Send Money to Russia

World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
GCEN
Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Russia

Send money transfer to Russia

Capital controls in Russia were abolished in 2006 and since then there are no restrictions or limits on transfers made to Russia. Despite sanctions imposed by Western countries over the conflict in Ukraine and the recent devaluation of the Rouble, Russian authorities maintain that there will be no reestablishment of any such controls.

For simple transfers to Malta, there are different options available:

Provided the recipient has a bank account in Russia a bank transfer will be the easiest method of sending cash.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to Russia. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Another option is to use a foreign exchange broker to send money to Russia. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing.

Be aware though that FX brokers in Russia are not subject to any state regulation. This means that without local advice on which are stable partners to use, experiences could be subject to significant change in the event of economic or political upheaval.

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