Kirill Chernovol, Researcher at the Gaidar Institute’s International Best Practices Analysis Department, told NEWS.ru which groups of citizens will be affected by the new FCS rates.
The updated fees for transfers via the Fast Payment Service (FPS), which take effect on May 1, will primarily affect the self-employed, sole proprietors, and credit institutions. Although the new rates directly impact banks, Kirill Chernovol believes that the financial burden may ultimately be shifted to businesses.
“The Bank of Russia has set new fees for money transfers between individuals and businesses (legal entities, sole proprietors, and the self-employed). The fee ranges from 5 kopecks to 3 rubles, depending on the transfer amount. This money is not charged directly to customers, but to banks and other organizations for the regulator’s processing of debits and credits through the Single Bank Payment System (SBP). In other words, the new fees themselves will affect banks and other organizations participating in the SBP,” said Kirill Chernovol.
The expert explained that due to the introduction of new fees by the Bank of Russia, banks may decide to raise fees for legal entities for transfers via the SBP to offset their own increased costs. Thus, although the new rates directly affect banks, he believes that ultimately the financial burden may be shifted onto entrepreneurs and the self-employed.