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E-money: changes for users

16 March 2016

The Bank of Russia recommends the banks to inform their individual clients on the procedure to carry out e-money transactions with due account for the amendments to current legislation.

In particular, this refers to the increase of the e-money account balance maximum size (from 100,000 rubles to 600,000 rubles) for carrying out individual's identification.

Besides, a simpler identification will allow individual clients to go ahead with Internet purchases, to pay for the work done and services provided if only their e-money account balances at any time are lower then 60,000 rubles, while the transfer amount does not exceed 200,000 rubles within a calendar month.

These and other amendments are written down in the reminder called 'On E-money Funds' attached to Bank of Russia Information Letter No. IN-17-45/12, dated 11 March 2016.