The National Bank of Ukraine (NBU) has decided to introduce temporary restrictions on money transfers between individual cards, known as P2P (person-to-person) payments. From October 1, 2024, a limit of 150,000 hryvnias per month will be established for such transactions. This restriction will be valid for six months and will apply only to outgoing transfers between card accounts of individuals.
The NBU explained that the innovation will affect transfers to the accounts of other individuals, as well as all client accounts in the same bank. However, the restrictions will not apply in several cases:
- Accounts of volunteers. The restriction will not apply to transfers to volunteer accounts that meet the criteria defined by a special resolution of the NBU. This will allow them to continue to receive funds for their activities without hindrance.
- Persons with high incomes. Individuals whose monthly income from official sources exceeds UAH 150,000 will also not be subject to the established limit. They will be able to continue making transfers without restrictions, providing appropriate proof of income.
- Transfers between own accounts. If the customer makes transfers between his accounts in the same bank, the restrictions will not apply. This applies to operations when funds are transferred, for example, from one card to another opened in the name of the same person.
- Legal entities. The restriction will not affect transfers made by legal entities. This means that enterprises and companies will be able to continue their financial activities without changes.
- Operations using IBAN details. Restrictions will also not apply to operations carried out using IBAN details. This is an important point for those who make payments through bank accounts, as they will be able to make transfers without restrictions using standard bank details.
According to the NBU, about 98% of clients of Ukrainian banks make monthly transfers that do not exceed 150,000 hryvnias. Thus, the implemented restrictions will not affect the majority of users and will not limit their usual financial activity. The bank emphasizes that these measures are temporary and aimed at ensuring the stability of the country’s financial system.
We will remind you that earlier the National Bank of Ukraine planned to introduce a stricter limit of 100,000 hryvnias per month for outgoing P2P transfers, but the restrictions were not to affect volunteers and individuals with high official incomes. P2P transfers are financial transactions between individuals carried out using mobile applications of banks or specialized services that allow quick and convenient transfer of funds from card to card.
The introduction of the new limit caused discussions among experts and society, because such restrictions affect the financial activity of citizens. However, the NBU emphasizes that these measures are temporary and are intended to prevent abuses in the financial sphere, promote financial security and ensure the stable operation of the banking system.
