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On August 27, the National Bank of Ukraine took an important step in the regulation of money transfers, setting a limit of 150,000 hryvnias per month for individuals on card-to-card (P2P) transfers. This decision comes into force on October 1, 2024 and will be valid for six months.
This temporary restriction applies only to outgoing transfers from one bank to the accounts of other individuals. The limit does not apply to legal entities and transfers between clients’ own accounts. It is important to note that volunteers who meet the established criteria and people with verified incomes that exceed the specified amount will not be subject to this limit.
According to NBU data, 98% of bank clients make transfers that do not exceed the limit of 150,000 hryvnias per month. Therefore, for most citizens, this innovation will not cause any inconvenience. However, for some active users and entrepreneurs who operate large volumes of funds, this can be a significant challenge.
What is behind this decision?
The National Bank notes that this restriction is aimed at combating the shadow economy and illegal activities, in particular with the use of “drop” accounts. “Drops” are persons who, for payment, transfer their bank details to third parties who use these accounts for illegal transactions. In recent years, such schemes have become a widespread method of money laundering.
Only in 2024, the largest banks of Ukraine broke off cooperation with more than 80,000 clients who were involved in “drop” schemes. According to experts’ estimates, about 200 billion hryvnias pass through these schemes annually.
The introduction of limits is part of the NBU’s comprehensive measures to strengthen control over cash flows and prevent money laundering. In addition, it is aimed at protecting the country’s financial system from illegal transactions that can destabilize the economic situation.
What does this mean for volunteers and high earners?
One of the most important aspects of this restriction is its exclusion for volunteers who play a key role in wartime conditions. These people continue to actively support the military, displaced people and others in need, and restrictions on their financial transactions could make their work much more difficult.
Also, the restriction does not apply to those citizens whose incomes exceed the established limit, but on the condition that these incomes can be confirmed.
