Foreign Exchange Russia, Currency Exchange Services
Foreign exchange Russia, if you need to transfer funds into Russian rubles, maybe for a property purchase or, if you send money to Russia on a regular basis, you should use a foreign exchange broker to save money on transaction costs.
Foreign Exchange Brokers - Russian Rubles
If you need to exchange a larger amount of money into Russian rubles then you should consider using the services of a professional money transfer provider as they will be able to beat most, if not all high street bank foreign exchange rates.
There are several UK based foreign exchange brokers who can offer substantial savings on money transfers in the Russian market.
Ruble Exchange Russia - Moneycorp
Moneycorp offers an integrated foreign exchange and money transfer service for individuals and businesses who need to make foreign exchange transactions to and from Russia, in US dollars.
Currency Overview - Russia
The official currency of Russia is the Russian ruble, RUB, which consists of 100 kopeks. Russian ruble notes come in 5, 10, 50, 100, 500 and 1000 denominations.
Transferring Larger Amounts to Russian Currency
Most foreign exchange brokers do not offer a service to transfer larger amounts to Russia, in Russian rubles. Foreign exchange provider Moneycorp offer money transfers to Russia, the exchange currency would be in US dollars. See Moneycorp's profile here
Accessing Russian Rubles
There are no limits to the amount of foreign currency allowed to be brought into Russia, however, all money must be declared upon entering the country.
In Russia, tourists can exchange any amount of hard currency for rubles at any Russian bank, foreign currency exchange offices located in major hotels, international airports, railway stations, sea ports and in many exchange offices in larger cities.
Exchange rates between the Russian ruble and other currencies will vary, depending on where you decide to exchange your money.
Using Other Currencies in Russia to Buy Goods
It's not legal to use US dollars or Euro for transactions in Russia. However, you'll still see a lot of prices marked in Y.E. (which means "units" and usually equals the current US dollar or Euro rate).
Buying goods or service in Russia is the relic of the 90s, when hyperinflation made it impossible to put the prices in rubles. These days, you will have to pay with Russian rubles in most cases.
Generally, foreign currencies are usually used for "under-the-table" transactions, which are not going to be declared. So, you won't be able to use US dollars, Euro, or any other currency in a shop, cafe, or to pay to a service provider, unless he is OK exchanging it on your behalf.
Recommended Foreign Exchange Options for Travelers to Russia
If your travelling to Russia, your best advice would be to take a prepaid travel money card with you, in order to pay for hotels and services. A travel money card will give you a better exchange rate than using your normal bank card. Travel money cards come in Visa and MasterCard format.
Sending Money to a Person in Russia
The best way to send money to a person in Russia would be to use the money transfer service of Western Union.
Great for smaller money transfers to and from Russia (typically under £1000 per transaction) you can now send money online using Western Union's services.
There are more than 485,000 Western Union ® locations for cash pick-up around the world with no fees or commission to pay for the receiver. Western Union
Western Union offer a low cost and secure alternative to banks and traditional foreign exchange companies and are one of the biggest money transfer providers in the world.