The National Bank of Ukraine has enforced a limit of UAH 150,000 per month on personal card-to-card (P2P) transfers as of October 1.
This restriction was first mentioned in August, when the National Bank announced it would be a temporary measure lasting for six months, until the end of March 2025.
The limit applies solely to outgoing transfers from a client’s accounts within the same bank to other individuals. However, it does not affect volunteers who meet specific criteria outlined in an NBU resolution, or those whose confirmed monthly income surpasses the cap. Similarly, it excludes transfers between a client’s own accounts at the same bank and transactions conducted by legal entities.
Transfers using IBAN details remain unrestricted by this limit.
According to the NBU, 98% of bank customers typically transfer amounts below the new cap each month, so these changes should not impact the majority of users.
Initially, the NBU proposed a stricter limit of UAH 100,000 along with a cap of 30 transactions per month. However, this was revised, increasing the limit and dropping the restriction on the number of transfers.
The NBU believes this new limit will help curb the misuse of payment systems in illegal activities, especially those involving “drop” accounts, a common mechanism in the shadow economy.
To further combat the issue, the National Bank has devised a five-step strategy against “drops.”
“Drops” are individuals who provide their card account details to third parties for a fee, allowing these accounts to be used as transit points for moving and laundering illegal funds. Due to their ability to mimic regular transactions, it is challenging to gauge the full extent of “drop” account use, though tens of thousands of active and dormant accounts are known to exist.
During this six-month limit period, the NBU aims to develop additional solutions to tackle this issue.
One proposed measure includes a draft law, which, if passed by the Verkhovna Rada, would require banks to disclose payment service user data to law enforcement upon extrajudicial request.