TASHKENT, Uzbekistan, February 12. Uzbekistan became the first country to offer free international transfers from Russia's VTB to retail customers, the bank told Trend.
Customers can now send funds without a commission to a personal account or card using the bank's proprietary technology. Previously, the fee was 0.2 percent of the transfer amount.
"Transfers by phone number within Russia have become an integral part of our daily lives. Today, we are taking a historic step by eliminating fees for all clients on international transfers, starting with Uzbekistan. This country is a leader in the number and volume of transfers abroad through our bank. Clients make around 100,000 transfers to Uzbekistan each month, and with this new service, this number is expected to grow. Our financial bridge to Asia will now be not only convenient but also free," said the Head of Retail Transaction Business at VTB and Senior Vice President Rostislav Yanikin.
The fee waiver applies to transfers by phone number to an individual's account or card within the bank's proprietary technology. The new terms will be available via the web version, including an adapted version of the mobile app and a hybrid Android app. Customers without a VTB account can also order a free debit card with increased cashback of up to 15 percent in selected categories.
Currently, VTB offers more than 100 international destinations for retail clients. Depending on the country, transfers can be made via phone number or card, bank details, or cash withdrawal.
VTB's retail customers made 2.1 million transfers to currencies of friendly countries in 2024, six times more than in 2023, with the total volume exceeding RUB 50.5 billion ($532.9 million). Tajikistan, China, Belarus, Uzbekistan, Kyrgyzstan, and Kazakhstan accounted for the largest share of both the number and volume of transfers.