The National Bank is taking measures to further develop the payment services market, in particular by encouraging non-bank payment service providers (hereinafter – NBPSPs) to expand the range of their services in Ukraine and the functionality of their users’ payment accounts, as well as by creating a level playing field for NBPSPs and banks.

To this end, the National Bank has permitted certain foreign exchange transactions on payment accounts in the national currency of NBPSP users, namely:

1. payments by resident and non-resident individuals for goods, works, and services abroad using personal electronic payment instruments issued to their payment accounts, within a limit of UAH 200,000 (equivalent) per calendar month. This will help NBPSPs expand the range of their services and the functionality of payment accounts, and will create equal conditions for individuals who are NBPSP users and bank clients;
2. crediting of hryvnias to the payment accounts of resident and non-resident individuals who are NBPSP users under transfers initiated outside Ukraine in foreign currency, with prior conversion of such funds in accordance with the requirements of currency legislation. This refers to transfers initiated both through international card payment systems and as direct transfers from accounts opened outside Ukraine (for example, via the SWIFT system). This will expand the ability of NBPSPs to complete cross-border private transfers in non-cash form and, accordingly, create equal conditions for individuals who are NBPSP users and bank clients;
3. crediting to hryvnia payment accounts of Ukrainian business entities of funds for goods, works, and services sold by them in Ukraine, received from non-resident individuals who pay for purchased goods, works, and services using cards and direct account-to-account transfers within Ukraine, as well as from non-resident and resident individuals who make payments from outside Ukraine using cards issued to foreign accounts. This will expand opportunities for business entities that are NBPSP users, in particular by creating equal conditions for entities that use NBPSP services and those that are bank clients.

To ensure the implementation of measures for payment market participants aimed at liberalizing foreign exchange transactions on payment accounts in the national currency, related amendments have been made to a number of regulations of the National Bank.

The list of permitted transactions, including foreign exchange transactions, on payment accounts in the national currency of NBPSP users is set out in the amendments to Resolution of the Board of the National Bank of Ukraine No. 18 dated 24 February 2022 “On the Operation of the Banking System during the Introduction of Martial Law.”

The procedure for crediting and initiating transfers on payment accounts in the national currency of NBPSP users is set out in the amendments to the Regulation on Transactions with Currency Values, approved by Resolution of the Board of the National Bank of Ukraine No. 2 dated 02 January 2019.

The licensing of permitted foreign exchange transactions on payment accounts in the national currency of NBPSP users is regulated by the amendments to the Regulation on the Procedure for Issuing Licenses to Conduct Foreign Exchange Transactions, approved by Resolution of the Board of the National Bank of Ukraine No. 43 dated 31 March 2023.

Source: https://bank.gov.ua