Financial transfers between banks become free up to a monthly limit
Banks will have the ability to request extra information to verify both sender and recipient when processing free transfers between customer accounts across different credit institutions. This update was reported by Interfax in reference to the Central Bank’s response to a request from the Banking Association. The change marks a shift toward greater transparency and security in interbank transactions.
According to the regulator, credit institutions are required to publish details about any additional verification or documentation requirements in their offices, on their websites, and within mobile banking apps. Banks must also clearly inform customers that such remote transfers can be executed free of charge. During compliance checks, the Central Bank may verify the accuracy of the information provided by the banks. The policy sets a monthly cap of 30 million rubles that applies to all customer accounts held within a single bank, rather than to each account individually. The Central Bank will publish formal statements about this policy on its website, ensuring public accessibility and ongoing clarity for consumers. (Source: Central Bank)
At the start of August, the president signed legislation obliging banks to transfer customer funds to other banks free of charge, up to a monthly limit of 30 million rubles. The new rules are scheduled to take effect in May 2024, signaling a notable change in how customers move funds between financial institutions. (Source: Central Bank)
Previous warnings to Russians about Android applications capable of stealing money emphasize the importance of secure digital banking practices. Consumers are advised to stay vigilant, use official app stores, and enable security measures such as biometric login and two-factor authentication to protect their accounts from fraudulent activity. (Source: Cybersecurity Advisory Network)