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 is a response to the increasing number of fraudulent transactions in the country. The National Bank of Ukraine estimates that in the first quarter of 2021, the volume of unauthorized transactions has already exceeded 200 million hryvnias. Therefore, these measures are aimed at protecting the funds of private clients from potential fraudsters.
The new limit will apply to all transfers made through mobile banking applications, as well as transfers between cards of different banks. This means that clients will not be able to transfer more than 100,000 hryvnias in one transaction or within one day.
The decision was made collectively by seven major banks in Ukraine, including PrivatBank, Oschadbank, Raiffeisen Bank Aval, Ukrgasbank, Alfa-Bank, PUMB, and TAScombank. These banks account for a significant portion of the country’s banking sector, therefore, their decision will have a significant impact on the market.
According to Volodymyr Lavrenchuk, the chairman of the board at Raiffeisen Bank Aval, this measure is necessary to ensure the safety and stability of the banking system in Ukraine. He also added that the new limit is temporary and will be in place until the necessary technical measures are implemented to prevent unauthorized transactions.
The decision has sparked some concerns among clients who frequently make large transfers between their own accounts or to their family members. However, the banks assure that they will provide support in case of urgent and justified need for larger transfers, such as medical expenses or urgent business transactions.
The National Bank of Ukraine also supports this decision, stating that it will strengthen the security of the banking system and protect the rights of private clients. Moreover, the central bank is also working on implementing additional measures to prevent fraudulent transactions.
Despite the temporary inconvenience, this decision is a necessary step towards improving the safety and stability of the Ukrainian banking system. It is a proactive measure taken by the banks to protect their clients’ funds from potential fraudsters. It also shows the responsibility and dedication of the banks to ensure the security of their clients’ assets.
It is important to note that this limit is only applicable to transfers between private clients’ cards. Business clients will not be affected by this measure, and they will be able to make larger transfers as usual.
In conclusion, the decision of seven major banks in Ukraine to limit transfers between private clients’ cards to 100,000 hryvnias is a necessary and responsible step towards improving the security and stability of the banking system. It shows the dedication of the banks to protect their clients’ funds and prevent fraudulent activities. The banks assure their clients that this measure is temporary and necessary, and they will continue to provide support in urgent and justified situations. The National Bank of Ukraine also supports this decision and is working on implementing additional measures to prevent unauthorized transactions. Overall, this measure will strengthen the trust and confidence in the Ukrainian banking system and protect the rights of private clients.
