According to an expert analysis by Frank RG, Russian banks are gradually tightening the conditions for withdrawing cash through ATMs. Experts attribute the tightening to banks’ aim to push customers to use non-cash payments more frequently. Currently, the cash withdrawal commission can be as high as 10%.
At the same time, banks are using options such as, for example, payment stamps to expand the variety of cashless payment methods.
At the beginning of 2023, Promsvyazbank increased the commission for withdrawing funds from amounts exceeding the limit from 2% to 2.99%. As explained in the regulator’s press service, Promsvyazbank does not have a clause on changing conditions in its immediate plans. Gazprombank introduced a commission for cash withdrawals from ATMs only in May this year, while free withdrawals are allowed up to 1 million rubles. If the amounts are higher – with a commission of 1-10%. At the same time, it is explained that the regulator planned to cover the bank’s expenses amid an increase in the number of cash withdrawals abroad.
According to a representative of Gazprombank, the new conditions also have positive aspects, especially customers who previously could not withdraw large amounts due to limits, now they can, they have the opportunity to do so .
“In addition, the conditions for the number of free transactions at third-party ATMs have been excluded. Now our customers can withdraw money commission-free at any ATM in the Russian Federation within the limits of their tariff plan and when connecting to the GPB Plus service, all limits increase,” he noted.
At the same time, some banks, in turn, canceled the commission for withdrawing cash from ATMs. In December 2022, Home Credit Bank removed a 10% commission charged when a customer exceeds the monthly limit of 600,000 rubles. Post-Bank has increased the limit for free money withdrawal from 100,000 rubles to 300,000 rubles.
Commission-free cash can be withdrawn from ATMs of Sberbank, VTB, Alfa-Bank, Raiffeisenbank, FC Otkritie, Rosbank, Rosselkhozbank, Unicreditbank, Moscow Credit Bank, Saint Petersburg Bank and Home Credit. Withdrawal limits are not limited in RSHB, Unicreditbank, MCB, St. Petersburg and Home Credit.
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