The Armernian branch of VTB announced on Friday that it has joined a money transfer system, BEST.
BEST is widely utilized within Russia and other countries within the Commonwealth of Independent States (CIS) and allows the bank's clients to make money transfers in rubles, U.S. dollars or euros. There is a limit of approximately $8,691 per day with up to three transactions. Tariffs of one percent are taken into consideration within the system in one minute's time.
The system has 22,000 centers throughout the region, and it encompasses a large network.
VTB states that clients are able to save time if they utilize this service. The way it works is that VTB card holders call 87-87 and they give the transmission code for the recipient card and the designated funds will be transferred over.
VTB Armenia is a subsidiary of VTB Group which is based in Russia. It will be the first bank in the country to utilize this system.