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Russia's Faster Payments System keeps fees unchanged after May 1

No surprises for Russian consumers: free transfers up to 100,000 rubles stay intact. Officials clarify the updated fee scheduleā€”what's really changing?

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The image shows an old Russian banknote with a picture of an eagle on it against a white...
The image shows an old Russian banknote with a picture of an eagle on it against a white background. The text on the paper reads "50 rubles".

Russia's Faster Payments System (FPS) Terms for Individuals and Businesses to Remain Unchanged After May 1, Central Bank Says: Fees Stay the Same, Transfers Up to 100,000 Rubles a Month Still Free for Private Users

Russia's Faster Payments System keeps fees unchanged after May 1

Reports that fees would be introduced for transactions via Russia's Faster Payments System (FPS) are untrue, the regulator has confirmed.

The terms for transfers through the FPS will remain unchanged after May 1, with fees for both individuals and businesses staying the same, the Bank of Russia announced in comments carried by TASS.

As before, private users will continue to make fee-free transfers of up to 100,000 rubles per month. "All fee rates have remained unchanged. This includes, as before, free transfers of up to 100,000 rubles per month for individuals," the Central Bank stated.

The Bank of Russia clarified that a revised version of the fee schedule for transfers paid by its clients via the FPS will take effect on May 1. "Previously applicable FPS fees have been consolidated into a single document, with the term 'Client of the Bank of Russia' introduced to account for the potential expansion of system participants (including the Deposit Insurance Agency and branches of foreign banks). Additionally, a clarification regarding VAT has been added (VAT does not apply)," the Central Bank explained.

Earlier on April 22, financial expert and Pronline business consultant Dmitry Trepolsky told Gazeta.Ru that certain FPS transactions would become subject to fees starting May 1. According to Trepolsky, charges will apply to transactions involving commercial entitiesā€”such as QR-code payments for goods and services or transfers to self-employed individuals. He noted that a unified fee schedule is being introduced, featuring a tiered commission scale ranging from 0.05 to 3 rubles, depending on the transfer amount. Transfers to oneself (up to 30 million rubles) and to other individuals (up to 100,000 rubles per month) will remain free of charge, Trepolsky specified.

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