Cashless Conversion Operations

VTB executes foreign exchange transactions in various foreign currencies, including hard, soft, clearing and other currencies, namely: purchase and sale of a foreign currency against Russian Rubles or any other foreign currency.

VTB can also conduct forex settlement upon request of those Corporate Customers who have accounts with VTB and other banks.

Types of Forex Operations

Foreign Currency/Russian Ruble exchange, value today:

• customer instructions are accepted and funds to be converted are debited from the Customer account until 11:20* of the current day;
• rates are quoted at 12:00 of the current day;
• favourable rates are offered for large amounts**, as agreed with the Customer, from 9:30 till 12:30 of the current day;
• forex proceeds are credited to the Customer account with VTB at 14:00 of the current day.

Benefits: short time brackets of such transactions (less than 3 hours) at a relatively low margin/fee charged by the Bank (less than charged for transactions under fixed terms, value today, immediate settlement).

Foreign Currency/Russian Ruble exchange, value tomorrow:

• customer instructions are accepted and funds to be converted are debited from the Customer account until 13:00 of the current day;
• rates are quoted at 17:00 of the current day;
• for large amounts**, Customer instructions are accepted and funds are debited from the Customer account until 15:00;
• favourable rates are offered for large amounts, as agreed with the Customer, from 11:00 till 16:00 of the current day;
• forex proceeds are credited to the Customer account with VTB at 9:30 of the following business day.

Benefits: the lowest margin/fee charged by the Bank makes this forex type the most beneficial in terms of pricing (in a stable market environment)

ForeignCurrency/RussianRuble fixed-term exchange, value today:

• customer instructions are accepted and funds to be converted are debited from the Customer account until 15:00 of the current day;
• rates are quoted at 17:00 of the previous business day and at 9:30 of the current day;
• forex proceeds are credited to the Customer account with VTB immediately after the Customer instruction is received.

Benefits: the shortest time brackets of the transaction (immediate settlement after Customer instructions are received), pricing terms and conditions are available in advance (applicable rates/fees of the Bank). This forex type is most convenient for customers of the Bank's branches located in Eastern regions because of the time difference with Moscow.

Foreign Currency/Russian Ruble fixed-term exchange, value tomorrow:

• customer instructions are accepted and funds to be converted are debited from the Customer account until 17:00 of the current day;
• rates are quoted at 9:30 of the current day***;
• forex proceeds are credited to the Customer account with VTB at 9:30 of the following business day.

Benefits: the most convenient time brackets to accept Customer instructions - within a whole business day, with pricing terms and conditions being available in advance (applicable rates/fees of the Bank).

Foreign Currency/Foreign Currency exchange, value today (for foreign currencies quoted by VTB):

• customer instructions are accepted and funds to be converted are debited from the Customer account until 15:30 of the current day;
• rates are quoted at 10:00 of the previous business day and at 10:00 of the current day***;
• forex proceeds are credited to the Customer account with VTB immediately after the Customer instruction is received.

Benefits: short time brackets of the transaction (immediate settlement after Customer instructions are received), with pricing terms and conditions being available in advance (applicable rate of the Bank).

Foreign Currency/Foreign Currency exchange, value today, value tomorrow, value second business day (for foreign currencies not quoted by VTB):

• Customer instructions are accepted until 15:30 of the current day;
• Rates and exchange time brackets are agreed with the Customer from 9:30 till 15:30 of the current day****;
• Funds to be converted are debited from the Customer account within the time brackets applicable to the relative type of transactions;
• Forex proceeds are credited to the Customer account with VTB immediately after the relative funds to be converted are debited from the Customer account.

Benefits: a wide choice of foreign currencies, and a streamlined settlement procedure (without any Customer funds being necessarily deposited while the transaction is in process).
* Here and further on - Moscow time. VTB branches located outside Moscow region can introduce different deadlines for accepting Customer instructions.
** Transactions in amounts exceeding the limit set out in the Bank's Fee Schedule.
*** Within a business day, the rates are subject to change. A Customer instruction shall be executed at the rate applicable at the moment the instruction is accepted (or at the moment the instruction is executed if the same instruction also implies a Russian Ruble/Foreign Currency exchange, value tomorrow).
**** Rates and exchange time brackets (value today, value tomorrow or value second business day) shall be defined by VTB Treasury for each transaction.

Advisory Services
VTB Customers can get advisory services under any issue related to forex settlement, namely: on defining VTB exchange rate / fee charged for forex transactions, monitoring the domestic forex market, trading in forex exchanges and OTC forex markets etc.

Foreign Currency Quotes
To conduct foreign exchange, VTB posts daily quotes for the following foreign currencies:

• per Russian Ruble - in US Dollars, Euros;
• per US Dollar – in Australian Dollars, Canadian Dollars, Swiss Franks, Danish Krones, Pounds Sterling, Yens, Norwegian Krones, Swedish Kronas, and Singapore Dollars;
• per Euro – in US Dollars, Australian Dollars, Canadian Dollars, Swiss Franks, Danish Krones, Pounds Sterling, Yens, Norwegian Krones, Swedish Kronas, and Singapore Dollars.

Forex transactions in other foreign currencies are executed upon prior agreement with VTB Treasury. Exchange rates and exchange time brackets (today, tomorrow or second business day) are to be defined on a case-by-case basis.

Variousforexsettlements

• At VTB exchange rate

VTB exchange rate is defined on the basis of the current market rate plus VTB margin/fee. The current market exchange rate is the rate of the interbank forex market applicable at the moment VTB exchange rate is set. VTB margin/fee is always below the average market level. This type of settlement is applied to all forex transactions executed by VTB.
Benefits: the simplest and most popular type of settlement.

• At the Bank of Russia exchange rate plus VTB settlement fee

Settlement fee is a margin between the transaction amount calculated at VTB exchange rate and the transaction amount calculated at the Bank of Russia's exchange rate. Such settlement fee is calculated simultaneously with setting VTB exchange rate. This type of settlement is applied to all forex transactions executed by VTB.
Benefits: the most convenient type of settlement for a legal entity to reflect forex transactions in its accounting: they will reflect the fee that a customer would pay in excess of the transaction amount calculated at the Bank of Russia's rate applicable at the transaction date.