Gazprombank launches yuan remittances for individuals

MOSCOW. Dec 5 (Interfax) - 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 credit institution said.

Gazprombank retail clients could make transfers in Russian rubles, U.S. dollars, and euros previously.

The transfer fee is 3% of the amount for retail clients and 1% for VIP and Private banking segments at a minimum of three thousand rubles and a maximum of fifteen thousand rubles.

One can use the transfer service in yuan at the offices of Gazprombank. In order to make a transfer, one needs to open a current account in 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), as effective on the date of the transfer, Gazprombank noted.

Russian citizens and citizens in "friendly" countries until March 31, 2023, can transfer up to $1 million to any accounts in foreign banks within a month, and no more than $10,000, or the equivalent in another foreign currency, via money transfer systems.