Considering banks` requests on some practical aspects of the implementation of requirements of the decision of the National Bank of Ukraine dated 16.11.2012 N 476 "On the abroad transactions to individuals payment order" NBU has provided relevant explanations in a letter dated 28.11.2012, № 29-209/11992 (the Letter).

The Letter states that an authorized bank, regardless of the amount, is required to pre-credit the 2909 account in foreign currency with the funds from abroad of Ukraine in favor of individuals (including using international money transfer systems).

National Bank explained that the total amount of abroad income in foreign currency should be calculated for the calendar month. If the amount of the transfer (s) per month is not equal and does not exceed the equivalent of 150 000 UAH, such translation (s) can be paid in cash or credited to the client`s current account in foreign currency. If the amount of the transfer (s) is equal to or exceeds the equivalent of 150 000 UAH per month, the exceeding amount shall be a subject of selling.

According to the Letter banks are obliged to monitor customers` compliance with the established funds transfer rules procedure in real time.

Also, referring to the provisions of Article 533 of the Civil Code of Ukraine, National Bank explained that the transfer amount recalculation shall be made under the NBU official rate of UAH to foreign currencies on the day of the transfer crediting.