Will Ukrainians have their cards blocked for frequent cash withdrawals? Explanation from the National Bank

Citizens of Ukraine have become concerned about the information about blocking bank accounts for frequent cash withdrawals. In this regard, the NBU has clarified how reliable this information is

Legal advice for Ukrainians

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In recent days, Ukrainian media and telegram channels have spread information that Ukrainian citizens may allegedly have their bank accounts blocked for frequent cash withdrawals. It is alleged that if a client withdraws cash more than three times a month, especially in large amounts, or actively uses credit funds, their account may be blocked.

Will cards really be blocked?

The National Bank of Ukraine has officially denied this information, calling it unreliable and manipulative.

‘This information is not true! No recommendations, letters, regulations or other official documents of the National Bank of Ukraine contain any requirements to block accounts for such transactions,’ the NBU said in a statement.

The rumours allegedly refer to non-existent recommendations of the NBU to strengthen financial monitoring. However, the media do not provide any specific documents to support these claims.

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How does financial monitoring work in banks?

The NBU reminds that financial institutions in Ukraine, including banks and payment systems, continue to operate within the framework of financial monitoring legislation. They apply the so-called risk-based approach. This means that customers are only verified when transactions raise suspicions under the applicable law.

Importantly, no rules have been introduced to limit the frequency or amount of cash withdrawals. Ukrainians can freely use their funds, including cash withdrawals, without fear of possible card blocking.

Why are there rumours?

Such rumours are often associated with manipulation and lack of public awareness of the real rules of financial monitoring. The National Bank of Ukraine urges you to trust only official sources of information to avoid misunderstandings and panic.

We remind you! Starting from 1 January 2025, the payment of the unified social tax will be resumed for most entrepreneurs. However, certain categories of individual entrepreneurs will retain this benefit.

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