Limits are not keeping up with the exchange rate. What are the restrictions on payments abroad and when will they be lifted

Ukrainians abroad face restrictions when paying by card or withdrawing cash. This is especially noticeable when it comes to not daily expenses, but rent, tuition fees, or large purchases. The limits introduced at the beginning of the full-scale war were intended to curb the outflow of currency. But in four years, conditions have changed, as have customer needs.Banks acknowledge that the rules need to be updated. The NBU also speaks of the need to revise approaches, given the weakening of the hryvnia and new economic realities.What restrictions are in effect today and what alternatives are already available to Ukrainians abroad — investigated LIGA.netWhy were the limits introducedAt the very beginning of the full-scale invasion, the National Bank of Ukraine By Resolution No. 18 The NBU has imposed restrictions on foreign payments. Now the restrictions need to be changed, the NBU agrees."The current limits on Ukrainians' payments with payment cards abroad need to be updated, particularly in view of the weakening of the hryvnia during this period," the NBU press service wrote in response to a request LIGA.net.The National Bank is working on this issue, they added.As of February 24, 2022, the hryvnia exchange rate was 29.2 UAH per dollar, so 100,000 UAH was then equivalent to about $3,425. By February 11, 2026, the hryvnia had devalued to about 43 UAH per dollar, and the same 100,000 UAH is now equivalent to approximately $2,325. This means the hryvnia has devalued by about 47% against the US dollar, and the same amount of hryvnia can now buy significantly less foreign currency, making the limits outdated.In general, the National Bank is easing currency restrictions for businesses and the public in stages, in accordance with Roadmap of the relevant strategy, but no specific dates or deadlines are set.Further easing of currency restrictions will be determined within the framework of discussions on launching a new program with the IMF, the NBU noted.Read also"The P2P segment has shrunk." Did card limits help in the fight against drop accounts?What are the current limitsCash withdrawal limits abroad:UAH 12,500 once every seven days from hryvnia cards;up to UAH 17,500 once every seven days from corporate cards;up to UAH 100,000 equivalent per day from foreign currency cards.Limits for card payments abroad: UAH 100,000 per month for personal cards;UAH 150,000 per month for corporate cards.These are not very high amounts. For example, the monthly cost of renting a one-room apartment in Poland, not far from the center, is approximately 1044 euros (53,491 UAH); the cost of annual tuition at the University of Warsaw for a bachelor's degree in various specialties can range from 2000 to 4000 euros (102,473 – 204,946 UAH).t should be noted that SWIFT transfers to the accounts of educational institutions are processed without NBU restrictions, provided the purpose of payment is verified. However, a total sum of 100,000 UAH provides significantly fewer opportunities in Europe compared to Ukraine.What do bank customers complain aboutClients of Ukrainian banks complain about discomfort due to the established limits. This was stated in a comment LIGA.net said Raiffeisen Bank, PUMB and Unex Bank.People turn to banks mostly not for daily regular expenses, but in cases of one-time, atypical needs. For example, the need to pay for housing rent or a large purchase, a used car, or a tourist trip. This was stated by Vyacheslav Melikhov, head of digital sales development at FUIB."Such situations don't only occur abroad; in Ukraine, clients also face restrictions due to financial monitoring or limits on individual transfers," Melikhov adds.Typical reasons for complaints include card rejection when paying online or at a terminal abroad, inability to pay for expensive purchases, or inability to withdraw a large amount of cash from an ATM in one go. This was stated by Viktoriia Makhnonosova, COO and member of the Management Board of Unex Bank.Another pressing issue is cash withdrawals for Ukrainians temporarily residing or staying abroad. Firstly, due to rather small limits. And secondly, cash withdrawals are always charged by the bank and are quite an expensive operation in terms of cost, Melikhov notes.Read alsoUAH 126.7 billion in net profit. Which bank earned the most?How to solve this and whether currency cards helpDespite currency restrictions, banks assure that Ukrainians abroad can manage their funds almost as freely as at home, provided they take into account the current NBU limits and choose the right tools.The most convenient way to pay is by card. Raiffeisen Bank emphasizes that cards from international payment systems work in most countries around the world, and the currency is automatically converted at the bank's exchange rate when paying. So, for everyday expenses – from the supermarket to online services – this is the basic and simplest solution.Another solution could be a currency card."Currency cards really make life easier for Ukrainians abroad," Raiffeisen notes. In particular, the limit for withdrawing cash from a foreign currency account is significantly higher than from a hryvnia account."When making payments abroad with a foreign currency card, fewer restrictions apply – limits are only in effect for purchase transactions in the jewelry and real estate categories and amount to the equivalent of UAH 100,000 and UAH 500,000, respectively," explained the press service of Raiffeisen Bank.In particular, a limit of UAH 500,000 per month (in equivalent) is spreading for the payment of certain professional and business services. These include advertising or legal services, consulting fees, audit fees, etc.However, you won't be able to buy a Rolex watch or a Graff necklace with a foreign currency card: there is a stricter limit for luxury items. Namely, UAH 100,000 per month (in equivalent) from all of the client's foreign currency accounts.Read alsoAI mask, "son's" voice, and QR traps: how to protect yourself from card fraudFeatures of foreign currency cardsTo use a foreign currency card, it's advisable to top it up in advance with the same currency in which you plan to spend. "This reduces the number of conversions and minimizes exchange rate losses," explains Viktoriia Makhnonosova, COO of Unex Bank. For large payments, such as tuition or medical expenses, it's more reliable to make a direct bank transfer from your account (SWIFT or SEPA) to avoid the need to withdraw large amounts of cash and potential blockages.A separate issue is transfers between hryvnia and foreign currency cards. In most banks, this function is available in the mobile application, but there are also limits. According to Viktoriia Makhnonosova, if you need to exchange a larger amount, you can do so through the branch's cash desk, but the transaction is also subject to current restrictions.To fully use Ukrainian banking services abroad, it is important to have an active Ukrainian financial number, as some transactions are confirmed via a one-time password."This creates a challenge for banks, as customers abroad often no longer use Ukrainian SIM cards," says Vyacheslav Melikhov, Head of Digital Sales Development at FUIB.If a large amount of cash is needed, for example, for renting accommodation, banks advise looking for a cashless alternative first or planning withdrawals in stages. "When a large amount is needed, it's best to avoid cash altogether and make payments without cash – by payment card or invoice," emphasizes Makhnonosova. In extreme cases, it is possible to split the payment into several transactions if the seller's terms allow it.Should this be changed?The restrictions need to be changed, even though they were introduced as a forced step to prevent the outflow of funds from the country's economy. This is the opinion of those surveyed LIGA.net in banks."Limits should evolve along with real-world customer usage scenarios," believes Vyacheslav Melikhov.In addition, limits allow for a rapid reduction of potential losses in the event of card compromise.But, on the other hand, the currency is getting more expensive. And this should be taken into account by periodically reviewing the limits in hryvnia, says Viktoria Makhnonosova.However, limits should be changed in a controlled and gradual manner. Raiffeisen Bank believes that a complete cancellation can only occur after conditions in the financial market stabilize.