PrivatBank zaviedla pre zákazníkov nové obmedzenia

PrivatBank has introduced restrictions for its clients. Now, Sole Proprietors (SPs) who have a "key to the account" card can receive payments of up to 30,000 UAH per month on it.

What has changed?

When opening a current account in PrivatBank, each client is issued a "key to the account" card. It looks like a regular credit card and has a unique number. The card is intended for withdrawing cash from the account, but many entrepreneurs use it to receive payments from their customers. Since the card is linked to the account, all payments received on it are automatically transferred to the current account.

Since March 12, PrivatBank made internal changes (without notifying their clients) to the use of the key card, referring to financial monitoring requirements. Entrepreneurs can still use the "key to the account" card, but with certain restrictions: the monthly receipt limit for payments on the card is 30,000 UAH. This amount can come all at once or in parts, it does not matter. For example, if a client pays 30,001 UAH, the payment will be returned to the sender. If during the month the SP receives three payments of 10,000 UAH, the next payment will not go through.

The 30,000 UAH limit applies to payments received from other banks. That is, if your customer is a PrivatBank client and makes a payment to the "key to the account" card for more than 30,000 UAH, the payment will go through, as the account details in IBAN format are automatically filled when the payment is created.

What does PrivatBank say?

Although PrivatBank did not publicly announce this information, many users have encountered this issue and started asking bank employees. In their responses, PrivatBank refers to the requirements of financial monitoring and internal rules.

Bank representatives state that, according to the National Bank of Ukraine's requirements, all payments to entrepreneurs must meet certain criteria: the payment purpose must clearly specify what the client is paying for and on what basis. In the case of payments to the card, this requirement is not met.

Bank representatives emphasized that this restriction will not apply to personal cards.

How to bypass the restriction?

PrivatBank representatives advise indicating the correct purpose of the payment when paying to the key card: what the payment is for and on what basis, then this payment will not count towards the 30,000 UAH limit.

To avoid issues with receiving payments, send your clients the details of the current account in IBAN format, not the 16-digit card number. If you're worried that your clients won't be able to make payments to the current account because it’s too complicated for them, then connect the "Payments from the public" service from PrivatBank. The purpose of this service is that you can send clients a payment link with pre-filled account details, and the client only needs to enter their details, specify the payment purpose, and payment amount.

If receiving payments to your card is critical for you, then you can open several current accounts at PrivatBank and get a key card for each one. This way, the monthly payment limit will increase by as many accounts as you open. For example, three accounts will allow you to receive 90,000 UAH per month instead of 30,000.

Another option is to change your servicing bank.