Starting October 1, the National Bank sets a temporary limit of UAH 150,000 per month for "card-to-card" transfers by individuals

Starting October 1, 2024, the National Bank of Ukraine is temporarily setting a UAH 150,000 per month limit on card-to-card transfers by individuals (also known as P2P, C2C) for six months. These changes are outlined in the resolution from August 27, 2024, No. 102 "On Amendments to the Resolution of the Board of the National Bank of Ukraine dated February 24, 2022, No. 18," which came into effect on August 28, 2024, according to the National Bank’s press service. These changes apply to all payment service providers.

It is noted that the limit only applies to outgoing transfers across all of the client's accounts opened with one bank to other individuals' accounts.

The limit does not apply to accounts of volunteers meeting the criteria set out in the resolution or to individuals whose monthly income from verified sources exceeds the established limit. Additionally, it does not apply to transfers between a client’s own accounts opened with the same bank or to transfers by legal entities. Transactions using IBAN details are not restricted.

"The introduced limit will help minimize the use of the payment infrastructure in illegal activities, particularly through 'drop' accounts, which are a common mechanism in the shadow economy," according to the NBU.

"Drops" are people who, for payment, provide the details and data of their card accounts for use by third parties. These accounts are used as "transit" accounts for transferring and laundering illegal funds.