The Central Bank has reaffirmed that there is no plan to reduce the cap on free person-to-person transfers between bank accounts across different banks. The limit remains set at 1.4 million rubles, according to Governor Elvira Nabiullina, as reported by TASS during a press conference.
Regarding the option to move one’s own funds between banks without charges within the 1.4 million ruble threshold, the Governor stated that the stance remains unchanged. She noted that while some banks oppose the limit, it is important that individuals retain the right to transfer savings freely between institutions, at least within the insured portion of their funds.
Large banks have voiced opposition to introducing this cap, a position confirmed to RBC. The debate over waiving fees for such transfers has featured significant involvement from major financial institutions and oversight authorities alike.
There was initial discussion about removing charges on transfers up to 1.4 million rubles in a single month when Nabiullina first spoke on the possibility two years ago. Although the idea moved forward to a first reading in the State Duma last December, the broader implications covered transfers processed through systems such as the Fast Payment System and other financial platforms.
In broad terms, the policy aims to preserve consumer liquidity and improve access to funds across the banking network. By maintaining a robust framework for free transfers within the insured limit, the central bank seeks to balance the convenience of customers with the stability and resilience of the payment ecosystem across the country. Observers note that this approach supports everyday financial needs while ensuring that the system remains sustainable and well governed across major banks and fintech platforms.
Analysts suggest that the outcome will hinge on continued collaboration among policymakers, banks, and payment service providers. The central bank’s emphasis remains on safeguarding consumer rights to move money freely between banks without unnecessary costs, provided transfers stay within insured amounts. This approach aligns with broader efforts to modernize payments and enhance financial inclusion for citizens as the payments landscape evolves.