Russia Weighs Free Self-Transfers Up to 30 Million Rubles Monthly
Russian residents could soon send money between their own bank accounts without paying a transfer fee, up to a limit of 30 million rubles each month. This report comes from the newspaper News and reflects ongoing discussions about simplifying personal financial transactions while curbing the costs that households incur when moving funds among different banks.
Officials argue that removing the fee barrier for self-initiated transfers aims to protect ordinary citizens from additional charges that typically accompany transfers to accounts held at other credit institutions. If adopted, the change would reduce the friction of moving money, whether to savings accounts, investment accounts, or payroll-linked banks, and could encourage greater use of digital banking services across the country.
Under the proposed amendments to the law governing banks and banking activities, financial institutions would not be allowed to cap the amount or regulate the frequency of transfers that occur within the 30 million ruble monthly window. The only exceptions would involve transfers conducted in person at a bank branch, such as wire transfers or card-to-card transactions tied to identity verification processes.
The bill is scheduled for discussion in the profile committee of the State Duma on July 17. The draft includes a clause requiring banks to inform customers of this policy, at no cost, at least five days before the maturity of a deposit. If the draft becomes law, the notification requirement would take effect six months after the law’s official publication, with the broader ban on transfer fees for self-transfers coming into force nine months later.
Anatoly Aksakov, who chairs the State Duma’s financial market committee, confirmed the proposed monthly cap of 30 million rubles and echoed the expectation that banks would not limit the size or frequency of transfers within that threshold. Aksakov also indicated optimism that the bill could pass in July, though the legislative process often involves amendments and committee reviews that can influence timelines and scope.
Previously, reports indicated that a law adopted by the State Duma obliging banks to suspend transactions flagged for fraud might introduce some friction into money transfers within Russia. The interplay between fraud prevention measures and user convenience remains a central consideration as lawmakers weigh the net effect on everyday banking for individuals and families.
Related discussions in the financial sector have touched on how unilateral shifts in monetary policy, including potential adjustments to key rates, could interact with consumer trust and the practicalities of fee-free transfer services. Analysts note that while the policy might simplify domestic transfers, it also raises questions about operational risk, bank liquidity, and the overall economics of payment processing in a rapidly digitalizing economy.
For consumers in Russia, the proposed reforms could translate into more predictable and transparent costs when managing personal funds. In practice, residents would still need to monitor the terms of their own accounts, ensure that transfers are conducted through permitted channels, and verify that any beneficial changes align with the specific rules announced by their banks. As the State Duma considers the bill, stakeholders in the financial sector are watching closely to understand how the final version will balance consumer protection, security, and convenience.
In a broader sense, the potential shift reflects a trend seen in many modern financial systems: the push toward reducing friction for legitimate, self-initiated transfers while maintaining safeguards against illicit activity. Market observers suggest that if the policy proves durable, it could influence how banks design their digital wallets, mobile banking apps, and customer messaging to ensure users remain informed without being overwhelmed by fees or complex terms.
As the legislative process unfolds, observers will be paying attention not just to the 30 million ruble monthly limit but also to the precise rules around notifications, transaction formats, and the handling of exceptions. The outcome will likely shape consumer expectations and set a benchmark for how personal money movement is managed in a banking system that continues to adapt to new technologies and evolving regulatory standards.
Note: The above summary reflects reported statements and draft language circulating ahead of the committee discussions, and it uses attribution to the source reporting on the matter, as published in News. Further updates will clarify the final text and any transitional arrangements that banks and customers should prepare for. There is no implication of immediate effect until the law is officially enacted and published.