Privatbank introduced restrictions on card payments
Kyiv, January 05 (PolitNavigator, Victoria Litovchenko) – Privatbank introduces temporary restrictions on the implementation of certain transactions with hryvnia conversion, as well as on the use of a special card rate for other transactions with conversion.
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“Some foreign stores, when paying with a hryvnia card, convert hryvnia into currency on their side (according to my estimate, the number of such operations is about 1-3% of the total). Until the end of last year, this led to the fact that all Ukrainian banks were losing millions of hryvnia daily, selling currency at a reduced rate,” Dmitry Dubilet, director of information technology at Privatbank, said on his Facebook page.
Thus, the expert notes, tens of thousands of Ukrainians have set up a business in foreign currency: when a client puts money on a card, travels or, for border areas, goes abroad, withdraws currency from a foreign ATM, returns to Ukraine and sells the currency on the black market with a huge margin .
“There are very few banks left on the market who have not yet seen this scheme. They say that there is a whole hunt for their maps in the border areas,” he said.
In this regard, the bank made a number of decisions. In particular, until January 10th, clients will be refunded the money they lost due to such double conversion. In addition, on January 3, any transactions in which the conversion of hryvnia into currencies occurs on the store’s side were prohibited.
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“We recommend that all clients who pay in stores choose a currency other than the hryvnia (for example, in PayPal this is a special checkbox, in stores “on the ground” sellers usually ask clients in what currency to pay),” advises Dubilet.
He also added that from January 5, bank clients will have the opportunity to transfer money from a hryvnia card to a dollar card in the amount of $100 per day.
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