To transfer money to another person, all you usually need is a smartphone or computer. Tax consultant and accountant Evgenia Aptyusheva explains how to transfer funds without fees.
Transferring money without fees is possible in several cases. First, when the transfer is within the same bank: between a client’s own accounts or between the client and another recipient. The second situation is when money is transferred through instant payment systems. A person conducts a transaction to another bank that is part of the instant payment system. And the third way is through a transfer using account details. This type of transfer requires a lot of information: recipient’s full name, account number, bank’s BIC, bank’s TIN – it’s easy to make mistakes. Therefore, caution is advised when using this method of money transfer.
“Banks usually have limits on the transfer amount, so be careful. Especially towards the end of the month, this limit may be exceeded, resulting in fees,” warned the expert.
Additionally, it is important to consider the risk of falling victim to scammers when making money transfers. There are several signs that may indicate fraudulent activity. Scammers may intimidate with calls and messages about an account block, rush the transaction process, and avoid answering direct questions, often conducting the conversation in a pressured manner. The most common red flag is when unknown individuals ask for card number, CVV code, and request to disclose a code received via SMS. Never divulge any numbers, as bank employees never ask for this information.