New Rules for Topping Up Bank Cards in Ukraine
Starting June 26, 2024, Ukraine implemented updated regulations for cash deposits into bank cards through self-service terminals. Under National Bank of Ukraine Resolution No. 67, issued on June 16, users must now verify their phone number by entering a one-time code received via SMS or automated call to complete a transaction. These measures aim to eliminate anonymous transfers and strengthen financial oversight.
From now on, when making a deposit, the terminal will require phone number confirmation. The code must be entered manually at the terminal while standing in front of it.
“The bank never calls you to ask for your codes,” stated Iryna Polyakova.This highlights the importance of caution during such operations. Receipts for deposits now display the payer's full phone number, effectively removing the possibility of anonymous transactions.
Exceptions and Financial Transparency
The time needed to complete a transaction may increase by one to two minutes. However, there are exceptions where no code is required:
- utility payments;
- tax payments;
- duty payments;
- fine payments;
- transport ticket purchases;
- topping up one's own mobile phone up to 500 hryvnias per month without verification.
The system aims to enhance financial transparency for both banks and the state. The NBU explains that the change was driven by suspicions that large sums of cash of questionable origin were flowing through certain payment systems. Under the new rules, masking phone numbers with asterisks is prohibited, making each transaction more transparent.
It is worth noting that the main danger lies not in the code itself, but in fraudsters.
“The most important rule is simple: you enter the code only by yourself at the terminal and never dictate it over the phone,” emphasized Iryna Polyakova.Users should be cautious and avoid answering calls where they are asked to provide the code, even if the caller claims to be from a bank or other institution.
Thus, the innovations affect not only the card top-up process but also aim to raise the level of financial security in Ukraine. The hardest hit will not be owners of basic phones, but those who tend to leave their phone at home or have difficulty reading small text on screens.
The introduction of the new card top-up rules is part of a broader strategy by the National Bank of Ukraine to enhance financial security in the country. It is important for users to be aware of the changes and follow bank recommendations for safe financial transactions. This innovation could become a significant step in combating financial crimes and increase overall trust in the banking system.
As the National Bank of Ukraine tightens regulations on cash transactions, it's important to note that this move follows recent changes in cash withdrawal policies. Starting June 1, banks across Ukraine have significantly reduced the limits on cash withdrawals, further emphasizing the shift towards enhanced financial control and transparency. For more details on this development, see our coverage of the new cash withdrawal limits.