Stricter Card-to-Card Transfer Rules Start June 1 to Curb Fraud
New rules for card-to-card transfers will take effect on June 1. Banks are tightening controls to reduce fraud and improve transaction clarity. Customers will need to provide more details when sending money, particularly for large or unusual payments. Starting next month, banks will ask for clearer explanations when processing transfers. Specifying the exact purpose of a payment and confirming recipient details will become mandatory in many cases. This change aims to prevent errors and detect suspicious activity early.
Financial institutions are also updating their fee structures by June 1. Customers have been advised to check the revised terms to avoid unexpected charges. Daily and monthly transfer limits will be adjusted, with stricter caps on cross-bank payments or transactions involving unfamiliar recipients. To combat scams, banks will introduce extra in-app warnings and verification steps. If a transfer seems unclear or unusually large, the bank may request further clarification before approval. Experts suggest always filling out the 'payment purpose' field to prevent delays or additional checks. Transactions that resemble illegal cash-out schemes or undeclared income will face closer inspection. Using personal cards for unregistered side businesses or creating informal cash pools may result in blocked payments or requests for supporting documents. The measures are designed to make transfers more secure while reducing opportunities for fraud.
The updated rules will apply to all card-to-card transfers from June 1. Customers should prepare for more detailed checks and possible limits on certain transactions. Banks have stated that the changes will help protect accounts and streamline legitimate payments.
