State-owned VTB has thus become the first lender to provide banking services to Iran.
Denis Valvachyov, vice president of the bank, believes that such transactions will be popular and that the move will strengthen economic cooperation and boost tourism between the two countries.
The new service will allow money to be transferred between Russia and Iran within a day using account details.
VTB intends to expand transaction services with friendly nations next year.
Payments are currently available to the bank's clients in over ten former CIS states and some Asian countries.