The National Bank has approved restrictions on money transfers between individuals' cards – p2p payments, but there are exceptions.
The National Bank has approved restrictions on money transfers between individuals' cards – p2p payments, but there are exceptions and legal ways to bypass the restrictions.
The publication “Minfin” writes about this.
The National Bank has provided for several important exceptions when a Ukrainian will be able to make transfers individuals in the amount of more than 150 thousand UAH per month:
- If transfers are made by account numbers – from one person's IBAN to another's IBAN (if a 16-digit card number is not used). There is no limit, you can pay any amount. But it is important to remember the difference between the account number (IBAN) and the card number (16 digits on the plastic): if money goes between the account number and the card number (A2C transaction code), then the transactions will be included in the limited 150 thousand UAH
- When a person transfers money to himself, he transfers it between his own accounts. But this only works within one bank, when the bank sees who the card is registered to.
- When the account owner is officially registered as a volunteer, he can make transfers without restrictions. And what is even more important: if a benefactor transfers a donation to the account of an officially registered volunteer, the donated amount will not be taken into account in the declared 150 thousand UAH
- If a person can officially confirm to the bank that their monthly income is above 150 thousand hryvnia, they will be able to make p2p payments not for 150 thousand hryvnia/month, but for the amount of this income
How to legally bypass p2p restrictions
People who frequently and in large quantities transfer funds from card accounts and do not want to calculate the amounts being sent and answer bankers' questions are given several key pieces of advice in the context of the National Bank's innovation.
First– open more accounts in different banks. Specifically in different banks, since all payments in one bank will be tracked and summed up. There are currently 62 banks in Ukraine and, according to current legislation, a person is not prohibited from opening an account in each of them. Usually, people manage to get by with 3-5 accounts for different needs, maximum – 10.
By carrying out financial monitoring in each bank when signing an agreement, you can present the same certificate of salary or tax return of an individual entrepreneur, for example, for 200 thousand UAH, if a person earns and wants to make a lot of transfers.
Second– switch to transfer by account numbers – for IBAN. These 29 letters/digits are specified for each card account, they are easy to find in the standard mobile application. For example, in PrivatBank, after downloading Privat-24 on your smartphone, three clicks are enough for this.
Recall that the National Bank of Ukraine plans to introduce a limit of 100 thousand UAH per month for initial P2P transfers (from card to card). However, the restrictions will not apply to volunteers, as well as individuals whose official income is above 100 thousand UAH.
What are P2P transfers
Card-to-card transfers or P2P payments (person-to-person) are financial transactions in which money is transferred from one person's bank card to another's card. Such transfers are usually carried out through mobile banking applications or specialized services, which allows you to quickly transfer and receive funds.
The NBU has introduced new limits! Who will it affect?
