VTB launched yuan transfers throughout Russia

To make a transfer, you need to open a Chinese yuan checking account, buy currency in a mobile application, VTB Online Internet bank or through a brokerage account at the exchange rate. Then, in the “Payments” section, indicate the debit account, enter the amount and the code of the Russian bank, indicate the name of the recipient, the recipient’s account, the address and make a transfer.

In addition, customers can open an account, replenish it, and transfer funds by contacting the bank office directly. The service is available for transfers to accounts in all major Russian banks.

The maximum amount of transactions per day on VTB Online is 20 million rubles (yuan equivalent) per month, a total of no more than 1 million in dollar terms. A similar limit applies when making a transfer at a VTB branch. The commission in both cases is 1% of the transfer amount, but not less than 15 and not more than 200 yuan.

“We forecast that the volume of such transfers will exceed 100 million in ruble terms per month,” said Alexei Khranilov, head of VTB’s Transfer department.

• In November, it became known that Sberbank, VTB, Gazprombank, Promsvyazbank, Alfa-Bank, Sovcombank and MKB have launched yuan instruments for households and companies and intend to expand their product line.
• By the end of September 2022, Russia entered the top three countries in terms of the volume of overseas yuan payments; at the end of August, it accounted for 4.3% of Chinese currency transactions outside of China. Analysts expect the yuan’s share to rise further.