There are plenty of ways to send money to Russia from the UK, but you should always make sure you are doing it in the most secure way for the most competitive rates.
How To Send Money to Russia from the UK
Recent data from the Office for National Statistics estimated approximately 66,000 Russian-born people residing in the United Kingdom. Although the number of British expats residing in Russia fell in former years, there are thought to be at least 30,000 Brits living in Russia. Consequently there is an unsurprisingly high demand for financial services to support transactions between the two countries.
|Provider||Transfer Amount||Fee||Speed||Visit Site|
|£100||£3||1-4 Business Days||Get a Quote >>|
|£100||£2.88||Instantly - One Day||Get a Quote >>|
|£100||£0||Same day||Get a Quote >>|
Methods to Send Money to Russia from the UK
Sending Money to Russia via Online Money Transfer
There are many online services available for sending money to Russia. These tend to offer the best exchange rates. Services such as TransferWise, for example, are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Russian Ruble. As well as TransferWise, MoneyGram and World Remit are also known for their fast transfers and competitive rates.
Sending Money to Russia via PayPal
Paypal is supported in the Russian Federation, through the company-owned service ‘Xoom’. It is a fast and secure way to send money, supported by some of Russia’s major banks. Payments are made through the PayPal account by debit or credit card or via the app. The other great thing about PayPal is the speed, offering transfers in a matter of minutes. However, PayPal make money from the exchange rate meaning that they do not offer the most competitive rate on the market. They also charge a transfer fee per transaction. It should be noted that from August 2020, Russia banned all cash deposits to anonymous electronic wallets. This impacts PayPal services as it means that cash deposits are not possible. Users will need to make top-ups via bank transfers, identifying themselves through their bank details.
Sending Money to Russia via Bank Transfer
Sending money to Russia directly through a wire transfer from a UK bank account is not recognised as the best method.You tend to get less for your money as the exchange rate offered is worse than other services. You will also need to pay a transfer charge which can often be expensive.
Can I Send Money to Russia via Cryptocurrency?
Although cryptocurrency is not technically illegal in Russia (as of 2016), the government does not regulate, support or control cryptocurrency exchanges. However, people are still allowed to trade in these currencies at their own risk.
You can check the best exchange rates for sending money to Russia with sites such as TransferWise
Can You Send Money to Russia For Free?
Money transfer services are never completely free as they are always subject to some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods. Per transaction, there is a flat fee of 1.8 GBP + 0.8% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. For a lower exchange rate Barclays, RBS and Natwest offer free transactions.
How Long Does It Take to Send Money to Russia?
Depending on the service provider that you choose to transfer money to Russia, funds can arrive into the specified account instantaneously. Online services such as TransferWise typically transfer the funds within 1 business day. WorldRemit offers same-day transfers, as does PayPal and MoneyGram. Bank transfers typically take longer with a minimum of 1-3 business days for the transfer.
What Do You Need to Send Money to Russia?
Any bank transfer typically requires you to verify your name, address and date of birth, normally in the form of photo ID. For any online payments, you will need all relevant login details and possibly a card reader. You will also require the BIK code of the recipient Russian bank account.
Is it Safe to Send Money to Russia from the UK?
As with any transaction, you should be careful when transferring money to Russia. Look out for FCA approval as this means that the accounts are safeguarded. With any legitimate company, their FCA details should be readily available on their website. Like any transfer of money, it is advisable to be careful with any personal security and sharing any confidential information such as passwords. This is especially true for phone and email correspondence.