The Bank of Russia urged Sberbank to make the “wisest decision” to abolish transfer fees

“We are looking forward to the wiser decision of Sberbank in Finopolis to cancel the commissions for transfers from Sberbank. I assure you that customer loyalty will increase from this, ”said Olga Skorobogatova, First Deputy Chairman of the Bank of Russia (quoted by TASS).

To this, the first deputy chairman of the board of Sberbank, Kirill Tsarev, objected that “everyone has fees for transfers” and “if the market goes up, Sberbank will go up too”.

Skorobogatova, in response, stated that she was a client of five Russian banks and “not all of them have commissions.”

• In the spring of 2020, Sberbank decided to carry out a gradual replacement of fees for transfers within the bank between individuals with a service for unlimited transfers of funds with a paid subscription.
• A subscription is needed for those who transfer more than 50 thousand rubles a month. In his absence, the bank charges a commission of 1%, but not more than 1 thousand rubles.
• The head of Sberbank, German Gref, has repeatedly stated that the abolition of commissions for interregional money transfers between citizens’ accounts in one bank will end competition in the banking sector.