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Top 3 Money Transfer Providers for UK to Russia

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 789,425.93 £0.00 78.9426 1-3 days more...
TorFX TorFX 791,020.73 £0.00 79.1021 1-3 days more...
Currencies Direct Currencies Direct 788,628.53 £0.00 78.8629 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
RUSSIA
The Russian ruble (RUB) exchange rate is subject to a controlled float regime, referenced to a currency basket of the US dollar and the euro Read More
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Russia Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Russia money transfer regulations
  • Russia's monetary and regulatory authorities
  • Property issues
  • Economic background
  • Currency
  • Summary

    The Russian ruble (RUB) exchange rate is subject to a controlled float regime, referenced to a currency basket of the US dollar and the euro. Despite the impact of economic sanctions by Western governments due to the conflict in Ukraine, as well as falling global oil prices that have together seen capital flee the country and reduced export earning, the government maintains that it has no intention of reimposing capital controls. Sending money to Russia remains unproblematic. However, there may be some bureaucratic hurdles to transferring money out of Russia, and it is unclear how the situation will evolve in light of major devaluation of the ruble in December.

    Russia money transfer regulations

    Capital controls were abolished in 2006. There are no express controls on capital account transfers, including foreign direct investment (FDI) and portfolio investment. Passive income such as dividends, interest and royalties may be freely transferred abroad. Customs approval is required on certain types of overseas money transfers, particularly for import-export and loan agreements. Generally speaking, approval is only required if the transaction value is over US$50,000. Despite the ruble plunging to its lowest rate since 2016 during April 2018, the government has ruled out the possibility of imposing capital controls. However, given the ever-changing nature of the political, economic and investment context, this may yet change. The ruble is a fully convertible currency, and there are generally no restrictions on its conversion to foreign currencies. That said, while large multinational firms with diversified global operations can generally avoid capital restrictions, smaller businesses are experiencing severe shortages of foreign currency. Many of the current problems facing the ruble are based around sanctions placed on Russia by the US government.

    Russia's monetary and regulatory authorities

    The Central Bank of the Russian Federation (CBR) manages Russia’s monetary policy, regulates the financial system (including the banking sector and foreign exchange market), and works to ensure the stability of the ruble.

    Monetary authorities eliminated the remaining controls on money transfers coming to and from Russia in 2006, having imposed them in 1998 when the ruble’s decline led to a default on sovereign ruble-denominated debt. The imposition of economic sanctions in 2014 caused many investors to withdraw their money from Russia – some estimates put capital flight in the first three quarters of the year at over US$100bn. Despite tensions seemingly dropping off, the US imposed sanctions that were imposed from 2017 onwards have led to a great deal of additional uncertainty when it comes to the Russian markets.

    Property issues

    Foreign-held property will also be a sensitive, and likely changing, issue in the context of economic sanctions. A member of the Russian Federation Council indicated in March 2014 that the council may draft legislation that would permit property, accounts and other assets held by American and European companies to be confiscated. This was again threatened in 2017 when the US imposed sanctions on Russia. While there is currently no outright ban on foreign nationals owning property in Russia, foreign nationals cannot buy land that is at state borders, sea ports or other important areas.

    Corruption remains an obstacle in Russia’s business community. While this has minimal effect on overseas money transfers, it is an important factor to consider for foreign investment and other financial operations, and we recommend working only with authorised service providers.

    Economic background

    Russia’s position in the global economy and the foreign exchange market has been profoundly impacted by its annexation of Crimea in March 2014 and the ensuing conflict with neighbouring Ukraine. The US and the EU have applied several waves of sanctions in an effort to discourage Russia’s aggressive foreign policy. While measures fluctuated over the course of 2014, they include restrictions on certain Russian officials and organisations and strict licensing controls on exports to the region. The sanctions continued in 2017, with the US imposing a range of sanctions on Russia in response to its alleged interference with its election and the EU tightening up its own sanctions.

    The conflict will have a significant impact on Russia’s foreign trade. Bilateral discussions with the US that aimed to expand trade and investment channels were halted as a result of the conflict. Major credit companies such as Visa and Mastercard have also blocked some transactions in Russia. In September, France halted the sale of two Mistral assault ships to Russia under a previous arms sale contract.

    In response to the growing pressure, Russian authorities have introduced a number of measures restricting resident individuals and corporations from investing abroad, which may help to offset lower transfers of FDI in the near term.

    Currency

    The ruble (RUB, ₽) consists of 100 kopeks. Banknotes are printed in denominations of ₽5, ₽10, ₽50, ₽100, ₽500, ₽1,000 and ₽5,000. Coins are minted in denominations of 1, 5, 10 and 50 kopecks, as well as ₽1, ₽2, ₽5, ₽10 and ₽25.

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    Top 10 Money Transfer Providers

    Exchange Rates as of 20 September 2019, 21:00

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    More InfoLess Info

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.