Raiffeisenbank establishes minimum $1,000 fee for transferring U.S. dollars to clients’ accounts, citing ‘changing market conditions’

Raiffeisenbank, the Russian subsidiary of Austria’s Raiffeisen Bank International, announced Monday that from September 1, the fee for transferring funds in U.S. dollars to a client’s account from other banks will be 50 percent of the transfer amount, with a minimum of $1,000, but no more than the incoming amount. The maximum fee will be $10,000.

In a statement on its site, the bank cited the need to “limit the amount of incoming transfers in U.S. dollars due to the changing market conditions.”

The new terms will apply to all clients, including individuals and legal entities. Raiffeisenbank first imposed a 50 percent fee for U.S. dollar transfers in June, but it previously only applied to legal entities and had a maximum limit of $500.