2024-08-27T16:58:00+03:00 Economy 2024-09-17T04:06:23+03:00

Ukrainian news

NBU set temporary limit on card transfers of individuals at UAH 150,000 from October

NBU set temporary limit on card transfers of individuals at UAH 150,000 from October

From October 1, 2024, the National Bank of Ukraine (NBU) temporarily, for half a year, sets a limit of UAH 150,000 per month for card-to-card (also known as P2P, C2C) transfers of individuals.

This is stated in the message of the NBU, Ukrainian News Agency reports.

The limit applies only to the amount of outgoing transfers from all client accounts opened in one bank to the accounts of other individuals.

The limit does not apply to the accounts of volunteers who meet the criteria defined by the resolution and persons whose monthly income from verified sources exceeds the amount of the established limit.

And also in the case of transferring funds between the client's own accounts opened in the same bank, and to transfers of legal entities.

Operations using IBAN details are not limited.

According to the NBU, 98% of bank clients make monthly transfers that do not exceed the specified amount, therefore, the established restrictions will in no way affect their financial activity.

The introduced limit will help to minimize the use of the payment infrastructure in illegal activities, in particular with the use of "drop" accounts, which are a common mechanism of functioning of the shadow economy.

The analysis of the NBU shows that about UAH 200 billion per year can pass through the cards of "droppers" (people who give their accounts to third parties).

"Shadow business is looking for new ways of making money payments for itself, and this requires a quick response, therefore the NBU is introducing a limit as a temporary anti-crisis solution. At the same time, the problem is not only urgent, but also complex and requires amendments to the legislation and the involvement of other government agencies, including law enforcement agencies for cooperation within the limits of their powers," the message says.

The introduced six-month limitation period will be used to develop joint solutions aimed at solving this problem.

In the future, this will enable the National Bank of Ukraine to waive the introduced limits, subject to the effectiveness of the measures taken.

The National Bank has already prepared a list of solutions that it plans to implement to combat the use of the payment services market for illegal purposes.

As Ukrainian News Agency earlier reported, it was previously reported that the NBU intends to limit card transfers of individuals. It was planned that no more than 30 transfers or UAH 100,000 could be made per month.