Market and
partners news

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.

Do you need the advice of an experienced lawyer, tax specialists or financial services? Leave your details in the form below and we will contact you as soon as possible.

    Full Name

    Phone

    Additional

    ARAVANA Capital management
    28 November 2022
    Why Russians should invest in Bahrain

    Most of the Russians have heard about Dubai, but very few are aware of Bahrai...

    Macro overview of the current week

    The USA has reached the limits of the national debt The official limit of the...

    Macro overview of the current week

    The legacy of the pandemic: remote working, isolation and skepticism 2023 wil...