Banca Intesa stops client forex transfers without opening account

MOSCOW. Oct 3 (Interfax) - Banca Intesa, the Russian subsidiary of Italy's Intesa Sanpaolo, has stopped client foreign currency transfers without opening an account and through the online bank due to the costs of outgoing payments, and payments being returned and blocked by correspondent banks, the lender said in a statement.

"Guided by the interests of our clients, we ask that you note that payments in foreign currency, particularly in U.S. dollars and euros, have become more difficult now for objective reasons. Banca Intesa is making every possible effort to ensure reliable service in carrying out transfers, but the circumstances whereby there are delays in outgoing payments and they are returned or blocked by correspondent and intermediary banks, as a rule, are beyond our control and responsibility. At the moment, the risk of Banca Intesa being unable to carry out a payment in euros for these reasons is extremely high," the bank said.

The bank has there decided to suspend transfers of foreign currency without an account being opened and transfers in foreign currency in the mia.bancaintesa electronic banking system.

Clients who already have an account at the bank and plan to make a transfer must notify the bank of this two or three days in advance.

"Regardless of this recommendation, we will of course do everything possible to carry out your payment instructions, but our joint preliminary analysis of the planned payment is intended to significantly reduce the likelihood of it not being received or not being received on time, or it being returned by the correspondent bank or other intermediary banks involved in settlements with them charging a commission," the bank said.

Banca Intesa was Russia's 67th largest bank by assets at the end of 2021, according to the Interfax