Chapter V. News
Article 52

Ukrainians will be officially restricted to transfer from card to card: when and what limit will be set?

The National Bank of Ukraine (NBU) is introducing restrictions on card-to-card (p2p) transfers for individuals starting from 1 October. This is stated in the NBU's announcement. According to the NBU, this decision is aimed at combating schemes related to ‘drops’ - illegal transactions when individuals provide their bank details for suspicious transactions. At the same time, Forbes states that the NBU plans not only to limit P2P transfers but also to introduce other changes.

To find out what the limits are for cash withdrawals from ATMs in Ukraine, please follow the link.

Why is the NBU introducing restrictions?

Andriy Pyshnyi noted that these measures are necessary to protect both the state budget and citizens. It is known that drop schemes threaten the financial security of individuals who, by giving their cards and data to unauthorised persons, are at risk of financial losses. In addition, the State Tax Service may impose additional taxes on transactions conducted through such accounts.

P2P transfers: What is the limit and how will it work?

It should be noted that the restrictions are introduced for 6 months. The limit is set at UAH 150 thousand. The limit applies only to outgoing transfers on all accounts of the client opened in the same bank to the accounts of other individuals.

At the same time, the limit does not apply to the accounts of volunteers who meet the criteria set out in the resolution and individuals whose monthly income from confirmed sources exceeds the amount of the limit.

Transfers are also not restricted when transferring funds between the client's own accounts opened with the same bank and to transfers of legal entities. Transactions using IBAN details are not restricted.

Read more: link