Transferring money to yourself or another person within one bank is no longer a problem. Now, using the recipient's phone number, you can just as easily and quickly make transfers to accounts in other banks. Here's how it works.
Today, interbank transfers by phone number are available to customers of banks who have already connected to the Fast Payment System (FPS). Their list can be found on the website of the National Payment Card System. All major banks have already joined the FPS.
What is the difference between the Fast Payment System and other interbank transfers?
Suppose you regularly transfer money from your payroll bank to the one where the conditions for deposits are better. Or, for example, you rent an apartment and every month you must transfer the payment to the landlord to an account with another bank. In both cases, transferring money through the FPS will be easier and faster:
Then the sender will be able to immediately understand which bank the transfer is available to - in the list of banks - participants of the FPS, opposite such a bank, he will see the mark “Selected by the recipient”.
Some banks and payment systems are developing their own services for interbank transfers by phone number. But so far fewer organizations have connected to these services than to the Fast Payment System. And their commissions for transfers may be higher than those of banks participating in the FPS.
How does the Fast Payment System work?
Let's consider this with a specific example.
Let's say you want to transfer $ 10 from your account in bank A to a friend's account in bank B:
In a few seconds, you will receive a notification about the debiting and the money will be credited to your friend's account.
Using the same scheme, you can transfer money to your account in another bank. To do this, you will need to enter your phone number and select the bank to which you want to transfer the required amount.
In addition, FPS allows you to quickly collect money from your accounts in different banks, for example, to pay for a loan or a large purchase. You do not have to go to several online banking services - only to the application of the bank in which you want to replenish the account.
In the section of FPS transfers, make a request for the required amounts from your accounts in other banks. The system recognizes your accounts by the mobile phone number that is linked to them.
Participants of the FPS are gradually enabling this option. You can check on the hotlines of your banks if such a function has already appeared in their applications.
I have several accounts in one bank. Which of them will receive the transfer by phone number?
To the account specified in your bank agreement as an account for any types of credits. If you do not remember which account we are talking about, then you can clarify this information with the bank.
You can change the account to which all credits will be received. This can be done in the settings of the banking application or in the personal account on the bank's website. You can also resolve this issue at the bank's office or by calling its hotline - it is indicated in the bank account agreement, on the back of the bank card or on the bank's official website.
What will be the fees for transfers?
Up to $ 1500 per month can be sent free of charge. For the transfer of amounts in excess of the free limit, banks are entitled to take up to 0.5% of the transfer amount, but not more than 1,500 rubles.
The Bank has established such tariffs.
Can an erroneous translation be canceled?
You cannot call back the transfer by phone number. The money is credited to the recipient in a few seconds. Therefore, it is important to carefully check the recipient's phone number and name, as well as the transfer amount, before sending the payment. If you mistakenly sent the wrong amount or to the wrong number, you can return the money only with the consent of the recipient and his bank. In this case, you will have to contact your bank and clarify the procedure for action in such situations.
For more information on what to do in case of erroneous transfers, read the article “How to get money back that you sent or received by mistake”.
How much money can be transferred at one time?
The amount of one money transfer must be less than $ 10000. The minimum size is not limited. But banks may have their own limits. It is better to check this information in advance with your bank.
I do not want someone to be able to find out which bank I have an account with by my phone number. How can I hide this information?
FPS does not show in which banks you have opened accounts. The sender will only be able to see the note which bank you have chosen as the main one for receiving transfers through the FPS.
If someone tries to find out by typing in which banks you have accounts, the security algorithms of the system will recognize this user and block him.
You can disconnect your accounts from the FPS through a mobile application or personal account on your bank's website. Then you will not be able to receive or send money through the system. When you try to transfer money to you by phone number, the sender of the money will receive a notification that the transfer cannot be sent to your number.
What if a failure occurs or the transfer is intercepted by scammers?
In case of problems with the transfer, you must promptly contact your bank.
The fast payment system is reliably protected from fraudsters. But attackers are constantly inventing new ways to steal money from accounts. Therefore, remember to follow the cyber security rules to protect your money from criminals.
Often, cybercriminals manage to lure secret information from bank customers using various psychological tricks. Read more about how not to fall for this bait, read in the "Fraud" section.
Today, interbank transfers by phone number are available to customers of banks who have already connected to the Fast Payment System (FPS). Their list can be found on the website of the National Payment Card System. All major banks have already joined the FPS.
What is the difference between the Fast Payment System and other interbank transfers?
Suppose you regularly transfer money from your payroll bank to the one where the conditions for deposits are better. Or, for example, you rent an apartment and every month you must transfer the payment to the landlord to an account with another bank. In both cases, transferring money through the FPS will be easier and faster:
- For a transfer, you only need the recipient's phone number and the name of the bank in which he has an account. You do not have to find out the card number or worry about possible mistakes when entering the account details.
- The translation will take a few seconds. Whereas a regular interbank transfer by account or card number sometimes takes several business days.
Then the sender will be able to immediately understand which bank the transfer is available to - in the list of banks - participants of the FPS, opposite such a bank, he will see the mark “Selected by the recipient”.
Some banks and payment systems are developing their own services for interbank transfers by phone number. But so far fewer organizations have connected to these services than to the Fast Payment System. And their commissions for transfers may be higher than those of banks participating in the FPS.
How does the Fast Payment System work?
Let's consider this with a specific example.
Let's say you want to transfer $ 10 from your account in bank A to a friend's account in bank B:
- Make sure that both banks are on the list of members of the Fast Payments System.
- Go to your bank's mobile app.
- Select "Transfer by phone number" from the menu.
- Dial the recipient's number manually or select from your phone contacts.
- Indicate the amount of the transfer - $ 10.
- Select the bank to which you want to transfer money. The application will display a list of all banks that are connected to the FPS. If your friend has previously selected the bank to which he wants to receive all transfers through the FPS, he will be marked as "selected by the recipient."
- You will see information about the transfer on the screen: the amount, the amount of commission that your bank may charge for the transfer, as well as the name, patronymic and the first letter of the recipient's last name.
- Check if all data is correct. Pay attention to the amount of the transfer fee that your bank has set.
- If everything is correct, confirm the transfer.
In a few seconds, you will receive a notification about the debiting and the money will be credited to your friend's account.
Using the same scheme, you can transfer money to your account in another bank. To do this, you will need to enter your phone number and select the bank to which you want to transfer the required amount.
In addition, FPS allows you to quickly collect money from your accounts in different banks, for example, to pay for a loan or a large purchase. You do not have to go to several online banking services - only to the application of the bank in which you want to replenish the account.
In the section of FPS transfers, make a request for the required amounts from your accounts in other banks. The system recognizes your accounts by the mobile phone number that is linked to them.
Participants of the FPS are gradually enabling this option. You can check on the hotlines of your banks if such a function has already appeared in their applications.
I have several accounts in one bank. Which of them will receive the transfer by phone number?
To the account specified in your bank agreement as an account for any types of credits. If you do not remember which account we are talking about, then you can clarify this information with the bank.
You can change the account to which all credits will be received. This can be done in the settings of the banking application or in the personal account on the bank's website. You can also resolve this issue at the bank's office or by calling its hotline - it is indicated in the bank account agreement, on the back of the bank card or on the bank's official website.
What will be the fees for transfers?
Up to $ 1500 per month can be sent free of charge. For the transfer of amounts in excess of the free limit, banks are entitled to take up to 0.5% of the transfer amount, but not more than 1,500 rubles.
The Bank has established such tariffs.
Can an erroneous translation be canceled?
You cannot call back the transfer by phone number. The money is credited to the recipient in a few seconds. Therefore, it is important to carefully check the recipient's phone number and name, as well as the transfer amount, before sending the payment. If you mistakenly sent the wrong amount or to the wrong number, you can return the money only with the consent of the recipient and his bank. In this case, you will have to contact your bank and clarify the procedure for action in such situations.
For more information on what to do in case of erroneous transfers, read the article “How to get money back that you sent or received by mistake”.
How much money can be transferred at one time?
The amount of one money transfer must be less than $ 10000. The minimum size is not limited. But banks may have their own limits. It is better to check this information in advance with your bank.
I do not want someone to be able to find out which bank I have an account with by my phone number. How can I hide this information?
FPS does not show in which banks you have opened accounts. The sender will only be able to see the note which bank you have chosen as the main one for receiving transfers through the FPS.
If someone tries to find out by typing in which banks you have accounts, the security algorithms of the system will recognize this user and block him.
You can disconnect your accounts from the FPS through a mobile application or personal account on your bank's website. Then you will not be able to receive or send money through the system. When you try to transfer money to you by phone number, the sender of the money will receive a notification that the transfer cannot be sent to your number.
What if a failure occurs or the transfer is intercepted by scammers?
In case of problems with the transfer, you must promptly contact your bank.
The fast payment system is reliably protected from fraudsters. But attackers are constantly inventing new ways to steal money from accounts. Therefore, remember to follow the cyber security rules to protect your money from criminals.
Often, cybercriminals manage to lure secret information from bank customers using various psychological tricks. Read more about how not to fall for this bait, read in the "Fraud" section.
