In the near future, seven major banks in Ukraine will limit transfers between private clients’ cards to 100,000 hryvnias. This was reported by Forbes Ukraine.
This decision came as a surprise to many, as it is a significant decrease from the current limit of 500,000 hryvnias. However, the banks have stated that this measure is necessary to prevent money laundering and other financial crimes.
The new limit will affect both individual clients and businesses, as many companies use transfers between cards for their day-to-day operations. It is expected to be implemented within the next few months, giving clients enough time to adjust to the change.
According to Forbes Ukraine, the seven banks that will be implementing this limit are PrivatBank, Raiffeisen Bank Aval, Ukrsibbank, OTP Bank, Alfa-Bank, Credit Agricole, and PUMB. These banks make up a significant portion of the Ukrainian banking sector and their decision will have a significant impact on the country’s financial landscape.
The National Bank of Ukraine, the country’s central bank, supports this measure and sees it as a necessary step to combat financial crimes. They have also stated that they will closely monitor the situation and make adjustments if necessary.
While the new limit may cause inconvenience for some clients, it is important to remember that it is for the greater good. Money laundering and other financial crimes have been a major issue in Ukraine, and this measure is aimed at curbing these illegal activities.
Moreover, this decision shows the commitment of Ukrainian banks to comply with international standards and regulations. It will also help improve the country’s reputation in the global financial market, making it more attractive for foreign investments.
Some may argue that this limit will hinder the growth of businesses and the overall economy. However, it is important to note that there are alternative methods of transferring larger sums of money, such as wire transfers or checks. In fact, the banks have stated that they will work with clients to find the best solution for their specific needs.
In addition, this measure will not affect cash withdrawals or online transactions, making it easier for clients to access their funds and conduct their daily activities.
It is also worth mentioning that this limit is not permanent and may be adjusted in the future depending on the situation. The banks have stated that they will review the limit periodically and make changes if necessary.
In conclusion, while the new limit on transfers between cards may be seen as a inconvenience by some, it is a necessary measure to combat financial crimes and improve the country’s reputation in the global financial market. The banks have taken a proactive approach in addressing this issue and have shown their commitment to comply with international standards. It is a step towards a more transparent and secure financial system in Ukraine.
