As of May 1, 2024, a new law has been implemented in Russia allowing citizens to make free-of-charge transfers between their own bank accounts up to a total of 30 million rubles per month via the Fast Payment System (FPS).
The law specifies that the elimination of fees does not apply to transactions conducted at bank branches or those made using card numbers. Nevertheless, bank staff are required to inform customers visiting branches about the possibility of fee-free transfers through FPS. Additionally, banks are prohibited from imposing any restrictions on the size and number of transfers, provided the total does not exceed the set limit.
For bank transfers to other citizens, there have been no changes. Transfers to other banks remain commission-free up to a limit of 100,000 rubles per month. Exceeding this limit, banks may charge a fee of 0.5%, but it cannot exceed 1,500 rubles.
The Central Bank of Russia has applauded the increase in the no-fee transfer limit, suggesting that it will enhance competition among Russian banks and improve the quality of their services.
Furthermore, the Bank of Russia reported that in the first quarter of 2024, Russians conducted 2.5 billion transactions through FPS, totaling 10.5 trillion rubles. This figure is double what it was in the same quarter of 2023.
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