The National Bank of Ukraine (NBU) has introduced changes to the procedure for conducting cash transactions in hryvnia that will directly affect businesses. From now on, according to the new rules, businesses will no longer be able to receive cash from citizens without opening an account. This initiative is aimed at increasing the transparency of payment transactions and combating tax evasion.
New rules for businesses
As explained in the NBU press service, from now on, all funds received by enterprises through transfers without opening an account must first be credited to the enterprise's current or payment account. Only after that can they be withdrawn from these accounts in cash.
This new rule was introduced to minimize the risks of using the payment infrastructure for illegal activities, in particular, for tax evasion during the purchase and sale of goods.
What does this mean for citizens?
At the same time, the changes will not affect ordinary citizens. Ukrainians, as before, will be able to pay for services and goods in a way convenient for them: in cash or by non-cash transfers, in particular when transferring funds without opening an account.
Card-to-card transfer restrictions
In addition, from October 1, 2024, the NBU is introducing a temporary restriction on card-to-card (P2P, C2C) transfers by individuals. For half a year, a limit of UAH 150,000 per month will apply for outgoing transfers from all client accounts opened in the same bank to the accounts of other individuals. This limit does not apply to volunteer accounts whose official income exceeds the limit, as well as to transfers between the client's own accounts in the same bank and to transactions using IBAN details.
