If you need to transfer money to Russia considering the different transfer options can see you save money. The expensive costs of transferring money has been something that has often been accepted as the norm but some of these costs can be reduced or even avoided if you take the time to consider the different options available.
Often bank-to-bank transfers are what people are aiming for when they want to transfer money. So in this case you want to transfer money from your account to a bank account in Russia such as in Sberbank.
The bank is the obvious place to enquire for the transfer. What then takes place is a conversion to the Russian Ruble currency and then a wire transfer to Russian bank account. You will need a Swift code and bank details for the account you wish to transfer to in Russia.
However, at your bank you will find a poor exchange rate for the conversion and a bank fee for doing the transfer. These add up to be a substantial cost, particularly if you need to make regular transfers to Russia.
On the other hand, another option you could use is a money sending service. Such big ones are Western Union or MoneyGram. They are popular mainly for the reason of convenience. They have many outlets around the world and have helpful long opening hours. They do specialise in sending money internationally and quite quickly at that, but using their service is very expensive. You are looking at a 10-15% charge of what you are looking to transfer as well as terrible exchange rates. Not ideal at all if you want to see a lot of your money reach Russia.
The exchange rate is very important when making an international transfer. It determines how many Russian Ruble you can get for your money. That is why foreign exchange brokers like RationalFX are quickly becoming popular to make foreign currency exchange transfers. We offer extremely competitive exchange rates due to the fact that we purchase our currencies in large amounts very close to the interbank rate. We are then able to pass on great rates to our customers and we charge low fees for doing your transfers to Russia!
Register now to make transferring money to Russia fast, secure and cheap. You will also be able to gain access to our secure online payment system making your payments even more easier to make and monitor!