Limits, financial monitoring and attentiveness: what Ukrainians need to know about instant transfers

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Instant transfers in Ukraine are gaining momentum, but along with convenience there are risks that should be remembered. Natalia reported this Rudukha, the head of the Project Office Globus Bank.

“Even fast payments in Ukraine are not always made automatically. In the presence of the risks provided for by the Law on Prevention of Funds and Financing Terrorism, the Bank can temporarily suspend the operation. Therefore, clients should understand the rules to use the service safe and without interruptions,” the expert said.

Main Restrictions and Rules

• The instant payment is made with IBAN on IBAN and is available both inside one bank and between institutions connected to the Instant Transfer System.
• Limits for surgery. Ukraine has a typical threshold – up to 100 thousand UAH per operation. This is enough for the vast majority of individuals and entrepreneurs to make about 90% of payments without additional barriers.
• A number of small transfers can be interpreted by a bank as a “broken” big operation, which will also be interested in regulatory bodies.
• Appointment of payment. Correctly formulate the content of the operation. Generalized descriptions such as “transfer”, “for everything”, “gift” can cause additional clarification. It is better to specify specifically: “Payment for the goods (contract No. …)”, “Loan from the name”, “Refund”.
• Mass enrollment in favor of one person or company. The financial institution can see in this attempt to bypass. Then the operations will temporarily stop the circumstances.
• It is impossible to cancel the instant payment. The peculiarity of the service is that after performing an operation marked “instant payment” it is no longer possible to change the details or recover funds.

“Therefore, when entering the details and the amount, clients should be as much as possible. Instant translation is about speed and comfort, but also about the user’s greater responsibility, ”Natalia Rudukh summed up.

According to the informant, any client of the bank sooner or later receives requests for the origin of funds in the account. Some pass checks without complications, others block bills. Knowledge of the principles of financial monitoring makes it possible to avoid unpleasant surprises and properly prepare for possible issues from the bank. Lawyer Bogdan Yankiv explains what you should be ready for. According to him, in practice, financial monitoring rules outline clear boundaries for different types of operations: up to 30,000 hryvnias a month, clients are usually in relative safety, amounts from UAH 30,000 to 400,000 hryvnias can cause additional requests, and operations more than UAH 400,000 will probably be in -depth.

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