The key facts
- On October 15, a discussion on fees in financial services was held at the Central Bank of Uzbekistan
- Naran Bank: topping up via ADM is free for its own clients, 0.4% for clients of other banks
- Economist Otabek Bakirov: in Georgia and Kazakhstan banks do not charge fees for depositing and withdrawing funds
Discussion of Fees at the Central Bank
On October 15, the Central Bank of Uzbekistan hosted a round table on the topic 'Fees in Financial Services: Costs, Competition and Consumer Interests.' It was attended by representatives of commercial banks, payment systems and the media. In particular, fees for depositing cash onto a bank card were discussed. Journalists noted that along with banks' costs, citizens' expenses should also be taken into account: a person receiving a salary on a card pays an additional fee when withdrawing cash or transferring to another card.
Economist's Opinion
Economist Otabek Bakirov cited as an example foreign banks of which he is a client: 'I am a client of two banks in Georgia and one bank in Kazakhstan. I have never been charged a fee for either depositing or withdrawing money. Topping up and withdrawing from an account at one's own bank are free, because they are interested in attracting resources and trust.'
Naran Bank's Position
A representative of Naran Bank explained the conditions for topping up cards via ADM devices that accept cash from individuals and legal entities. According to him, the bank has more than 220 such devices installed in almost all districts of the republic. For the bank's own clients — both individuals and legal entities — topping up a card and cash collection for legal entities are free. For clients of other banks, a fee of 0.4% is set. The bank's representative noted that the income from it is small and it was introduced to cover current expenses, and the bank strives to set fees as close as possible to its costs.
