Raiffeisenbank to halt outgoing cross-border foreign currency transfers for individuals on Sept 2

MOSCOW. Aug 15 (Interfax) - Raiffeisenbank Russia will halt outgoing cross-border foreign currency transfers for individuals from September 2 in line with recommendations by the European Central Bank to the Russian bank's parent Raiffeisen Bank International (RBI), clients of the bank told Interfax, quoting the bank's customer support center.

"Starting September 2, 2024, outbound cross-border transfers in any foreign currency will no longer be available to all bank clients, except for a limited number of corporate clients in large and international businesses. This restriction has been implemented following a decision by the RBI Group in response to an ECB directive. We are sorry if this affects your financial plans but we are unable to influence the decision," the bank's customer support service said.

Currency payments, properly completed and accepted by the bank for execution before 16:00 Moscow time on August 30, 2024, will be executed under the current terms and restrictions, the bank said/

Raiffeisenbank said it would still accept incoming foreign currency transfers. Commission for incoming currency from other banks in U.S. dollars is 50% (minimum - $1,000, maximum - $10,000), and in currencies other than dollars - 500 rubles.