The National Bank of Ukraine has simplified the rules governing money transfers abroad for resident individuals. On 29 February 2016,  Resolution No. 123 On Amendments to the Rules for Effecting Money Transfers Related to Current FX Non-Commercial Operations in Ukraine or Abroad and Transfer Payments in Ukraine was approved by the NBU Board to this effect.

The resolution is intended to address two issues.

First, the applicable Ukrainian laws define the term “relatives” differently depending on the purpose for which it is used. In particular, this term is interpreted differently in the Criminal, Civil, and Family Codes. In order to avoid ambiguity in the definition of any family members when it comes to money transfers, Resolution No. 123 has brought clarity to the term “relatives.” This term is hereby defined as including father, mother, stepfather, stepmother, son, daughter, stepdaughter, stepson, grandmother, grandfather, great grandfather, great grandmother, grandchildren, brothers and sisters (either full or half siblings), cousins, aunts, uncles, nephews, nieces, adoptive parents, adoptees, guardians (as defined by law), legal wards, and current spouse.      

Second, the NBU has eased the requirements for documentary evidence that resident individuals are required to produce when making money transfers abroad. From now on, resident individuals are allowed to produce documentary evidence printed from the Internet. These simplified rules shall apply for money transfers abroad exceeding the equivalent of UAH 15 thousand that will be effected for various purposes, including the payment of expenses related to medical treatment abroad and the transportation of patients, educational expenses, purchase of books, and cost of subscriptions to periodicals.

The resolution comes into effect from 2 March 2016.6.