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National Bank of Ukraine starts issuing e-licenses for FX transactions up to $50 thousand
18:22, 16 June 2017
National Bank of Ukraine starts issuing e-licenses for FX transactions up to $50 thousand

Order shall take effect on July 3

18:22, 16 June 2017

National Bank of Ukraine

National Bank of Ukraine (NBU) starts issuing e-licenses for transfer of foreign currency abroad. This was reported at NBU’s website.

"Individuals (except for entrepreneurs) will be able to obtain individual licenses (e-licenses) for FX transfers abroad to perform FX transactions through authorized banks. 

 An individual will be able to transfer foreign currency abroad up to the equivalent of USD 50,000 per one calendar year on the basis of an e-license.

Individuals will be able to transfer foreign currency abroad with the use of e-licenses within the set limits to perform three types of FX transactions — investments abroad; depositing funds in accounts abroad; and transactions at the fulfillment of obligations to non-residents arising from life insurance contracts.

In order to get the license, an individual has to apply for a license to any authorized bank where he holds an account and submit documents either on paper or electronically.

"The simplified rules governing the issuance of e-licenses will make it easier for individuals to perform FX transactions and speed up these transactions. At the same time, according to NBU estimates, the volume of these transactions  will have no significant impact on the FX market," the message reads.

Related: National Bank of Ukraine eases conditions for cross-border investment

Related: Yakiv Smoliy appointed Acting Head of National Bank

Related: International reserves of Ukraine grew by 13.57% in April, — National Bank

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