From October 1, restrictions on card-to-card transfers will come into effect: what is the limit

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In October 2024, many changes await Ukrainians, in particular, restrictions on the transfer of funds by individuals will begin to apply. Also, new taxes are introduced or rates are updated for those that exist in Ukraine.

Restrictions are set temporarily – for half a year. The limit of UAH 150,000 per month will apply only to outgoing transfers (to cards of other individuals) for all client accounts opened in the same bank. Ukrainian Pravda writes about this.

However, such a limit will not apply to people whose monthly official income exceeds the established limit.

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 NBU noted.

Volunteers who meet certain criteria are also not subject to restrictions:

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• a natural person is officially registered as a volunteer;
• conducting volunteer gatherings is a typical activity on the accounts of a natural person-user with a payment service provider;
• the natural person submitted a letter from a state body/military unit/charitable fund regarding cooperation within the organization of the gathering of funds;
• the individual provided information on the planned amount and terms of collection of funds, indicating the purpose of such collection and further use of the collected funds;
• information from open sources, social networks, and the Internet confirms that the individual user is volunteering and the purpose of the volunteer meeting.

IBAN transactions are also not limited. The NBU explained that the limit should prevent the use of the payment infrastructure for illegal purposes.

Why are the limits introduced?

As reported by the regulator, the introduced limit will help minimize the use of cards and payment infrastructure in illegal activities, in particular, with the use of “drops” accounts, which are a common mechanism of functioning of the shadow economy.

“Drops” – these are people who, for a certain payment, transfer the details and data of their card accounts for use by third parties. These accounts are used as “transit” accounts for the transfer and “laundering” of illegal funds. The scale of the problem of using “drops” is difficult to assess due to the imitation of the usual behavior of an individual, but in general, the system is about tens of thousands of “sleeping” and already active accounts, the NBU says.