Transfer between your accounts in the Russian Federation to …

Transfer between your accounts in the Russian Federation to … post thumbnail image

This innovation may come into effect in 2022.

Russian banks want to make transfers of clients of financial institutions between their accounts in the amount of up to 1.4 million rubles for free. The innovation may take effect next year. Izvestia wrote about this with reference to information received from representatives of the regulator.

  • To implement this plan, the Bank of Russia team began drafting proposals to amend the law. Early next year, the initiative will be formalized into a project and sent for approval to organizations controlled by the Central Bank.
  • The Bank of Russia notes that there are differences in the process of withdrawing the so-called old and new money on the financial market. In particular, representatives of the regulator paid attention to obstacles in the form of fees that organizations charge for transferring assets from one bank to another. According to the Central Bank, such behavior of market participants creates conditions of discrimination against clients of financial institutions, which is unacceptable.
  • The presence of a commission for transferring assets from one bank to another, representatives of the regulator believe, limits Russia’s ability to effectively manage their assets. In particular, we are talking about turning bank deposits into more profitable ones. When it comes to transferring funds to other financial institutions, clients face high fees, which are often an obstacle to increasing profitability.
  • Approval by market participants for free transfers between customer accounts in the amount of up to 1.4 million rubles, we believe in the Bank of Russia, can solve the problem. It is possible to send money to other financial organizations, according to initiative representatives, both through the SBP and through other channels.

As a reminder, previously the Bank of Russia recorded a record volume of 6-year transfers from Russia to the CIS.

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