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Money transfers abroad via SFP: attention to the Central Bank commission

Money transfers abroad via SFP: attention to the Central Bank commission

28 November 2022

A lawyer will always understand a lawyer, but will ordinary people understand the details? Unlikely.

ARAVANA Multifamily Office specialists together with partners will help to “translate” from legal language into Russian and will provide comprehensive support in solving legal, tax and financial problems.

Today, the focus is on fees for transfers using the SFP.

The other day the decision of the Central Bank to establish a commission on cross-border transfers through the SFP, a system of fast payments, came out. It is 6 rubles. The decree comes into force on December 19, 2022.

What is it about?

The tariff will be additionally paid for debiting funds from the payer-client’s account, regardless of the transfer amount. There is no fee for crediting funds. In addition, there are no fees for sending requests by the bank’s client for information about the recipient of funds.

The fundamental difference with the previously existing tariffs is that before the commission of 3 rubles per transaction was paid by both the sender and the recipient.

The Russian government, together with the Central Bank, is considering the possibility of extending the cost compensation program for small and medium-sized businesses for using the system of fast payments for the next year. The possibility of connecting the banking systems of Armenia and Kazakhstan to the SFP is also discussed. A pilot project on cross-border payments through the SFP is expected to be launched at the end of this year.

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    ARAVANA Capital management
    28 November 2022
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