Tinkoff Bank Introduces a 1% Fee on Dollar and Euro Cash Deposits
Recent reports indicate that Tinkoff Bank has begun applying a 1% commission on cash deposits made in US dollars and euros. The information came from a call center employee of the bank and was cited by DEA News. The teller noted that deposits in dollars and euros are now charged a fee, whether deposited at Tinkoff ATMs, at bank safes, or through delivery services.
The bank representative explained that the commission equals 1% of the deposited amount. Additionally, there is a stated limit on deposits, with up to 1 million rubles allowed per single transaction or the equivalent of 20 thousand dollars, euros, or yuan. This constraint is presented as part of the policy associated with currency deposits and commission charges.
Industry commentary from experts has questioned the long-term viability of holding savings exclusively in US dollars or euros, suggesting a closer examination of yuan deposits may be prudent. This perspective reflects broader discussions about currency diversification and the potential shifts in the Russian savings landscape.
Historically, several large Russian banks began charging transfer commissions when money moved from one bank to another, typically in the range of 1-2 percent. The practice has been adopted by a considerable portion of major market participants, underscoring a trend toward higher costs for moving funds within the banking system. [DEA News]