The National Bank of Ukraine has announced when it plans to restrict P2P transfers for individuals. Find out when the restrictions will come into force, what consequences they will have and what you can expect from the new rules.
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CONSEQUENCES
The National Bank of Ukraine (NBU) plans to introduce restrictions on card-to-card (P2P) transfers for individuals by the end of August 2024. This was stated by NBU Governor Andriy Pyshnyi in an interview with the EP. According to him, this decision is aimed at combating schemes related to “drops” – illegal transactions in which individuals provide their bank details for suspicious transactions.
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Why is the NBU imposing restrictions?
Andriy Pyshnyi noted that these measures are necessary to protect both the state budget and citizens. It is known that drop systems threaten the financial security of people who risk financial losses by sharing their cards and data with unauthorized persons. In addition, the State Tax Service may collect additional taxes on transactions conducted through such accounts.
When are transfers restricted?
The National Bank plans to finalize the decision to restrict P2P transfers by the end of this week (August 18). And next week, the proposed changes will be reviewed by the Board of Directors.
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Discussion and public reaction
According to the NBU governor, the previously announced restrictions on P2P transfers have provoked significant reactions from the public. In particular, many volunteers expressed concerns about the potential impact of the new rules on their activities. In response, the NBU held several meetings with volunteer organizations to explain in detail how the new regulations would meet their needs. After these meetings, Pyshnyi said, the tension in the discussions decreased significantly and the parties reached a certain level of understanding.
In addition, the NBU governor stressed that in order to implement effective mechanisms to combat price declines, changes to the current legislation are also necessary. The NBU plans to submit relevant proposals to Parliament and is ready to discuss this issue with deputies.
The decision on the final implementation of restrictions on P2P transfers for individuals will be considered by the NBU Board next week.
We remind you! In Ukraine, there are several ways to make payments: cash, by card, using contactless payment systems, etc. How tourists, including foreigners, can make payments in Ukraine and whether there are any restrictions due to martial law, read our previous article.
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Frequently
ASK QUESTIONS
How much money can be transferred from card to card in 2024?
According to the Law on Financial Supervision, Ukrainian banks monitor the use of card accounts. The NBU, by its Resolution No. 60, has set a limit of 400,000 UAH per month for money transfer. However, each bank has its own additional limits and is legally obliged to respond to suspicious transfers.
How much can I transfer from card to card at PrivatBank?
The maximum transfer amount between cards is 29,999 UAH per transfer.
What is a non-targeted card refill?
Non-earmarked credits are all outstanding income without a specific purpose (except salaries, pensions, social benefits and international P2P transfers). These can be transfers, credits of funds from time or current deposits, proceeds from replenishment at the cash desk or branch.
What is the penalty for transferring money from one card to another?
Currently, there are no fines for card transfers in Ukraine as long as these transactions are carried out in accordance with the laws and banking regulations.
