Money transfers of up to ₽30 million per month between individual’s accounts become fee-free from 1 May
According to the new law, from 1 May 2024, an individual will be able to transfer up to ₽30 million per month between one’s own accounts with various banks. Funds can be transferred to an account number through mobile applications, or in a user account on the bank’s website, or to a phone number via the Faster Payments System (SBP).
The new rules will not apply to money transfers made by an individual at banks’ offices as this transaction involves higher costs for banks, as well as to transfers to a bank card number as the payee cannot be identified in this case.
The changes will not only enable people to transfer their funds across banks without extra fees, but also promote competition and enhance the quality of banking products. The new rules will also reduce operational risks for those individuals who used to withdraw cash from an account with one bank to then deposit the money to an account with another bank.
It is important to remember that a money transfer via the SBP may not exceed ₽1 million, but an individual may conduct several transactions if needed.
Furthermore, an individual can make any number of transfers between one’s own accounts during a day using any of the allowed methods within the limit of ₽30 million per month.
Answers to possible questions regarding this topic are available on the Bank of Russia website.