Limit of 150 Thousand per Month: Card Transfer Rules Changing in Ukraine.

Starting October 1, 2024, new restrictions on transfers between individual cards will come into effect in Ukraine. The National Bank of Ukraine temporarily, for six months, sets a limit of 150,000 hryvnias per month for P2P transfers.

This restriction applies only to outgoing transfers to other individuals' cards across all client accounts in one bank. The limit does not apply to incoming transfers and does not limit the number of transactions.

Some types of transfers will remain unchanged, in particular transfers between own accounts in one bank, transfers of legal entities, and operations using IBAN details. The limit does not apply to individuals with a monthly income exceeding 150,000 hryvnias, subject to providing the necessary confirmations.

The NBU paid special attention to volunteer accounts. For them, the limits will not apply, but banks will use special criteria to identify volunteers. Among these criteria are official registration, typical volunteer collections for the account, the presence of official cooperation letters, and others.

No penalties are provided for exceeding the limits, but the bank may require the customer to provide documents confirming the origin of the funds. This is related to the strengthening of financial monitoring measures that the NBU introduced back in September 2023. At that Time, banks were required to respond to cases of significant excess of the maximum amount of financial transactions declared by the client.

The new rules aim to ensure the transparency of financial transactions and prevent potential abuses in the field of money transfers. They take into account the needs of various categories of users, particularly volunteers who often make large transfers.