Transfers

Bank Transfer is the most popular form of Russia's domestic and international settlements. A bank transfer is applied to make settlements under commercial transactions, including export and import settlements, payments under non-trade operations, and payments for services or intellectual property. Due to simple application procedures, prompt execution and low commissions, bank transfers are now recognized leaders in the banking market. In Russia, bank transfers account for about 90% of all settlement made.

Our Opportunities
Branches in large cities and regional centres of Russia, worldwide correspondent network comprising several hundreds of banks located in Eastern and Western Europe, the USA, Asia, Africa and Latin America, and correspondent relations with over three hundred Russian banks, enable VTB to ensure high-quality and prompt execution of bank transfers. To make its services most tailored to Customers' interests and needs, the Bank has opened correspondent accounts denominated in Euros and national currencies in major Western European banks.

Operations under Bank Transfers
The Bank offers:

• crediting funds in Russian Rubles received for the Bank's Customers;
• crediting export proceeds received for the Bank's exporting Customers or correspondent banks;
• executing payment instructions of enterprises and institutions having settlement accounts opened with the Bank to transfer funds in Russian rubles to accounts held both with VTB and other banks;
• executing payment instructions of enterprises and institutions having current accounts with the Bank both to make settlements in foreign currencies within Russia, and to transfer the currency abroad as payment under import contracts or for other purposes related to exporting or importing goods, services and intellectual property;
• making payments in repayment of indebtedness under loans and credits granted to Russian residents in a foreign currency; 
• effecting documentary transfers which imply payment in foreign currency against commercial or financial documents presented by the recipient or against a receipt.

VTB to importers
VTB shall transfer foreign currency funds from Russia abroad to pay for import of goods/work/services and intellectual products, for non-trade operations, and for other financial purposes. The Bank's staff can offer advice on payment terms of a contract and application procedure for a transfer. Transfer applications are accepted in VTB branches and sub-offices, as well as electronically through the "Bank-Customer" Remote System. Upon Customer request, the Bank may also undertake a prompt inquiry on effected transfers, and, if necessary, may amend payment instructions or cancel the transfer.