Bank of Russia temporarily, until 9 September 2022, forbids banks to charge fees for foreign cash withdrawals by individuals

The Bank of Russia Board of Directors has decided to prohibit banks until 9 September 2022 from charging fees on individuals for US dollar withdrawals from foreign currency deposits or accounts (regardless of the currency of an account or deposit), as well as fees for foreign currency conversion into US dollars when it is made to then withdraw cash in US dollars.

Banks are to refund the fees they received for foreign cash withdrawals by individuals beginning from 9 March 2022 to their customers — individuals.

If a customer withdrew cash in the amount of up to 10,000 US dollars, the fee charged in US dollars can be credited to the customer’s bank account in US dollars or refunded to the customer in US dollar cash. In this case, the bank shall comply with the limit on the refund of foreign cash to individuals, specifically no more than 10,000 US dollars. The bank may also credit the refund of the fee, upon the relevant application, to the customer’s bank account in rubles or refund this amount in cash rubles.

If a customer withdrew cash in the amount of up to 10,000 US dollars, the fee charged in rubles shall be credited to the customer’s account in rubles or may be refunded in cash rubles upon the relevant application.

If a customer withdrew 10,000 US dollars in cash, the fee charged in excess of this amount shall be credited to the customer’s account in rubles or may be refunded in cash rubles upon the relevant application.

To receive the refund of foreign cash withdrawal fees, customers should submit written applications to their banks. Banks are obliged to make the refunds within three days after the receipt of the application from their customers.

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11.03.2022 22.57.00