Oschadbanks warns about restrictions on money transfers: what will change from February.

Restrictions on money transfers between bank cards and IBAN details

From February 1, new restrictions on money transfers between bank cards and by IBAN details will come into effect in Ukraine. This was announced by the chairman of Oschadbank, Serhiy Naumov, on his Telegram channel.

The new limits are being introduced in accordance with the Memorandum on ensuring transparency in the payment services market, which was signed by leading financial institutions of the country on December 10, 2024. 44 banks and two payment systems - NovaPay and RozetkaPay, including all top-5 banks by the number of issued cards, joined the memorandum.

According to the new rules, clients without verified income will have the following limits on transactions:

• Up to 50 thousand hryvnias per month for 'high' risk level clients
• Up to 150 thousand hryvnias per month for 'medium' and 'low' risk level clients (from February 1, 2025)
• Up to 100 thousand hryvnias per month for 'medium' and 'low' risk level clients (from June 1, 2025)

It is worth noting that these restrictions do not apply to clients with verified sources of income and money transfers between their own accounts in one bank. Clients wishing to increase the established limit can contact their bank with the relevant income documents.

According to Naumov, the innovations are aimed at combating fraud and bringing the Ukrainian payment market closer to EU rules, as well as preventing the use of the banking system for tax evasion and countering terrorist activities.

It should be recalled that the National Bank of Ukraine established banking restrictions in October 2024, setting a monthly limit of 150 thousand hryvnias on card transfers. In December 2024, a memorandum was signed for additional restrictions for high-risk clients down to 50 thousand hryvnias per month.

It is important to note that the National Bank of Ukraine officially denied information about the possible blocking of clients' bank accounts for frequent cash withdrawals. The regulator emphasizes that client verification will be carried out only in accordance with current legislation on financial monitoring.

It is also reported that currency restrictions were eased on December 21, 2024, allowing legal entities and individual entrepreneurs to conduct operations with banking metals. As of January 1, 2025, the total amount of cash in circulation reached 822.4 billion hryvnias.