21 Jun 2022 17:04

Rosbank to charge commission on retail forex accounts

MOSCOW. June 21 (Interfax) - Rosbank will start to charge commission on retail forex accounts from July 4, the bank said in a statement posted on its website.

Monthly commission of 0.5% will be debited for servicing dollar and euro accounts exceeding 10,000 euros or dollars.

The commission is charged on the total balance if several accounts are opened. Only balances on current accounts are consolidated, no commission will be charged on balances on foreign currency deposits.

"The reduction of Rosbank's foreign exchange position in the market will allow us to continue to manage money effectively and reduce risks for clients in a constantly changing market environment. According to publicly available information such changes have already taken place or will take place in the near future at other banks in Russia," Rosbank said.

Tinkoff Bank (SPB: TCS ) and Raiffeisenbank have also said they will charge commission on forex accounts as sanctions and difficulties with foreign partners force them to reduce their FX positions, however the Central Bank has said it would check on the lawfulness of this.