VTB to Eliminate Transfer Fees for Funds Sent to Kyrgyzstan
And there it is! VTB Bank just eliminated transfer fees for Russian clients sending money to Kyrgyzstan. Now, you can move your funds hassle-free, straight to an individual's account or card, using their phone number. Previously, a 0.5% fee was the norm on these transactions.
Kyrgyzstan joins the ranks of Uzbekistan and Kazakhstan, making it the third country where VTB clients can transfer money commission-free. These routes are some of the busiest for Russian money transfers to Central Asia. Every month, VTB clients handle tens of thousands of such operations.
The no-fee arrangement works for transfers using a phone number to an individual account or card, all thanks to the bank's cutting-edge technology. You can take advantage of this offer in the Android app, the web version of VTB Online, and even the adapted web version for iOS in Safari, Luna, and Yandex browsers. Fret not if you don't have a VTB account - simply apply for a free debit card, deliverable to your doorstep or available at a convenient branch nearby.
These days, VTB retail clients have the option to transfer funds to over 100 international destinations. Depending on the country, you can send money using a phone number or card, bank details, or cash pickup.
From January to May 2025, VTB retail clients made a staggering 2.7 million international transfers, a whopping five times more than in 2024, and currently already 23% higher than the entire 2024 figure. The total transaction volume topped 68 billion rubles. The majority of these transfers headed to friendly countries like Tajikistan, China, Belarus, Uzbekistan, Kyrgyzstan, and Kazakhstan.
As economic interactions between Russia and other countries, like China, grow, demand for services from large Russian banks in the region is on the rise. While specific details on VTB Bank's expansion into Central Asia are scant, this trend suggests a broader strategy among Russian banks to strengthen their presence in regions with growing economic ties.
- With this move, VTB Bank's finance services have extended to business operations within Kyrgyzstan, offering commission-free transfers to strengthen their position in Central Asia's business landscape.
- For Russian businesses looking to expand their operations in Kyrgyzstan, VTB Bank's elimination of transfer fees provides a more financially viable option for handling transactions with local clients.
