According to a new law effective from May 1, 2024, individuals will be able to transfer up to ₽30 million per month between their own accounts across various banks without incurring fees. Transfers can be made using mobile applications, bank websites, or through the Faster Payments System (SBP) by phone number.
These new regulations exclude transfers made at bank offices due to higher costs for banks and transfers to a bank card number because the payee cannot be identified. The changes aim to facilitate fee-free fund transfers across banks while promoting competition and improving banking product quality. They also intend to reduce operational risks for individuals who previously withdrew cash from one bank account to deposit it into another.
It is important to note that money transfers via SBP are capped at ₽1 million per transaction; however, multiple transactions are permitted if necessary. Additionally, there is no limit on the number of daily transfers an individual can make between their own accounts within the monthly limit of ₽30 million.
For more information, individuals can visit the Bank of Russia website.