Ukrainian Banks Clarify Misleading News on Cash Withdrawal and Account Blockages
In recent days, separate media outlets and Telegram channels have been spreading false and manipulative information that Ukrainian bank accounts could be blocked for frequent cash withdrawals, especially in large amounts, and the frequent use of cash credits. The National Bank of Ukraine (NBU) has swiftly responded, dismissing these rumors as unfounded.
The NBU press service stated, "We emphasize that this information is untrue." The misleading reports incorrectly referred to "NBU recommendations on strengthening financial monitoring in Ukraine," without specifying any particular documents.
"We want to reassure the public that no NBU documents – recommendations, letters, or regulations – exist suggesting that banks block accounts due to frequent cash transactions," the NBU clarified.
The NBU further emphasized that banks, payment, and financial institutions continue to operate responsibly, conducting thorough client checks exclusively within the bounds of law, following a risk-based approach.
Reminder: NBU Introduces Transfers’ Limit
In another development, from October 1, 2024, the NBU has set a cap on outgoing card-to-card (P2P) transfers at 150,000 UAH per month, a restriction that will remain in effect until April 1, 2025.
In December 2024, major banks signed a memorandum expanding these limits to include transfers via the IBAN system. The new rules do not apply to clients with verified income sources, such as salary earners, and volunteers. For other clients, the monthly transfer limits are set as follows:
- High-risk clients: 50,000 UAH
- Medium- and low-risk clients:
- 150,000 UAH starting February 1, 2025
- 100,000 UAH starting June 1, 2025
