Ukraine is approaching the European payment system: what will it bring to citizens?
Фото: Мінфін
On November 10, the Verkhovna Rada supported in the first reading the draft law on Ukraine’s accession to the Single Euro Payments Area (SEPA).
This was reported by the Ministry of Finance of Ukraine.
The Parliament adopted as a basis the revised draft law No. 14327-d, which should bring Ukrainian financial legislation closer to European Union standards.
SEPA is a single euro payments area covering over 40 European countries. It allows for transfers between banks according to common rules.
What will change for Ukrainians?
According to the forecasts of the Ministry of Finance, after Ukraine joins SEPA:
- commissions for transfers in euros will range from 0 to 5 euros;
- funds will arrive much faster, in particular almost instantly;
- the number of intermediary banks will decrease;
- Ukrainian businesses will gain wider access to the European payment market.
The ministry expects that thanks to the reduction in bank commissions, the Ukrainian economy will be able to save from 70 to 100 million euros each year.
What other changes does the bill provide for?
The document also proposes to raise the threshold for financial transactions subject to mandatory financial monitoring from 400 thousand hryvnias to the equivalent of over 10 thousand euros, or approximately 550 thousand hryvnias.
At the same time, the threshold for gambling operations will remain unchanged – 55 thousand hryvnias.
In addition, the draft law provides for the creation of a register of bank accounts and safe deposit boxes. According to the Ministry of Finance, it will contain only basic information: the IBAN account number, the name of the owner, and the name of the bank.
Information about balances, movement of money in accounts, or contents of safes will not be entered into the register.
When will the new rules come into effect?
The bill still has to pass a second reading and final approval by the Verkhovna Rada.
According to the proposed provisions, the law will enter into force six months after official publication. Separate deadlines are provided for the rules on account registers, safe deposit boxes and beneficial owners of trusts.
At the same time, the adoption of the law will not mean Ukraine’s automatic accession to SEPA – for this, it is necessary to complete the procedure for joining the payment area.
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