9 Jun 2022 13:36

Tinkoff Bank to charge commission for forex accounts as of June 23, close forex savings accounts

MOSCOW. June 9 (Interfax) - Tinkoff Bank (SPB: TCS ) will introduce a commission for servicing accounts in foreign currency effective June 23, the bank said on its official Telegram channel.

Fees will be introduced for card accounts in U.S. dollars, euros, pounds sterling and Swiss francs. The service fee for such accounts will be 1% per month on balances over 1,000 units of the account currency and it will be debited daily, the bank said.

This measure is due to the unreliability of foreign partners in working with foreign currency for Russia and is intended to reduce Tinkoff Bank's foreign currency position, the lender said.

The bank will also stop opening savings accounts in foreign currency as of June 23. Clients will only be able to open such accounts in rubles. Existing savings accounts in dollars and euros will be closed and funds held in them will be transferred to customer accounts in the same currencies, the bank said.

The bank will also eliminate commissions on SWIFT transfers by June 30.