From October 1, PrivatBank will not include a limit on card transfers for volunteers registered with the bank and clients with confirmed sources of income.
This was reported by the press service of the financial institution.
The bank will also inform clients in advance when they reach 50% of their transfer limit and provide recommendations for managing the limit or using transfers to the recipient’s IBAN account.
Almost 99% of PrivatBank clients make transfers within the limit established by the NBU of UAH 150,000 for transfers between individuals.
Let us remind you that the limit applies only to initial transfers across all client accounts opened in one bank to the accounts of other individuals.
The limit also does not apply to transfers of funds between the client’s own accounts opened in the same bank, and to transfers of legal entities. Transactions using IBAN details are not limited.
The NBU believes that the limit will not affect 98% of bank clients.
According to the regulator, this will help minimize the use of payment infrastructure in illegal activities, in particular with the use of “drop” accounts, which are a common mechanism for the shadow economy.
“Drops” are people who, for payment, transfer the details and data of their card accounts for the use of third parties. These accounts are used as transit accounts for the transfer and laundering of illegal funds.
NBU analysis shows that about 200 billion UAH per year can pass through drop cards.
Source: Racurs
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