From June 1, Ukraine will reduce limits on card transfers: key points to be aware of

New card transfer rules will take effect in Ukraine on June 1. Banks will reduce transfer limits for medium—and low-risk clients.

Currently, most financial institutions set restrictions when unusual activity is detected on accounts or when the set limits are exceeded. In such cases, banks can suspend the operations of a suspicious account, as Maryna Pavlenko reported.

According to the new rules, the monthly limit for medium—and low-risk clients will be reduced from 150 thousand hryvnias to 100 thousand hryvnias from June. For high-risk individuals, this limit will remain at 50 thousand hryvnias.

Banks will continue to closely monitor their clients’ financial transactions, focusing on unusual transfers, large amounts, or frequent transactions that may indicate possible risks.

Experts recommend that citizens closely monitor their financial transactions to avoid potential account freezes. It is also worth finding out about the new rules in advance from your bank.

It is worth remembering that everyone who receives money on a bank card should be aware that not all transfers are considered “safe” in the eyes of the tax service. If the total amount of transfers for a year exceeds 2,000 hryvnias, the state may recognize these funds as income, which entails obligations to declare them and pay taxes.