Money transfers by phone number are coming: the Central Bank approved the procedure

Resolution of the Central Bank Board No. 3930 of 24 August 2026 introduces money transfers by mobile phone number through the Fast Payments System — the recipient's bank details will no longer be needed.

A phone number is linked to a bank account in the bank's mobile application. Only one account in one bank can be linked to a single number.

The mechanics are simple: the sender enters the phone number or a "linking code", the system identifies the recipient's account, shows their details and the fee, and after confirmation executes the transfer and issues a receipt. Banks must comply with cybersecurity and anti-fraud requirements.

The procedure takes effect on 26 November 2026 — three months after approval.

What this means in practice: from late November a phone number is all you need to send money; but check carefully at confirmation — the system shows the recipient's name, and that is your main chance to spot a mistake or a fraudster before the money leaves your account.

Photo: Nenad Stojkovic, Flickr (CC BY 2.0)