Commissions for VTB Shanghai are growing due to difficulties in accessing the yuan: the yuan exchange rate in Russia is 10% different from world quotes.
State Bank VTB, the only state-owned bank in the Russian Federation with a full-fledged branch in China, has decided to sharply raise fees for yuan transactions. The fee for transfers to the Shanghai branch of VTB from other banks will increase the most – by 30-35 times: today it is 0.17-0.2% of the amount, and from September 1 – 6%, reports the The Moscow Times.
For its own clients transferring money between the Russian and Chinese branches of VTB, the bank will increase the commission by a quarter – from 2.5 to 3%. In order for the payment to arrive faster than 10 days, you need to pay 4% of the amount, and if up to 5 days – 5%.
Commissions at VTB Shanghai, which became the main bank for settlements in China after the widespread blocking of payments by credit institutions from China, are growing due to difficulties in accessing the yuan: the value of the attraction of China’s currency has increased significantly, because under the sanctions it becomes difficult for companies to get it, and the exchange rate The yuan in Russia is 10% different from world quotations.
Chinese banks that transferred yuan from Russia to China refused to cooperate with it after VTB Shanghai was included in the sanctions list.
Source: korrespondent
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