Transparent transfers: Bank of Russia recommendations

The Bank of Russia recommends that banks improve information disclosure to individuals when they make money transfers without opening an account, including transfers abroad. The recommendations were prepared factoring in Russian and international practices and are aimed at making the terms of such transfers clearer and more transparent for the general public.

Banks and their payment agents are recommended to provide relevant information on the countries and towns/cities such transfers can be made to, which payment systems and services can be used, and which documents and information are needed in advance, i.e. before customers make the transfer.

It is recommended that all necessary information, including customer services contact details, be posted in Russian, English and other languages in an accessible and clear manner specifically on information displays in banks, their websites, and on social networks.