Today, interbank transfers by phone number are available to bank clients who already have connected to the Fast Payment System (SBP). Their list can be found at website of the National Payment Card SystemAll the largest Russian banks have already joined the SBP.
What is the difference between the Fast Payment System and other interbank transfers?
Let’s say you regularly transfer money from your salary bank to one with better deposit terms. Or, for example, you rent an apartment and every month you have to transfer the rent to the landlord’s account in another bank. In both cases, transferring money through the SBP will be easier and faster:
- To make a transfer, you only need the recipient’s phone number and the name of the bank where they have an account. You won’t have to find out the card number or worry about possible errors when entering account details.
- The transfer will take a few seconds. Whereas a regular interbank transfer by account or card number sometimes takes several business days.
The recipient of the money can determine in advance which bank he wants to receive transfers through the SBP. This can be done, for example, in the personal account on the bank’s website or in its mobile application.
Then the sender will be able to immediately understand to which bank the transfer is available – in the list of banks participating in the SBP, opposite such a bank, he will see the mark “Selected by the recipient”.
Some banks and payment systems are developing their own interbank transfer services by phone number. But so far, fewer organizations have connected to these services than to the Fast Payment System. And their transfer fees may be higher than those of banks participating in the FPS.
How does the Fast Payment System work?
Let’s look at this using a specific example.
Let’s say you want to transfer 500 rubles from your account at Bank A to your friend’s account at Bank B:
- Make sure both banks are in list of participants Fast payment systems.
- Log in to your bank’s mobile app.
- Select “Transfer by phone number” from the menu.
- Dial the recipient’s number manually or select it from your phone contacts.
- Specify the transfer amount – 500 rubles.
- Select the bank to which you want to transfer money. The application will display a list of all banks that are connected to the SBP. If your friend has previously selected the bank to which he wants to receive all transfers via the SBP, it will be marked as “selected by the recipient”.
- You will see information about the transfer on the screen: the amount, the size of the commission that your bank may charge for the transfer, as well as the first name, patronymic, and first letter of the last name of the recipient.
- Check if all the data is correct. Pay attention to the amount of the transfer fee set by your bank.
- If everything is correct, confirm the transfer.
In a few seconds you will receive a notification about the write-off and the money will be credited to your friend’s account.
You can use the same scheme to transfer money to your account in another bank. To do this, you will need to enter your phone number and select the bank to which you want to transfer the required amount.
In addition, SBP allows you to quickly collect money from your accounts in different banks, for example, to pay off a loan or a large purchase. You do not have to go to several online banking services – only to the application of the bank in which you want to top up the account.
In the SBP transfers section, make a request for the required amounts from your accounts in other banks. The system will recognize your accounts by the mobile phone number linked to them.
SBP participants are gradually connecting this option. You can check with your banks’ hotlines to see if this function has already appeared in their applications.
To the account that is specified in your bank agreement as an account for any type of deposits. If you do not remember which account we are talking about, you can clarify this information at the bank.
You can change the account to which all deposits will be sent. This can be done in the settings of the banking application or in your personal account on the bank’s website. You can also resolve this issue at the bank’s office or by calling its hotline – it is indicated in the bank account agreement, on the back of the bank card or on the bank’s official website.
Is it possible to cancel an erroneous transfer?
It is not possible to recall a transfer by phone number. The money is credited to the recipient within a few seconds. Therefore, it is important to carefully check the recipient’s phone number and name, as well as the transfer amount, before sending a payment. If you mistakenly sent the wrong amount or to the wrong number, you can only return the money with the consent of the recipient and their bank. In this case, you will have to contact your bank and clarify the procedure for such situations.
How much money can I transfer at one time?
The amount of one transfer to another person must not exceed 1 million rubles. There is no minimum amount.
At the same time, banks have the right to introduce their own limits on the size of one transaction and the amount of daily transfers. But per day you are guaranteed to be able to send up to 150,000 rubles through the SBP from any account connected to the system.
If you transfer money to yourself to an account in another bank, the limit for one transaction is higher – 30 million rubles. The number of transfers per day is not limited.