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Vneshtorgbank is to sell American Express traveller's cheques in US dollars and euros without charging commission

29 July 2004

From 1 August 2004 Venshtorgbank will begin to sellerican Express traveller`s cheques in US dollars and euros without charging commission.

American Express is the organizer of this action. Vneshtorgbank is one of the largest Russian banks which carries out operations with traveller`s chequesong whicherican Express traveller`s cheques are the most prominent.

The sales volume oferican Express traveller`s cheques by Vneshtorgbank for the first half of 2004 totaled about 24 million USD.

Vneshtorgbank buys and sellserican Express traveller`s cheques at all its branches which includes 26 offices in Moscow and the Moscow area, 44 regional offices and a further 56 offices of regional branches.

Vneshtorgbank also carries deals with traveller`s cheques in English pounds sterling, Japanese yens, and Australian and Canadian dollars.

Vneshtorgbank`s commission tariffs for traveller`s cheques outside the framework of the present project vary from 0.5 % up to 2 % of the face value of the cheque, depending on the type of operation and currency.

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