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04 Okt. 2022

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Money transfers to foreign cards were canceled in Ukraine: the NBU introduces new rules

Finance
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Ukraine

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Money transfers to foreign cards were canceled in Ukraine: the NBU introduces new rules

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From October 5, the National Bank of Ukraine will introduce a ban on P2P transfers from hryvnia payment cards of Ukrainian banks to cards of foreign financial institutions. This was reported by the press service of the NBU.


In April 2022, the National Bank allowed such transfers so that Ukrainians could financially help their relatives who were abroad. But now the National Bank believes that the role of such a tool for supporting citizens abroad is diminishing. But the risks of using it to bypass restrictions on buying currency are increasing.


"In view of this, such a measure will contribute to the protection of Ukraine's international reserves, which are important, in particular, for the smooth operation of the economy and for the implementation of defense purchases", - the NBU said in a statement.


At the same time, Ukrainians will continue to be able to transfer funds abroad to pay for: education (to the accounts of educational institutions), treatment, transportation of patients for expenses related to death, alimony.


Also, residents of Ukraine will be able to transfer funds between hryvnia payment cards of Ukrainian banks, regardless of the client's actual country of residence.


In addition, the permission for P2P transfers from currency payment cards of Ukrainian banks to cards of foreign banks within the monthly limit of 100,000 hryvnias (equivalent) has been preserved.


Other options for transferring money from Ukraine abroad


You can transfer money from Ukraine abroad using the following services: Western Union, MoneyGram, Ria, PrivatMoney, IntelExpress and others. These companies have offices in many countries of the world, where the transfer can be received in cash.


Each method has its own characteristics, but the principle of transfer is similar.


The sender needs to select the country of transfer, currency and amount. Then fill in the fields with the translation data, select a card and perform the translation.


The recipient must enter the transfer control number, the amount and select the currency of the transfer, and then select the card to which the transfer can be received.