Russian residents can initiate transfers to neighboring countries using the fast payment system, commonly known as FPS. Reports indicate that Tinkoff customers, in particular, can send funds to a growing network of banks across Armenia, Kyrgyzstan, Uzbekistan, and Tajikistan. The service is described as convenient for personal and business needs, enabling quicker settlements across borders while leveraging existing domestic accounts.
All cross-border transfers using FPS are processed in Russian rubles, with currency conversion handled by the recipient bank at the prevailing market rate. This means senders should expect a clear exchange mechanism and understand that the final received amount reflects the partner bank’s conversion, which can fluctuate with market conditions.
Beyond the current offerings, other financial institutions are exploring cross-border FPS transfers. Reports suggest that major banks such as VTB, Novikombank, and Otkritie are evaluating launches later in the year to enable transfers to Belarus and, subsequently, to additional countries. These developments reflect a broader push within the Russian banking sector to provide faster, cheaper ways to move funds across borders using existing digital payments infrastructure.
Earlier, the Central Bank established tariff guidelines for services associated with FPS operations conducted through payment systems. The pricing framework includes a specific rate for cash withdrawals from a recipient’s account, while credit services are not subject to additional fees under this tariff regime. The tariff structure is designed to create predictable costs for customers engaging in FPS transactions and to promote the use of digital payments for everyday transfers.
In general terms, FPS activity has continued to show strong usage trends. Industry observers note that the system has enabled a growing volume of purchases and transfers, highlighting the reliability and speed of settlement that modern digital payment networks can offer. This momentum reflects ongoing customer demand for rapid, convenient ways to move money, both domestically and across regional borders, supported by a mature payments ecosystem and coordinated with regulatory oversight to ensure security and compliance.