The National Bank has approved restrictions on money transfers between individuals' cards – p2p payments, but there are exceptions.
The National Bank of Ukraine sets a limit on transfers by individuals “from card to card” (also known as P2P, C2C).
The department explained what will now change for Ukrainians.
From October 1, 2024, the National Bank of Ukraine temporarily sets a limit of UAH 150 thousand per month for six months for transfers of individuals “from card to card”.
As explained by the National Bank, the restrictions will only apply to outgoing transfers to the accounts of other individuals, as well as all client accounts in one bank.
At the same time, the limit will not apply:
- to the accounts of volunteers who meet the criteria defined by the relevant regulation
- to individuals whose monthly income from confirmed sources exceeds the amount of the established limit
- when transferring funds between the client’s own accounts opened in the same bank
- to transfers of legal entities
- transactions using IBAN details
According to the NBU, 98% of bank clients make monthly transfers that do not exceed the specified amount, therefore, the established restrictions will not affect their financial activity in any way.
In addition, no limits will be set for transactions using IBAN details either. The NBU notes that 98% of Ukrainians will not even feel any restrictions, because their transfers do not exceed 150 thousand hryvnia.
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 or individuals whose official income is over UAH 100,000.
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.