The National Bank of Ukraine (NBU) takes control of card transactions by Ukrainians abroad

The National Bank of Ukraine (NBU) has implemented strict controls on overseas transactions made by Ukrainians using foreign currency cards for amounts exceeding 250,000 hryvnias (€5,716).

This information comes from an internal NBU letter, No. 57-0008/91844, obtained by journalists.

In the document, the regulator requires banks to report on foreign currency transactions by clients exceeding 250,000 hryvnias (€5,716) for October and November 2024. Reports must be submitted for each transaction individually.

“For the purpose of analyzing such payment operations, please provide information to the Department of Payment Systems and Innovation Development on non-cash spending operations (for each operation separately) carried out in October and November 2024 outside Ukraine using payment cards issued for accounts in foreign currencies, where the amount of each transaction is 250,000 UAH (€5,716) or more,” the letter states.

The first round of data collection for October and November ends today.

Starting in 2025, reporting such overseas transactions exceeding 250,000 hryvnias (€5,716) will become mandatory and regular. Banks will be required to submit reports to the NBU by the 10th of each month for the previous calendar month. Financial experts interviewed predict that this will lead to new restrictions.

“In September, the NBU limited Ukrainians’ overseas purchases to 100,000-500,000 hryvnias (€2,286-11,431) in equivalent for certain categories. This current data collection is likely aimed at either lowering those limits—such as reducing the 500,000 limit to 250,000—or introducing broader bans. These could potentially apply not to specific goods and services but to all purchases made from foreign currency accounts,” treasury officials at one bank told.

Since September 10, 2024, the NBU, under Regulation No. 108, introduced four restrictions on foreign currency card transactions abroad by individuals. A monthly limit of 100,000 hryvnias (in foreign currency equivalent) was established for three categories of goods:

• Precious stones, metals, and jewelry;
• Watches, jewelry, and silverware;
• Coins and stamps.

The purpose of such transactions is tracked using Merchant Category Codes (MCC) from international payment systems such as VISA and MasterCard.

A limit of 500,000 hryvnias in equivalent was set for foreign currency card payments made by individuals for services provided abroad by managers and real estate agencies, as well as for the purchase and rental of housing.

The National Bank of Ukraine (NBU) has imposed the following restrictions on card transactions:

• P2P transfers (person-to-person) from foreign currency cards are capped at 100,000 UAH per month.
• Overseas transactions for goods and services using hryvnia cards are limited to 100,000 UAH per month.
• Cash withdrawals abroad from hryvnia cards are restricted to 12,500 UAH per week and 50,000 UAH per month.
• P2P transfers from hryvnia cards to foreign currency accounts are completely prohibited.

Previously, media outlets reported on new limits for card payments ranging from 50,000 to 150,000 UAH, which apply not only to money transfers between individuals but to all cashless transactions by each citizen, both within Ukraine and abroad.