A limit is the maximum amount or number of transactions that a bank or payment service allows over a set period: cash withdrawals, transfers, online purchases, or the balance on an account.
In plain words
Banks and payment services set limits for security and partly because of financial-monitoring requirements. They can be daily, monthly or specific to a kind of operation (cash, transfers, purchases abroad). For new or not fully verified customers limits are usually lower. You can view and often change your limits in the bank’s app or branch; when a limit is used up, the payment is declined.
Example. You want to send UAH 80,000 in one go, but the daily transfer limit is lower: you will have to send part of it the next day or raise the limit in the app (the numbers are illustrative).