Fast Fransfers by Phone Number can be Paid from the New Year

The Bank of Russia will charge banks a fee for money transfers through the Quick Payment System starting January 1, 2020. Transfers by phone number may become paid for Russians, since banks will be forced to shift part of the costs to customers, experts say. Some banks already practice write-offs of up to 1.5%.

It is assumed that market participants will pay the commission equally: half will be paid by the bank of the sender, and the other by the organization of the recipient. Additional costs may result in banks having to shift part of the costs to customers, explained the director of bank ratings of Expert RA agency Vyacheslav Putilovsky in a conversation with Gazeta.Ru.

A number of banks are already charging a fee for using the quick payment service. For example, SBK-Bank takes 1% from transfers, the amount of which exceeds six thousand rubles per day. Raiffeisenbank takes a commission for transactions of more than 10 thousand rubles.

Until the beginning of February 2020, all transfers through SBP to third-party.