(Reuters) – TCS Group Holding, which runs Russian on-line financial institution Tinkoff, on Thursday stated it was introducing a 3% fee on incoming SWIFT transfers in {dollars}, euros and kilos and setting a minimal quantity for outgoing transfers at $20,000.
With their already restricted money holdings of laborious forex, Russian banks have few choices for investing foreign currency echange due to capital controls in Russia and the danger of funds overseas being frozen on account of Western sanctions, inflicting some to introduce charges.
“The minimal sum for SWIFT transfers will probably be $20,000,” Tinkoff stated on its Telegram channel. “We’re pressured to introduce momentary restrictions because of the elevated variety of checks from western companions and the decrease quantity of funds processed for shoppers of Russian banks.”
These adjustments got here into impact on Thursday. The financial institution had stated that it will not impose fee on SWIFT transfers till after June 30.
Tinkoff stated a 1% service charge it plans to deduct month-to-month on accounts in {dollars}, euros, kilos and Swiss francs, ranging from June 23, would now apply on accounts with over 10,000 items, reasonably than 1,000.
The central financial institution stated on Tuesday that service charges for financial institution accounts in international forex, launched by some Russian banks, had been unacceptable.
(Reporting by Reuters; Enhancing by Alexandra Hudson)
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