By John Meyer, consultant in financial affairs – Eurasia Business News, August 27, 2024. Article n°1193.
Russian OTP Bank will raise fees for transfers in euros from the beginning of September. Changes in tariffs will come into force on the same day that Raiffeisenbank stops conducting currency transfers.
From September 2, OTP Bank will increase commissions for money transfers in euros by 1 percentage point. The changes will come into force on the same day that Raiffeisenbank will stop conducting currency transfers for the vast majority of customers.
From September 2, commissions for transfers in OTP mobile and Internet banking will amount to 3% of the transfer amount instead of the current 2%. At the same time, the maximum commission will increase by 2.5 times – up to €1000 from the current €400, and the minimum by almost 1.9 times – up to €150 (now €80).
Fees will also be increased for transfers in euros made at bank offices or using the OTP-express service: from 4 to 5% of the transfer amount, minimum €150, maximum €1000 (instead of €80 and €500 now). At the same time, tariffs for money transfers in Chinese yuan, Hungarian forints, Kazakh tenge will remain unchanged.
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OTP Bank is a Russian subsidiary of the Hungarian OTP Bank. It remains one of the few foreign banks that continue to operate in Russia and conduct currency transfers. From September 2, Raiffeisenbank will stop conducting currency transfers for all categories of customers, the only exceptions will be corporate clients in the field of large and international business.
Raiffeisenbank has restricted transfers due to the decision of its parent structure, the Austrian Raiffeisen Bank International (RBI), in connection with the order of the European Central Bank, a representative of Raiffeisenbank explained. At the request of the ECB, Raiffeisenbank’s loan portfolio should shrink by 65% by 2026 compared to the third quarter of 2023. The same reduction should occur in terms of international payments. At the same time, in May 2024, the Central Bank of Hungary also recommended OTP Bank to take precautionary measures in connection with the activities of its Russian credit institution, in particular, to reduce the volume of corporate loans and deposits in the Russian OTP Bank.
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© Copyright 2024 – Eurasia Business News. Article no. 1193.
Eurasia Business News 