bank assures, because they already transfer funds for less than the specified amounts and make less than 30 transfers per month.


We remind you! Earlier we wrote that Ukraine faces significant financial obligations related to public debt servicing in the coming years. According to the forecasts of the Ministry of Finance, the total amount of payments will amount to trillions of hryvnias. For more information on the debt repayment forecasts, please read here.


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