The National Bank of Ukraine is introducing new restrictions on card transfers, which are intended to increase the transparency of financial transactions and reduce the risk of illegal activity. However, experts warn that the move could have both positive and negative consequences for the economy and society.
According to the memorandum signed by the NBU, transaction limits are set for clients with unconfirmed income. From February 1, 2025, the maximum transfer amount for high-risk clients will be UAH 50,000, and for those with medium and low risk - UAH 150,000. From June 2025, this threshold will be reduced to UAH 100,000.
In addition, stricter checks on clients at the stage of opening accounts are envisaged, as well as their division by risk levels.
Economist Oleksandr Savchenko supports the idea of combating illegal financial transactions, but draws attention to certain risks. According to him, the restrictions are aimed at counteracting the use of cards for shadow schemes, in particular, financing terrorist activities or illegal casinos.
“Indeed, for a small fee, many Ukrainians ‘loan’ their cards for such transactions,” Savchenko notes.
However, the economist admits that innovations will push some citizens to use cash or cryptocurrencies, which are less transparent and controlled.
To conduct transactions for larger amounts, citizens must confirm sources of income. This can be a salary exceeding established limits, or income from the sale of property. Savchenko adds that this process is often accompanied by bureaucratic difficulties:
“This is unpleasant banking bureaucracy that only complicates the lives of customers.”
The prevalence of cash payments or the transition to cryptocurrencies poses challenges for the Ukrainian economy. Cash reduces the transparency of financial transactions, while cryptocurrency may be more difficult for the state to control.
At the same time, the reduction of illegal transactions and shadow schemes will positively affect Ukraine's image in the eyes of international partners and financial institutions.
