VTB has expanded the list of currencies available to retail clients - now they can open an account and conduct exchange operations in Indian rupees. This was announced by Anatoly Pechatnikov, Deputy President and Chairman of VTB Bank Management Board.
VTB clients now have the opportunity to open accounts in Indian rupees, conduct currency exchange, and transfer funds in rupees between VTB clients. The bank supports the trend towards de-dollarization, and therefore constantly expands the list of currencies available to clients. Providing clients with access to rupees will allow the bank to implement the next step in client service and launch transfers to India. The scenario for cross-border transactions in Indian rupees will be identical to current operations using details in national currencies.
Today, retail clients can transfer money abroad to 11 countries, and by the end of the year, the number of available destinations will triple to 30 countries. In addition to India, Turkey will also become a key destination in the future this year, with which our country has established partnerships, and where the tourist flow is now growing. Therefore, we expect that the new service will be in high demand among clients who are planning tourist and business trips to these countries.
The launch of international transfers in "soft" currencies allowed VTB to strengthen integration with the financial markets of friendly countries and quickly "replace" the service familiar to users. In the seven months of 2023, VTB retail clients made more than 110 thousand transfers abroad, which is 3.5 times higher than the result for January-July last year. The volume of transfers exceeded 20 billion rubles, and for the first time surpassed the similar indicator of the pre-sanction period. The average transfer amount has decreased by more than 2 times since the beginning of the year, to 100 thousand rubles. Clients prefer to make transfers more often, but for smaller amounts. We are now seeing an increase in transfers in the mass segment.
According to VTB's forecasts, in 2023, clients will make about 250 thousand transfers abroad, which is many times higher than the result not only of last year, but also of the pre-sanction level. Next year, we are focusing on the development of incoming transfers from abroad.
