VTB will launch transfers to Turkey and India by the end of 2023

“VTB» will launch transfers to Turkey and India by the end of 2023. This was announced by Anatoly Pechatnikov, Deputy Chairman of the Board of the Bank, at the St. Petersburg International Economic Forum, writes TASS.

According to him, now clients can transfer money to 11 countries. By the end of the year, VTB will expand the geography of transfers by another 2.5 times. Transfers to Turkey and India will be made in rupees and lira, similar to other transactions to other countries.

Pechatnikov said that from January to May 2023, VTB clients made more than 66,000 transfers abroad. This is 2.5 times more than in the same period in 2022. By the end of 2023, the bank predicts a threefold increase in the number of cross-border transfers.

At the end of March 2023, the Central Bank of Russia decided to extend for another six months restrictions on the transfer of funds abroad. They will be valid until September 30th.

The restrictions are that Russian citizens and residents of friendly countries can transfer no more than $1 million or the equivalent in another currency to any accounts in foreign banks. You cannot transfer more than $10,000 per month through money transfer systems. Non-resident individuals who work in Russia can transfer funds abroad in the amount of wages.