Individuals’ money transfers: new fees in SBP
Banks will not be allowed to charge citizens for money transfers in favour of the government (C2G-payments) made via the Faster Payments System (SBP). Specifically, this refers to payments for kindergartens, extracurricular clubs and activities, as well as payments of taxes, fines, etc.
According to the Bank of Russia’s decision, the maximum amount of a fee that banks may charge their customers for such payments is zero. New fees will become effective on 1 November 2024.
It is worth noting that banks themselves do not pay any fees to the regulator for effecting C2G-payments.
At present, individuals are already able to make payments to the budget via the SBP, for example, to pay fines for traffic offences. This facility is planned to be expanded in the future through adding an option to make payments via the public services portals, including municipal services portals, as well as in places where such services are provided.
In addition, the monthly limit on fee-free transfers, equalling ₽100,000, will also be applied to digital wallet transactions starting from November. Within this amount, individuals will be able to both transfer money to each other and deposit funds to their digital wallets via the SBP without having to pay any fee.