Tinkoff will introduce a commission for dollars and euros on brokerage accounts

"Tinkoff-Bank" introduces new fees, which should reduce the amount of currency in the bank. From July 4, the financial institution introduces a commission for storing foreign currency in brokerage accounts, the bank said .

A commission of 1% per month is applied to foreign currency balances in dollars, euros and pounds sterling on clients' brokerage accounts. The storage fee will be charged daily at a rate of 0.033% and applies to all accounts with more than 10 thousand USD. (dollars, euros or pounds). Accounts in currencies are not cumulative, that is, the client has the right to store 9 thousand euros and 9 thousand dollars at the same time and not pay commissions. If the total amount of one currency even on different types of accounts (IIS and brokerage) exceeds 10 thousand, then the commission will be charged.

“This is a forced measure, it is due to geopolitical risks when working with Western partners and is aimed at reducing the currency position of Tinkoff Bank,” the financial organization said in a statement.

To mitigate the consequences for customers, the bank also announced that the commission for the sale of currency and the purchase of precious metals will be canceled from July 4. Also, clients can withdraw part of the currency to card accounts, the commission for which is calculated separately, that is, if there are 9 thousand on the card account and a similar amount on the brokerage, no commission will be charged.

Russian banks are trying to get rid of foreign exchange liquidity, since the risks for them are extremely high: they cannot invest these funds in foreign assets, as they fear that these assets may be blocked due to Russia's war against Ukraine. Against this background, banks began to worsen the conditions for customers with foreign currency on their accounts.

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