Pensioners and Students at Risk: New Money Transfer Rules.

Ukraine Introduces New Limits on Bank Transfers

Starting February 1, Ukraine introduces new limits on bank transfers, which may complicate the financial lives of many people. Financial market experts express concerns about possible negative consequences, although the authorities claim that the changes will affect only a very small number of clients.

A limit of 50,000 hryvnias per month is now set for all bank transfers for those who cannot confirm the source of their income, including international transfers.

The head of the National Bank of Ukraine, Andriy Pyshny, claims that this will only impact 1% of clients.

However, according to the Union of Ukrainian Entrepreneurs, shadow salaries account for up to 45% of all payments, raising the question of official income confirmation for almost half of the population.

The rector of the International Institute of Business, Oleksandr Savchenko, believes that pensioners and students will be the most affected, as banks do not see their incomes.

The new rules may complicate large payments, such as those for medical treatment or education. Experts note that 'there is no regard for people's needs... There are no chances to make a larger transaction.'

To maintain access to large payments, it is necessary to confirm the legality of income to the bank, and for students and pensioners, this is often impossible. 'How to do this if your main income is support from relatives or a scholarship?' asks Savchenko.

It is recommended to be responsible with your finances, have a good credit history, and monitor the purpose of payments to avoid issues with financial monitoring.

Let us remind you that banking restrictions have a negative effect on card usage.