Limited money transfers abroad for Russians

Limited money transfers abroad for Russians

Western Union has introduced a limit on cross-border transfers at 600 thousand rubles ($9,522) per month for a single client.

The international payment system Western Union has limited cross-border transfers by one client to one country at the level of 600 thousand rubles a month, RBC reports.

The company explained that the restrictions have become part of a set of activities carried out in accordance with the requirements of the law on combating money laundering and terrorist financing. In addition, these measures are in line with the January recommendations of the Bank of Russia aimed at raising the attention of financial organizations to individual customer transactions. 

Previously, Russian citizens could send amounts up to $5,000 per transaction via Western Union, and there were no monthly restrictions on transfers. 

According to the Central Bank of Russia, in 2018, Russians transferred about $ 9.5 billion to the CIS countries and abroad through the payment systems Western Union, Zolotaya Korona, and Unistream.

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