New limits on payments abroad
The National Bank of Ukraine recently changed the procedure for payments made with Ukrainian bank cards abroad. New limits have been established for currency withdrawals from hryvnia cards.
In this article, we'll discuss whether these new regulations could negatively impact volunteer activities. We'll also discuss charity and the benefits of donating with cryptocurrency.
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The procedure for payments with Ukrainian bank cards abroad has changed.
Besides fixationofficial exchange rate of the hryvnia to the dollarThe National Bank has decided to minimize the outflow of currency, in particular, within the framework of so-called "card tourism."
- The limit on cash withdrawals abroad has changed.
Previously it was monthly, but became weekly:
- Once every 7 days, Ukrainians can withdraw currency equivalent to 12,500 hryvnias;
- accordingly, the monthly limit is 50,000 hryvnia (equivalent).
- Monthly limits on P2P transfers abroad from hryvnia payment cards of Ukrainian banks have changed:
- previously it was 100,000 hryvnia (equivalent);
- Now the limit for payments abroad for all hryvnia cards of a client opened in one bank is 30,000 hryvnia (equivalent).
NBU's arguments
A large number of internally displaced persons from Ukraine pay abroad using hryvnia cards.
The currency used for these payments is primarily spent from our country's foreign exchange reserves. In practice, people pay for goods and services in hryvnia, which must be converted into one currency or another.
The uncontrolled outflow of currency through this channel negatively impacts the Ukrainian economy. Therefore, the National Bank believes the new rules are one way to preserve the country's foreign exchange reserves.
We need them to survive this war, given the country's significant needs for foreign currency, and they will help restore the economy after our Victory.
Will volunteers suffer from the innovations?
The change in monthly limits for payments abroad has alarmed many volunteers. There are many people in Ukraine who are actively assisting the Ukrainian Armed Forces and civilians affected by the war.
They purchase many essential supplies abroad for the military, as well as for people forced to flee their homes—ammunition, medicine, food, clothing, etc. Everyone who cares knows the power of this targeted assistance.
Even according to the National Bank's new decisions on changing limits, individuals volunteering abroad will be able to freely spend more than 100,000 UAH on goods for the Ukrainian Armed Forces.
The NBU confirms that in response to numerous requests from individual volunteers, a special status for making payments was introduced back in early April 2022:
- You can buy and transfer foreign currency monthly for the purchase of defense goods in the amount of up to 400 thousand UAH (equivalent).
The list of goods supplied by volunteers from abroad to meet the army's needs includes:
- unmanned aerial vehicles (UAVs);
- night vision devices (thermal imagers);
- tracking devices (binoculars);
- bulletproof vests;
- helmets;
- helmets;
- sleeping pads;
- sleeping bags;
- tactical backpacks;
- means for providing medical care, etc.
Charity
Furthermore, the National Bank did not impose any restrictions on the transfer of foreign currency from the accounts of charitable organizations or other legal entities for the purpose of purchasing goods for volunteer assistance to Ukrainian military personnel and IDPs.
According to the head of the NBU, the state regulator "has always supported the volunteer movement." It is reported that the National Bank carefully studies requests from volunteer organizations seeking support in addressing urgent issues and is always open to dialogue.
Help with cryptocurrency
It's worth emphasizing that a significant portion of foreign aid comes in cryptocurrency. This type of financial donation has become a popular and effective way to provide essential support to Ukrainians in their war against Russia.
Sending funds in crypto is a fast, cheap and secure way to transfer financial assistance.
The main advantage is the ability to avoid bureaucratic red tape:
- Transfers sent in cryptocurrency are not affected by changes in the banking system of a country experiencing a war;
- This truly speeds up and simplifies the process of collecting financial aid and works much more effectively than other methods of raising money for donations.
Help from Binance
One of the world's largest cryptocurrency exchanges has donated $1.2 billion to help Ukrainian women affected by Russia's full-scale war against our country.
To receive assistance from Binance, you must be verified with one of the following funds:
- Rotary Club Kyiv International;
- "Palyanytsya";
- iSans.
All of them are collaborating with Binance Charity on direct delivery of cryptocurrency financial aid to the IPO. To apply, please send an email to standwithukraine@isans.org.
Buying NFTs
You can become a volunteer and financially support the Ukrainian Armed Forces by purchasing NFTs—unique digital certificates stored on the blockchain. Read more about what NFTs are and how they work.Here.
You can find out what the NFT Whitelist is and its benefitsHere And HereHow to get free tokens that you can then sell profitably to donate to charity.Here.
Incidentally, today, July 26th, at 7:00 PM, you can join the live broadcast on the Step2Crypto Telegram channel. A renowned cryptocurrency expert and marketer at the STEP IT Academy will explain how to make money with NFTs.
Tools for stable business operation
The stable operation of small and medium-sized businesses and regular tax payments help support Ukraine's economy. To effectively develop your own online business, you needwebsite, hosted on a securehosting, and also cooldomain.
SSL certificateensures the security of transactions, and registrationtrademark— safety of business activities.
All these services can be ordered from the company.NIC.UA. In particular, There is a discount until the end of July0.2.
