Gazprombank Launches Chinese RMB Yuan Remittance Services To Individuals & Businesses

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Gazprombank (GPB) has launched money remittances for individuals in Chinese yuan from their accounts to the accounts of individuals and legal entities in any other bank in Russia or abroad, the bank has stated. Gazprombank retail clients could previously make transfers in Russian rubles, U.S. dollars, and Euros. In the West, the bank is sanctioned and unreachable via SWIFT, but elsewhere the bank performs its normal functions via Russia’s own SPFS financial payments system.

The transfer fee is 3% of the total transferable amount for Retail clients and 1% for VIP and Private banking segments, at a minimum of Rubles 3,000 and a maximum of Rubles 15,000 USD238).

Clients can use the transfer service in Yuan at any Gazprombank branches. In order to make a transfer, one needs to open a current account in Chinese Yuan and provide the details of the recipient’s account. Remittances in foreign currency are carried out in accordance with the restrictions established by the Central Bank of Russia (CBR), and exchange rates as effective on the date of the transfer.

Although the transfer amounts are relatively small these will help for the payment of smaller bills and personal living costs. Following a trial period, the transferable amounts are likely to be increased to more corporate levels.

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