Expert opinion

The introduced limit on p2p transfers (from card to card) of 150 thousand UAH per month will not affect the activities of volunteer organizations and will not harm the point-by-point collection of funds by individuals to help the Armed Forces of Ukraine. This was stated by Maryna Pavlenko, a leading expert in financial monitoring at GLOBUS BANK.
According to her, most volunteer organizations and individuals took care to avoid certain troubles due to the introduction of the limit. To do this, volunteers were able to contact the bank where they are served (have an account) directly and provide the necessary supporting documents about their own activities.

 

 

 

 

“According to our data, during the first two weeks of the new card limits, there were no global problems, at least with volunteers. The bank usually knows all its volunteers and is a consultant for most of them," the expert noted.

 

 

 

 

She emphasized that currently there are 4 groups of criteria by which it is possible to determine that a client is engaged in volunteering.
1. Official registration of a volunteer organization.
2. A citizen regularly collects funds for various needs, in particular for the Armed Forces of Ukraine, and volunteering is a typical type of activity for him.
3. A document confirming from a state body or a separate unit of the Armed Forces of Ukraine that this person is engaged in volunteer activities and helps a specific unit.
4. A citizen can submit to the bank of which he is a client information about future volunteer activities with a mandatory indication of whether he will collect donations / funds, expected (forecasted) amounts of funds and for what purposes.

“Of course, the information about the introduction of limits on card transfers has “confused” public consciousness quite a bit, because it is no secret that a lot of money that comes to help the army is collected “all over the world”, and the new limits would question the possibility of private (unannounced) assistance. However, this problem was avoided,” emphasized Maryna Pavlenko.

She predicts that society will adapt to the new rules and requirements for card transfers quite quickly, because the new limits will affect no more than 5% of citizens and even they will be able to expand the limits if they contact the bank. The expert also reminded that the limits on card transfers do not apply to card transactions or transfers of funds to an account (IBAN). Also, the limits do not apply when making transfers between the user’s own accounts.

“The new limits are a temporary measure that will last up to six months. However, in my opinion, in a month most citizens will “forget” that there are any card limits. After all, transfers for excessive amounts (over 150 thousand UAH per month) have happened and happen occasionally. But if a client needs to transfer funds for an amount exceeding the limit, then if there are documents confirming the relevant income (this can be a tax return, income certificate, etc.), he can contact his bank and receive a higher limit. There will be no difficulties here,” the expert said.

Answering a question about how the current restrictions can affect the reduction of drops and other illegal card transactions, she answered that for now the new card limits are working in the "test" mode, because they are temporary. However, the less fraud with card transfers, the better it will be not only for the banking system, but also for filling the country's budget.  

"The task of banks is to work transparently and even meticulously at times, but at the same time be as client-oriented as possible, not being "ashamed" to advise and inform the client once again. And the most important thing: the banking system in this difficult time should in every possible way contribute to the reduction of any fraud, behind which may lie not only tax evasion, but sponsoring a terrorist country," Maryna Pavlenko concluded.