VTB Cancels Fees for Money Transfers to Uzbekistan
Economy
VTB customers no longer have to pay fees for money transfers to Uzbekistan. The bank is betting on increasing transaction volumes by opening a free financial corridor.
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Russia’s VTB Bank has announced the cancellation of fees for international money transfers to Uzbekistan for retail clients. Now, users can send money to a personal account or card free of charge using the bank’s proprietary technology.
Previously, the transfer fee was 0.2% of the transaction amount. According to Rostislav Yanikin, VTB’s Senior Vice President, Uzbekistan became the first country where the bank introduced this service, as it receives the highest number of international transfers. On average, clients send 100,000 transfers per month to the country, and this number is expected to grow.
The new policy applies to transfers made via phone numbers and covers accounts and cards of individuals. The service is available through the web version, an optimized mobile app, and a hybrid Android application. Additionally, customers without a VTB account can obtain a free debit card offering up to 15% cashback in selected categories.
In 2024, VTB’s retail clients made 2.1 million transfers to friendly countries, six times more than in 2023. The total transaction volume exceeded 50.5 billion rubles ($532.9 million). Besides Uzbekistan, the top destinations for transfers included Tajikistan, China, Belarus, Kyrgyzstan, and Kazakhstan.
Previously, the transfer fee was 0.2% of the transaction amount. According to Rostislav Yanikin, VTB’s Senior Vice President, Uzbekistan became the first country where the bank introduced this service, as it receives the highest number of international transfers. On average, clients send 100,000 transfers per month to the country, and this number is expected to grow.
The new policy applies to transfers made via phone numbers and covers accounts and cards of individuals. The service is available through the web version, an optimized mobile app, and a hybrid Android application. Additionally, customers without a VTB account can obtain a free debit card offering up to 15% cashback in selected categories.
In 2024, VTB’s retail clients made 2.1 million transfers to friendly countries, six times more than in 2023. The total transaction volume exceeded 50.5 billion rubles ($532.9 million). Besides Uzbekistan, the top destinations for transfers included Tajikistan, China, Belarus, Kyrgyzstan, and Kazakhstan.
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