Ukrainian Money Transfers to Polish and Slovak Post Services: New Limits and Coding Issues

Ukrainian residents may encounter difficulties when sending money to postal operators in Poland and Slovakia, according to Strana.ua. At present, Ukrainians can transfer funds from currency cards to these operators within the country’s established limit, which is 100,000 hryvnias per month, roughly equivalent to 2,700 US dollars. Recently the Central Bank of Ukraine indicated that such transfers were processed incorrectly because they were tied to an inappropriate payment code. In an internal official communication, the National Bank accused the Polish and Slovak postal services of miscoding, meaning funds were sent using an incorrect or fraudulent trade code. The Central Bank has urged Ukrainian banks to exercise stricter oversight of card transfers. As a result, ordinary consumers may face significant hurdles with money transfers, since Ukrainian banks could, under pressure from the Central Bank, suspend or restrict these payments. Previously, the Central Bank of Ukraine had called on banks to tighten controls over online Ukrainians payments. (Source: National Bank of Ukraine)