Russia launches New Rules for Money Transfers, People can Transfer ₽100,000 without Bank Account

Russia has launched new rules for Money Transfer and E-Wallets. Russia has now limited the amount individuals can transfer using simplified identification without opening a bank account. Under the updated rules, individuals are allowed to send up to ₽100,000 without the need to open a bank account, as long as they go through a simplified identification process. Previously, there was no clearly defined limit for such transfers, making this the first formal cap aimed at tightening financial oversight. At present, 1 Russian Ruble = 1.10 Indian Rupee. Thus, ₽100,000 is equal to Rs.1,10,403.35.

For those wishing to transfer more than ₽100,000, full identification is now required or the transfer must be made through a standard bank account. Full identification involves providing additional personal information such as a residential address and Taxpayer Identification Number (if available), on top of the basic details needed for simplified identification.

In addition to the transfer limits, the Russian government has also increased the maximum balance allowed in e-wallets registered under simplified identification. The limit has been raised from ₽60,000 to ₽100,000, giving users more flexibility while still keeping regulatory safeguards in place.

To qualify for simplified identification, individuals must submit basic personal information to the financial institution, including their full name, patronymic, and passport series and number. This streamlined process is meant to offer easier access to digital financial services while still maintaining a level of security.

These amendments are part of a broader effort to combat financial crimes. By enforcing stricter limits and requiring more detailed identification for larger transactions, authorities aim to curb the use of money mules and prevent illegal activities such as money laundering and terrorism financing. These new rules reflect ongoing efforts to make financial operations more transparent and secure in the digital age.