Since September 10, the National Bank of Ukraine has introduced a number of new restrictions for individuals' calculations from currency cards of Ukrainian banks, which may significantly affect citizens' financial transactions. The new rules, recorded in NBU Resolution No. 108, aim to limit certain schemes of financial transactions and increase control over expenses abroad.
This document establishes two new limits for payments with cards in dollars/euros (and other foreign currencies) for the equivalent of 100,000 hryvnias and 500,000 hryvnias.
Many people were surprised by this, because even before there were restrictions on purchases abroad - no more than 100,000 hryvnias per month.
However, there is an important nuance — the limit of 100,000 applied only to hryvnia cards of Ukrainian banks. And it did not apply to currency cards.
Now the NBU has extended the restrictions to currency cards as well.
So, starting tomorrow, it is allowed to pay no more than the equivalent of 100,000 hryvnias per month from currency cards of Ukrainian banks for three categories of goods:
- Precious stones, metals and jewelry — code 5094;
- Watches, jewelry and silverware — code 5944;
- Coin and stamp stores — code 5972.
We are talking about the merchant MCC code (Merchant Category Code) — the code assigned to merchants by international payment systems (VISA, MasterCard) and is the same worldwide.
The second limit for currency card transactions — 500,000 hryvnias/month — is introduced to pay for the services of real estate agents and managers abroad.
The restrictions will apply only to four directions, and we emphasize once again that the restrictions apply only to payments and only to currency cards. It is necessary to understand that banks distinguish two concepts of "payments" for goods and services, as well as p2p transfers.
Settlements with currency cards abroad from cards of Ukrainian banks have not been limited since the beginning of the war. The new bans currently apply only to the 4 types of payments listed above. Cashless currency payments for all other goods and services by our citizens can continue to be made without restrictions.
What was not limited to the first month:
- p2p transfers (from individual to individual) from cards in foreign currency - no more than 100 thousand hryvnias per month;
- Foreign payments for goods and services from hryvnia cards — no more than 100,000 hryvnias per month;
- Withdrawal of cash abroad from hryvnia cards - no more than 12.5 thousand hryvnias per week and 50 thousand hryvnias per month.
P2P transfers from hryvnia cards to cards in foreign banks were also completely prohibited. If you want to transfer something to an account in a foreign bank, open a foreign currency account in Ukraine, credit it with dollars/euros and send.
The NBU explained the new restrictions for currency cards (for 100/500 thousand hryvnias) by the fact that Ukrainians have mastered the schemes of legalization of funds abroad. Most often, it is about the return of previously purchased expensive goods. Foreign exchange purchases of goods by Ukrainians abroad were not limited by our banks, so they could purchase, for example, expensive watches, and then return them to the store or resell them to someone else. Then ask to transfer funds not to the card of a Ukrainian bank, but to the account of a foreign financial institution. Many of our migrants opened such accounts abroad. Foreign banks have strict financial monitoring and it is necessary to explain the nature of the funds when a person replenishes his personal account with cash. When money is returned from an official European store, banks do not ask questions and there are no problems. Funds are being legalized.
The banks were surprised that the NBU did not limit 100-500 thousand hryvnias per month for other expensive purchases, for example, cars. However, it is not excluded that new restrictions may appear in the future.
Tightening up payments with currency cards, the NBU, by Resolution No. 108, relaxed the rules for a number of currency purchases/transfers for business. In particular, for reinsurance contracts for our insurance companies, for subjects of the electronic commerce market, for recipients of interest on Eurobonds, for air carriers.
