Raiffeisenbank will introduce a 50% commission for crediting dollars from other banks

From June 20, Raiffeisenbank introduces a commission of 50% of the amount of transfers to individuals in dollars from other banks, informs press service of the financial organization.

“From June 20, 2023, the commission for crediting funds from other banks (incoming transfer) in US dollars to individual accounts will be 50% of the transfer amount, but not more than $500. Due to changing market conditions, the bank is forced to limit the number of incoming transfers in US dollars. We recommend customers to use other methods of receiving payment,” the bank explains.

At the same time, the credit institution emphasized that the new conditions do not apply to incoming transfers credited to the accounts of legal entities, individual entrepreneurs and private banking clients.

March 3 Raiffeisenbank suspended opening accounts for new legal entities and additional currency accounts for existing corporate clients. Also in March, the bank increased the minimum amount of an outgoing transfer in US dollars up to $15,000 for legal entities, individual entrepreneurs and individuals engaged in private practice.

Raiffeisenbank is a subsidiary of Raiffeisen Bank International (RBI) in Russia. According to the Financial Times, the bank services 40-50% of Russia’s payments with other countries. In the third quarter of 2022, the Russian subsidiary provided 68% of the financial result of the entire Austrian group.

In March 2023, Reuters reported that the European Central Bank (ECB) demanded from the Austrian banking group Raiffeisen Bank to close its business in Russia. According to the sources of the agency, the ECB insists on the formation of an action plan to terminate the activities of the bank in the country. Raiffeisen Bank said it is exploring options for the future of its Russian subsidiary.

Details – in the publication “Kommersant” “Raiffeisenbank was told to exit”.

Alexander Kislov