Send money internationally to Russia (RUB) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Russia
What is the best RUB exchange rate today?
How much does it cost to send money to Russia?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Russia
Did you know that on the 146 million of Russians, almost 11 millions live abroad? Among them 3.4 millions are in Ukraine, 2.3 millions in Kazakhstan, 1 million in Germany, almost 700’000 in Belarus and 600’000 in Uzbekistan. All those people send money back home every year. In 2015, 7.1 billion of US dollars were sent to Russia, rising by 50% compared to 2012 (according to the World Bank report 2015). More than the half were sent from Ukraine (2.2 billions) and Kazakhstan (1.5 billions).
What are the options to send money to Russia?
Banks: The best known solution as most people use their bank to send money abroad. However this is not the cheapest option as banks take their margin on the exchange rate used and the transfer can take days. You’ll only know that when the money is received.
International cash payment services: If you are in an urgent need of cash while travelling to Russia this is probably your best option. Certainly not the cheapest option but cash services are an easy way to send money to Russia because the cash can be available in minutes for the recipient. Generally you just have to send the money either by cash deposit, credit card or bank transfer and the recipient has to go to an agency, to provide an ID, a reference number and to pick-up the cash. Below the services which allow you to send money by cash to Russia:
- Azimo: easy service which allows to send cash to almost 5’000 agents in Russia in minutes and offers good rates.
- Western Union: many agents in Russia.
- MoneyGram: many agents in Russia.
- Ria money transfer: easy service with thousands of agents in Russia.
- Xpress money: another good option for picking up cash in Russia.
Keep in mind that you have to be careful when withdrawing cash in Russia, especially in major tourist destinations because you can be subject to theft.
Top up mobile phones services: Azimo allows you to Top Up a mobile phone in Russia. This service can be very useful as it can be done in minutes.
Money transfer companies: If your transfer is not urgent, these companies are probably your best option as they provide the best rates on the market and all the steps of the transfer can be made online. Many money transfer companies exist on the market. Below a list of some of them allowing remittances to Russia:
- Azimo: this is a good option as the service is really easy to use and they provides good rates.
- Transferwise: if you are willing to wait a little, this is a cheap option for both small or large transfer but the transfer can take a few days.
- WorldFirst: competitive rates on large amount transferred. They provide bank-to-bank transfer and it takes around two or three days to receive the money. You need to call them to create an account and book a trade.
- TorFX: good rates for both small or large transfers. They take two days to proceed.
Sending money to Russia with a money transfer company will take between two and six days depending on the operator you choose. You can speed up the transfer by choosing an express option, you’ll pay an additional fee.
You’ll need first to create an account with these money transfer providers and provide them some information: your personal details, residency details, identification documents (generally a passport and a proof of address dated within the last three months) and your recipient details.
What about the exchange rate?
In 2014 we assist of a big decline in the Russian Rouble. There was two major causes: first the fall in the price of oil in 2014 (by nearly 50% during the second semester 2014) which is the major export of Russia, and then the international economic sanctions imposed on Russia following Russia’s annexation of Crimea. These two things caused a decline in confidence in the Russian economy which again accelerated the decline in the value of the country’s currency.