The National Bank has restricted the use of cards abroad: what are the limits?
9 September 2024 15:25
The National Bank of Ukraine has restricted the use of Ukrainian bank cards abroad. This was reported by "Komersant Ukrainian" with reference to the NBU.
The report says that the restrictions will apply to payments for the following goods and services abroad: watches, jewellery, silverware, precious stones and coins.
The NBU has set a monthly limit of UAH 100 thousand in equivalent for payments abroad made using payment cards opened by Ukrainian banks to foreign currency accounts, for transactions with merchant codes 5094 (precious stones, metals and jewellery), 5944 (watches, jewellery and silverware) and 5972 (coin and stamp shops).
“This limit is in line with the general limit set by the NBU for payments abroad with payment cards issued by Ukrainian banks to accounts in the national currency. The NBU’s analysis involving banks and payment systems confirmed the need for this measure. It confirmed that there are attempts to avoid the restrictions on the purchase of precious metals outside Ukraine, which the NBU has imposed for the period of martial law; transactions with agents and real estate managers abroad,” the NBU explained.
Restrictions are also introduced on transactions with agents and real estate managers abroad.
A monthly limit of UAH 500,000 in equivalent is set for transactions with the merchant code 6513 (real estate agents and managers). Transactions with this code are used to pay management fees, accommodation fees and related commissions.
“The UAH 500,000 limit takes into account the needs of Ukrainians who are outside Ukraine or travelling abroad and meets the needs of 98% of bank customers who carry out these transactions. It will help prevent attempts to circumvent the NBU’s restrictions on such transactions and avoid a significant outflow of capital from Ukraine,” the regulator said.
