Transfers to own accounts: new limit in SBP
Individuals will be able to transfer up to ₽30 million per month free of charge between their accounts in different banks via the Faster Payments System (SBP). The new limit on bank transfers from one account to another one owned by the same person (Me2Me transfers) in the SBP will become effective from 1 May 2024 simultaneously with the entry into force of the relevant law.
Importantly, the amount of transfers without fee from one individual to another (C2C transfers) will remain unchanged at ₽100,000 per month. The fee for transfers exceeding this amount will also be the same (0.5% of the transfer amount), but not more than ₽1,500.
Moreover, the regulator has also exempted banks from paying fees to the Bank of Russia on a number of transactions in the SBP, with effect from 1 April 2024. Banks will apply zero tariffs to the transfers of cashback to individuals, as well as to the return of such cashback to a merchant when a purchase is cancelled. This will make the SBP loyalty programme more attractive not only for merchants, but also for their servicing banks.
It is worth noting that, over the period through 1 July 2024, the SBP has a grace period for banks when they do not pay the fee to the regulator for transfers between individuals. The regulator made a decision to set a zero tariff on such transactions for an indefinite period.