The NBU Annual E-Limit for Certain Cross Border Transactions by Individuals Doubles

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The National Bank of Ukraine (the “NBU”) has increased the annual e-limit for certain cross-border foreign currency payments by Ukrainian individuals from EURO 100,000 to 200,000.

The system of “e-limits” for cross-border payments was introduced by the NBU in January 2019.  It permits individuals to make certain payments abroad (or into accounts opened by non-residents in Ukraine) only if these payments, in aggregate, do not exceed at any relevant time the then applicable, annual e-limit.

The e-limit of EURO 200,000 will apply to payments in connection with the following transactions:

  • investing abroad;
  • making deposits in the individual’s own account opened abroad;
  • transferring foreign currency under life insurance agreements; and
  • providing loans to non-residents of Ukraine.

In addition, the NBU allowed individuals to use e-passports and foreign e-passports for KYC purposes when making the payments.

The new e-limit becomes effective on 5 February 2021.  The NBU praised this measure as a further step towards full liberalisation of cross-border payments.

For further information, please contact Oleg Mazur, Partner

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