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Russia imposes caps on one-time transfers made without account opening
The limit on 100,000-ruble one-time money transfers with simplified client identification will become effective in Russia from May 30, 2025. This will affect transfers made without opening a bank account and those made from electronic wallets without full identification.
In May 2024, a law was passed to set a 100-thousand-ruble limit for the one-time transfer of funds, including electronic ones, without opening a bank account with simplified identification. The new law is designed to reduce the risks of money laundering and terrorist financing stemming from the lack of restrictions on the amounts of such transfers.
Currently, when transferring funds, including electronic ones, in the amount exceeding 15 thousand rubles, a simplified identification of the individual client is carried out, for which it is enough to submit your passport data to the bank. At the same time, there is no ceiling amount for such transfers.
The law does not affect bank clients in any way. It only affects transfers without opening a bank account and transfers from electronic wallets, where full identification is not carried out. No new identification procedures, just restrictions are introduced.
If someone needs to transfer a bigger amount, no one will limit the transaction, but the level of identification will take longer.