Money transfers in Ukraine will be made in a new way: what will change
8 July 2024 17:16
The National Bank of Ukraine will introduce restrictions on card-to-card money transfers. This was reported by [Kommersant] citing a statement made by NBU Governor Andriy Pyshnyi on 4 July during a meeting of the Verkhovna Rada’s Finance Committee.
The head of the National Bank said that restrictions on card-to-card transfers are planned to be introduced in the near future. All the details of such changes are currently being discussed with volunteers.
“We want the policy implemented by the NBU in this difficult issue in terms of public perception to be as clear as possible and to be understood by those who are currently experiencing some anxiety about this decision,” Pyshny said.
Earlier, Deputy Governor of the National Bank Dmytro Oliynyk said that restrictions on card-to-card money transfers would help fight illegal gambling and other illegal ways of using bank cards. At the same time, he stressed that 95% of users will not feel the impact of these changes.
What will be the NBU’s restrictions on card-to-card transfers?
At the end of May this year, during the telethon “Unified News”, the NBU Governor announced the planned restrictions on the amount of transfers from one bank card to another. They will apply to transfers between cards of two individuals, known as P2P (Person-To-Person).
In particular, it is planned to set a limit on the amount of transfers of UAH 100 thousand and limit the number of transactions to 30 per month. However, financial institutions will be able to increase this limit.
“Such measures are being introduced in connection with the ‘dangerous growth’ of the use of card accounts for money laundering,” explained Andriy Pyshnyi.
However, these restrictions may complicate the activities of volunteer organisations, charity providers, and crypto owners, as this will lead to difficulties in financing important projects.
In addition, the NBU governor added that the initiative team is at the second stage of negotiations and noted the following:
“We are collecting their (volunteers’ – ed.) positions and analysing them. However, we are determined to find a solution to this difficult but dangerous problem,” summed up Andriy Pyshnyi.
Author – Olga Yushko
