VTB has launched money transfers from Russia to Armenia in local currency. The service is available by the recipient's bank details. The transfer is credited to the account of the client VTB (Armenia) within one working day.

To transfer money to the bank details, the Russian version of the mobile application or VTB Online web version are used. Then go to "Payments", select the operation "By requisites in currency", the account to be written off, enter the amount and purpose of the transfer, the bank code, name, address and account of the recipient. To transfer money in drams the client will be offered to open a current account in the chosen currency, buy it and then transfer the money.

The maximum amount of each transfer from Russia to Armenia is up to 20 million rubles (AMD equivalent), the commission - 1% of the transfer amount, ranging from 1.5 to 20 thousand drams RA․.

"Restrictions imposed on the largest Russian banks influenced the volume and the possibility of cross-border transfers between Russia and Armenia in the first half of the year. That is why VTB has launched a service that many of our customers and their families will be able to use. Thanks to the new service the transfers will be as convenient and accessible as before and the clients of VTB (Armenia) will be able to receive remittances from Russia quickly, easily and at any time. The main advantage of the service for users is no need to visit the bank as the amount is transferred directly to the account or card of the recipient, and most importantly, immediately in local currency", said Tatevik Badalyan, director of Retail Business Development Department of VTB (Armenia).

The activity of VTB Bank (Armenia) is regulated by the Central Bank of Armenia.