TransBank has established correspondent account with one of the top Russian banks


First time in the Mongolian banking industry, the Transport and Development Bank has established a correspondent banking relationship with Alfabank of Russia in order to support our customers’ international trade and efficiently settle the cross-border payments. Founded in 1990, Alfabank is the largest privately-owned bank in terms of its asset size, equity, loan portfolio, and number of customers. In the Russian Federation, Alfabank is ranked among Top-5 banks and is not listed under international sanctions.

Besides its extensive branch network in Russia, Alfabank’s overseas presence includes the United Kingdom and the Netherlands and rounds up its total number of offices and branches at 800. Transbank has established USD, EUR, RUB, and GBP correspondent accounts with Alfabank and has continued expanding its international partner banks’ network. As a side note, Transbank established a correspondent banking relationship with Commerzbank AG of Germany in March 2020.

Currently, Transbank offers international remittance services in commonly used currencies such as USD, EUR, RUB, CNY, JPY, and GBP and has initiated International Remittance Promotion throughout the year which BANK SERVICE FEE and INTERMEDIARY BANK FEE will be fully waived on all international payments that are to be settled through our correspondent banks and their correspondent networks.