Almost half of Russians carry out daily bank transactions
Title: Russian Bank Users Fret Over Frequent Small Transfers Restrictions
Image Credit: fizkes/Shutterstock/Fotodom
Beware, Russian bank users! Banks may start clamping down on frequent small transfers as soon as this month, and many individuals are worried about potential restrictions on their financial activities. A survey conducted by KP.RU indicates that a large number of respondents frequently make bank transfers, with some transferring money multiple times a day.
According to the survey findings, an overwhelming 91% of respondents regularly engage in bank transfers. Among these individuals, nearly half (51%) transfer money nearly every day, or even several times each day. They usually send funds within their families, to friends, or colleagues. Their financial transactions are most often continuous.
Image Credit: Dmitry ORLOV. [Switch to KP Photo Bank]
One participant in the survey voiced their concerns, stating, "Why would they block frequent small transfers? I make such transfers up to 10 times a day as I don't keep a sufficient balance on the card I use for payments. I keep my money in accounts earning interest, and I transfer them to my payment card whenever I make a purchase."
Another 40% of respondents also make transfers regularly, but not as frequently as daily. These individuals typically carry out transfers at least once a week or a few times a month.
Interestingly, only 10% or fewer use transfers sparsely or not at all. Some argued that they rarely make transfers, preferring to use terminals or give cash directly. A surprising 3% of respondents even claimed that they never use bank transfers, with some not even possessing banking apps.
Note: The survey was administered among KP.RU website subscribers across various social media networks - VKontakte, Odnoklassniki, Telegram, and Viber. A total of 7,100 people took part in the survey.
Sanctions and regulatory concerns are the primary drivers behind the potential restrictions on frequent small transfers. Interestingly, Russia is experiencing increased scrutiny and financial restrictions due to the sanctions and limitations on cross-border and domestic transactions. According to recent announcements, as of June 1, 2025, suspicious or potentially illicit financial activities involving multiple small, frequent transactions without clear justification may be suspended [1].
These measures aim to prevent suspicious money flows, as part of broad capital control measures in the current sanctions-laden environment. The implications for individuals may include disruptions and delays in regular small transfers, persistent scrutiny, and administrative hurdles when carrying out everyday financial activities involving multiple small transactions [1].
For Further Insights: The tightening financial environment in Russia, triggered by sanctions pressure, is not only impacting large, institutional flows but also everyday transactions by individuals. As traditional money transfer options become limited or blocked, people have resorted to alternative methods, which are now also under greater scrutiny [3].
Concerned individuals may need to reconsider their personal-finance management strategies due to potential restrictions on frequent small transfers. Despite making multiple transfers daily, some bank users might find these activities limited, impacting their financial activities significantly.
In light of increased sanctions and regulatory scrutiny, personal-finance plans may require modifications to accommodate potential transaction limitations, ensuring smooth financial flow within families, among friends, and business associates.
