Column by Maxim Builov about maximum transfer amounts

The bill submitted by the government to the State Duma sets the maximum limit for transfers without opening an account at 100 thousand rubles. Indeed, in the context of the permanent struggle of the Russian authorities to control the flight of capital, the situation when a citizen can formally transfer even a billion rubles anywhere without opening an account, simply by giving his passport number, looks surprising. Yes, in fact, such a number most likely will not work, since banks and money transfer systems will not accept a suitcase of money from an unverified friend. However, there must be order in the documents.

Perhaps a more realistic, although somewhat amusing in these times, reason for the adoption of the amendments is reflected in the explanatory note. “The above circumstance is not consistent with international standards in the field of combating the legalization (laundering) of criminal proceeds and the financing of terrorism…” the document notes. Yes, transfers to the West are complicated today not because there is no upper limit for transactions without opening an account. But even in friendly countries, it is customary to follow the rules against money laundering. And our fighters against money laundering and financing are simply uncomfortable that we do not fully comply with accepted international standards. Now the process of bringing the legislative framework into compliance has begun, which means everything is in order.

The same bill increases the allowed amount for storage on a non-personalized electronic wallet, which at first glance looks like a real relaxation. However, since the maximum amount of spending from a wallet per month was 200 thousand rubles, and remains so, this item also looks like a cosmetic renovation.

So that no one has any doubts about the real practical value of the bill introduced on New Year’s Eve, when deputies went on vacation, the document sets the date of entry into force – one year after publication. This period, according to the authors of the bill, is due to “the need for credit institutions to restructure their identification processes, change internal procedures and internal control rules.”

None of my experts could guess what exactly the bank would have to redo in its infrastructure in order to learn to identify clients who want to transfer an amount of more than 100 thousand rubles, and how this procedure would differ from the one they are already implementing today. The size of the maximum amount causes particular bewilderment among market participants – against the backdrop of exchange rate fluctuations over the past year and a half, it is completely unclear why the government decided that in 2025 it will most adequately reflect the size of a secure transfer.