From March 6, 2023, Raiffeisenbank will double the minimum amount required for online transfers in foreign currency. Starting on that date, customers using the Raiffeisen-Online mobile application will not be able to send less than USD 10,000 per transfer, or the equivalent in another currency based on the Central Bank of Russia exchange rate on the transfer day, as stated in a Raiffeisen press release. This change means users must plan larger online payments or plan multiple transactions if smaller amounts are needed, aligning online transfer limits with policy adjustments that the bank announced to the public. The implication is clear: high value transfers via the Raiffeisen-Online app require more upfront funds and careful budgeting for international activities, which can affect individuals and businesses that rely on timely cross‑border payments.
As explained by Raiffeisenbank, the minimum threshold for foreign currency transfers conducted through the Raiffeisen Online service will be set at 10,000 USD or its currency equivalent, using the Central Bank of Russia rate in place on the transfer date. In practice, this establishes a standardized floor for digital international payments made within the bank’s online platform, ensuring consistency with internal risk controls and regulatory expectations. The bank highlights that exchange rate calculations will be based on the official rate published by the Central Bank of Russia on the day the transfer is processed, emphasizing transparency in how the minimum amount is determined and applied to each transaction.
For branch transfers, the rulebook reads a bit differently. The minimum transfer amount will depend on the currency tied to the account and the specific currency being moved. In this case, the floor is 10,000 US dollars, 10,000 pounds sterling, 10,000 euros, or 10,000 Swiss francs. In addition, transfers in Chinese yuan are set at 70,000, while those in Japanese yen are pegged at 1,000,000. The press service of the bank clarified that these minimums apply to branch-based transfers, reflecting local currency practices and compliance requirements that govern in-person financial services. This approach allows the bank to manage settlement risks and operational overhead associated with different currencies while maintaining uniformity for typical high‑value cross‑border settlements across its branch network.
This update came amid broader scrutiny from Austrian parent bank Raiffeisen Bank International, which on February 18 issued observations about the volume and number of currency transactions across most Russian banks. The message indicated that RBI was not extending the same treatment to all institutions in Russia, choosing instead to reserve certain exceptions for a limited group of banks. Although the release did not name the specific Russian banks that are excluded from these exceptions, the announcement underscores the differentiated approach among international banking groups operating in the Russian market and the ongoing adjustments in response to regulatory and market conditions. Observers note that such policy shifts can influence liquidity, cross‑border financing options, and customer access to foreign exchange services for both individuals and businesses in Russia.