VTB named a key area for cross-border transfers

China is a key destination in terms of international transfers among VTB's Russian clients. This was announced by Pavel Tulubyev, head of the bank's Department of Transactional, Salary and savings products.

"We see a steady demand for transfers in yuan using account details from private clients, especially when buying cars," he said.

The structure of transfers to China is heterogeneous: 96% of the volume is provided by transactions by account number in yuan, and the transfer by phone number remains the most widespread in terms of the number of transactions (87%).

According to VTB, transfers by banking details in yuan are most in demand when buying cars and other expensive equipment, their average size exceeds 100 thousand yuan.

The commission is 1% for transactions of 200 thousand yuan or more, and 2% for smaller amounts.

In addition to China, Tajikistan, Uzbekistan, Kyrgyzstan and Belarus are among the top five countries in terms of transfers.