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New customs cash limits in Ukraine: Now you can bring as much cash as you want

Author : Oleksandr Okhrymenko

Ukraine's National Bank decided to implement a reform, allowing any individual, resident or non-resident bring any amount of cash to Ukraine without any documents or permissions
15:21, 15 December 2017

Read the original text at 112.ua.

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In Ukraine, there were always restrictions on the import and export of cash. But the National Bank (NBU) decided to implement a reform, which now any allows any individual, resident or non-resident bring to Ukraine any amount of cash, even a million, and it is not necessary to provide ANY documents about where and how this money was earned. Incredible generosity from the NBU, right? At the same time, taking any amounts of cash out of Ukraine is not allowed. The NBU has left a rule according to which when exporting cash currency from Ukraine for the amount of more than 10,000 euros, it is necessary to provide documents to customs office confirming that money was earned in a lawful way and that taxes have been paid. Although, if you have a declaration with a customs note showing that you imported a million of cash to Ukraine, then when you want to export this money back it is enough to show only the declaration. Undeclared amounts on your entry documents during export have to be declared additionally.

Related: Polish owner of supermarket hung sign urging to check Ukrainians at cash-desk

Previously, when the NBU banned the work for a lot of foreign payment systems, Ukrainian who work abroad were facing problems. Now the NBU hopes that the migrant workers will bring more cash currency to Ukraine. Although, it is unlikely that they have problems with cash restrictions due to low income.

It is a happy news for those people who are engaged in "money laundering". This is really a "royal gift" for various kinds of dubious businessmen and scammers. Now you can even import money for drug lords into Ukraine, declare it, and then calmly transport them to any other countries of the world, referring to the fact that it is "white money", as they passed all customs formalities in Ukraine.

Related: National Bank lowers boundary sum for cash payments up to 50 000 UAH

Perhaps our citizens who have hidden their currency in offshore zones will now more actively return them to Ukraine. Moreover, now there is a struggle with offshore companies in the world, and some of our Ukrainians will think that keeping money in Ukrainian safes is better than in an offshore bank, where FBI agents can come and check it. So we are waiting for the inflow of currency to Ukraine.

Related: Thousand trucks of cash: what can you buy for the Ukraine’s budget?

In general, the idea is good and is designed to ensure the inflow of currency to Ukraine. Moreover, if a part of this currency is later exchanged to a hryvnia, then the NBU will be able to buy it in a non-cash form on the interbank market and thereby increase its gold and foreign exchange reserves. And in conditions when the IMF and other financial "donors" stopped supporting Ukraine, the increase of the currency inflow would be very beneficial. This would ensure the growth of gold and foreign exchange reserves.

Related: Poroshenko declares 800 000 hryvnia and 60 000 of dollars of cash

However, there is a one small "but" here. Indeed, they allowed to import any amount of cash without permission to Ukraine, but other countries did not authorize the withdrawal of hard currency worth more than 10,000 euros without documents. Therefore, for example, a guest worker from Poland or Russia cannot simply take away more than 10,000 euros from these countries without documents. This is about the currency inflow from traditional countries with serious border control. As for individual countries such as Africa, Asia, and especially Latin America, there are no such strict rules for the cash export. You can take a million or several millions of the US dollars in cash from Colombia or Southeast Asia, and bring them to Ukraine. Indeed, this is a very necessary and useful reform. Ukraine will be able to significantly improve its financial position.

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