In 2024, several Russian banks expanded the ability to transfer money via the Faster Payments System (FPS), adding four more countries to those previously available. At the end of 2023, there were only five.
Currently, Russians can make transfers to Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Belarus, Abkhazia, Armenia, Moldova, and Laos.
In addition, the number of foreign credit institutions accepting transfers via FPS has increased. In September 2023, there were 37, but by the beginning of 2024, this number had risen to 50. However, the process of expanding international transfers is not developing as quickly as expected, which is due to the concerns of partner countries regarding secondary sanctions.
The main users of the transfer system remain labor migrants and Russians who have moved abroad and can now use FPS to send money to their countries of residence.
Read more on the topic:
Under one QR code: a consortium of Russian banks is working on an alternative to the FPS solution
Digital ruble, fast payment: NSPK completes work on a universal QR code for FPS
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