PrivatBank, monobank, and Oschadbank introduce limits on transfers: who is restricted to 50 thousand hryvnias.

Banks are establishing new restrictions on money transfers for clients without income verification

The largest banks in Ukraine will impose new restrictions on money transfers for clients without income verification. The minimum limit will be 50 thousand hryvnias per month.

Well-known financial institutions in the country have signed a memorandum 'On Ensuring Transparency in the Functioning of the Banking Payment Services Market', reports RBC-Ukraine correspondent. Among the signatories are Oschadbank, OTP Bank, PrivatBank, Praveks Bank, PUMB, Raiffeisen Bank, Universal Bank, and Tascombank.

For clients of 'high' risk level, a limit of up to 50 thousand hryvnias per month will be set. Clients of 'medium' and 'low' risk levels will have higher limits: up to 150 thousand hryvnias from February 1, 2025, which will decrease to 100 thousand hryvnias from June 1, 2025.

The restrictions do not apply to clients with verified sources of income, including payroll clients and volunteers. Documentation verification includes OK5 and OK7 certificates, tax declarations, payroll statements, confirmations of receipts from government bodies, and volunteer activities.

Banks will also limit the number of accounts in one currency to three for clients without verified income. This does not apply to deposit, credit accounts, and accounts under government support programs.

For newly established individual entrepreneurs in the first group of taxation, in-depth business activity evaluation and enhanced operation monitoring will be implemented. Individual entrepreneurs on the general system or second-third groups will be checked according to banks' own risk-based approach.

Currently, there is a limit imposed by the NBU of 150 thousand hryvnias per month for 'card-to-card' transfers, which will last from October 1, 2024, to April 1, 2025.