We have news: now in Ukraine, it is possible to transfer no more than 150,000 hryvnias from card to card per month. The National Bank of Ukraine has introduced this restriction for six months. What does this mean for us and why is there a need for it? Let’s figure it out.
The essence of the restrictions
Let’s start with the fact that these restrictions apply only to transfers between individuals. That is, if you are transferring money to friends or relatives, the limit is 150,000 hryvnias per month. The restrictions apply to all accounts opened in one bank. But don’t panic: according to the NBU, 98% of users never exceed this amount, so for most of us, nothing will change.
Interestingly, the restrictions will not affect transfers between own accounts, transfers to legal entities, volunteer contributions, and operations using IBAN details. So if you are involved in volunteering or running a business, these rules will not hinder your activities.
How will this affect users?
If you, for example, use PrivatBank or Monobank, then you already know about some convenient features. In “PrivatBank,” you will now receive notifications when you reach 50% of the limit. And in “Monobank,” checkmarks have appeared next to the name in the application, showing that transfers to this card are not included in the overall limit – this applies to verified volunteers.
Why introduce restrictions?
Now on to the most interesting part: why did the National Bank decide to set these limits? The main goal is to combat so-called “drops.” These are people who sell their details for transferring money to third parties. These cards are then used for illegal operations like money laundering. Imagine: there are tens of thousands of such cards! The restrictions are meant to stop this flow and make the financial system more secure.
Will this affect volunteers?
Don’t worry, volunteers! Before imposing restrictions, the NBU consulted with volunteer organizations. Limits will not apply to personal accounts of individuals who are officially engaged in volunteer activities and verified by banks. There are five criteria for determining volunteer activities, and if you meet at least two of them, your transfers will not be restricted.
What to do next?
If you are not a volunteer and not conducting business, these restrictions are unlikely to affect you. However, it is worth monitoring your transfers to avoid exceeding the limit. If you are involved in volunteering, make sure your bank has identified you as a volunteer, and then the new rules will not be an obstacle.
So, there is no need to worry. Most of us do not reach such transfer amounts anyway, and those involved in charity or business will be able to continue their activities without issues.
