Tashkent, Uzbekistan (UzDaily.com) — Russian bank VTB has announced the cancellation of fees on retail money transfers to Uzbekistan.

According to information provided by the bank’s press service, Uzbekistan has become the first country where VTB’s private clients can now make transfers completely free of charge.

Funds can now be sent without any commission via phone number to an individual’s account or card using the bank’s proprietary technology. Previously, such transfers incurred a fee of 0.2% of the transfer amount.

Rostislav Yanykin, VTB’s Senior Vice President and Head of the Transactional Retail Business Department, emphasized that phone number-based transfers within Russia have long been a common practice. Now, with this historic step, the bank is eliminating fees on international transfers for the first time. Uzbekistan was chosen as the first destination under the new policy, which comes as no surprise given that the country is one of the leading recipients of cross-border money transfers among VTB clients. On average, around 100,000 transactions are made to Uzbekistan each month, and this number is expected to increase significantly with the launch of the new service. Yanykin noted that VTB’s "financial bridge" to Asia is now not only convenient but also entirely free.

The fee cancellation applies to transfers made via phone number to an individual’s account or card using the bank’s proprietary technology. The new terms are already available in the web version, the adapted mobile version, and the hybrid app for Android. Clients who do not yet have a VTB account can apply for a free debit card with an option for enhanced cashback of up to 15% in rubles on selected categories.

Currently, VTB’s retail clients can send transfers to more than 100 countries. Depending on the destination, funds can be sent via phone number, card number, bank details, or with subsequent cash withdrawal.

In 2024, VTB clients made 2.1 million transfers in the currencies of friendly countries, a sixfold increase compared to 2023. The total volume of transactions exceeded 50.5 billion rubles. The largest recipients of money transfers were Tajikistan, China, Belarus, Uzbekistan, Kyrgyzstan, and Kazakhstan.