The Central Bank has set a commission for banks at 6 rubles for cross-border transfers of individuals via the FPS

The Bank of Russia will charge banks a commission of 6 rubles. for cross-border transfer of individuals through the system of fast payments. Its size will be fixed regardless of the transfer amount. The changes will come into effect on December 19. Banks will charge individuals for such transfers at their discretion.

“Tariffs for the services of the Bank of Russia in the fast payment service of the Bank of Russia payment system, paid by FPS participants when making a cross-border transfer of funds by individuals in favor of individuals, effective from December 19, 2022: the tariff for debiting funds from the account of the paying client — 6 00 rubles,” says the decision Board of Directors of the Bank of Russia November 16.

Commissions for citizens for sending such transfers will be set by banks, taking into account the tariff policy and market practice, the Bank of Russia added.

August 1 newspaper Vedomosti citing a survey of credit institutions, she reported an increase in the demand of Russians for cross-border transfers. Among the reasons for the increase in demand are the withdrawal of the Western Union system from Russia, as well as the relocation of Russians, the increase in the volume of transfers by the Bank of Russia and the expansion of directions for transfers from cards of the Russian payment system Mir. Thus, cross-border transfers at Post Bank doubled in May-June.

Visa and Mastercard payment systems, which allow making cross-border transfers, have suspended work in Russia as part of the sanctions. On March 6, the Central Bank limited bank transfers abroad between individuals, including spouses and close relatives, to $5,000 per month. On May 16, the Central Bank allowed individuals to transfer abroad up to $50,000 monthly. Since July 1, the Bank of Russia has allowed individuals to transfer up to $1 million per month to foreign accounts.

Anastasia Larina