Since April 2022, cross-border transfers both between credit institutions and at the system level have become available in the Bank of Russia Fast Payment System (FPS) using a phone number. Alla Bakina, director of the department of the national payment system of the regulator, said this at a meeting of the leadership of the Central Bank with banks, organized by the Association of Banks of the Russian Federation, an Izvestia correspondent reports on Thursday, May 26.
She stressed: in accordance with its plans, the Central Bank will launch transfers with Belarus through the intersystem channel by the end of 2022.
“By the end of this year, as we planned, we will launch transfers with Belarus via an intersystem channel. With regard to interaction at the level of banks, this is a great opportunity to provide customers with new services. Despite the fact that international cross-border transfers within the FPS are not a mandatory service, many banks are already working on the introduction of this channel and will be ready to provide this service to customers in the near future,” Alla Bakina said.
She also recalled that until July 1, 2024, the Central Bank extended the grace period during which banks are not charged for making transfers between individuals through the SBP.
Currently, Russians can transfer up to 100,000 rubles a month through the SBP free of charge. When transferring a larger amount, the commission of banks should not exceed 0.5% of the transfer.
On March 17, the Bank of Russia announced its decision to increase the maximum size of one SBP transaction from 600,000 to 1 million rubles. The measure was supposed to allow citizens to make instant transfers and pay for purchases and services through the system for larger amounts.