Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Before you send money to loved ones or colleagues in Russia, it’s important to research all of your options. Though you may be most familiar with your bank, expanding your search to include online money transfer specialists may save you money and time.
Compare money transfer services
What's in this guide?
How to send money to Russia
- Sign up for a money transfer account. Pick your provider, then create an account using your name, contact details and proof of valid ID.
- Provide recipient information. The transfer requires your recipient’s name, address and contact details. Depending on the transfer method, you may also have to supply their Russian bank account information.
- Pick an amount. Enter the amount you want to transfer and complete your transaction. Pay attention to the trade-off of paying a flat fee to get a better exchange rate of RUB to CAD.
- Save your receipt. Receipts of your transaction are the primary way to monitor the progress of your transfer.
- Complete the transfer. Beware of scams and hidden rates while sending money to Russia, knowing what to watch out for can save you money and a headache.
Sending money to Russia video explanation
What are the main ways to send money to Russia?
There are three main options you can use, each with their own pros and cons:
Money transfer services
These offer some of the most cost-effective transfers, as they only trade in foreign currencies. You’ll also have a variety of options for your recipient to get the money — like to a mobile wallet or home delivery.
Cash transfers
Services such as Western Union allow you to send cash transfers for immediate pickup by the recipient. While it’s a fast way to send money, it generally won’t match the rates or fees of dedicated money transfer services.
Banks
The Russian ruble is popular enough that your US bank will likely offer it, at least at major branches. But watch out for the higher fees and less competitive exchange rates banks offer compared to the other options.
Let’s crunch the numbers: Sending $2,000 to Russia
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses figures that are representative of fees and exchange rates offered by real providers as of April 12, 2020.
| Bank transfer | Cash transfer | Money transfer service | |
|---|---|---|---|
| Fee | $50 + additional correspondent bank fees | $15 | $4.99 |
| Exchange rate | 1 CAD = 48.554 RUB | 1 CAD = 49.0022 RUB | 1 CAD = 52.8561 RUB |
| Transfer speed | 2-4 days+ | Minutes | 1-2 days |
| Amount received | RUB$94,680.30 | RUB$97,269.37 | RUB$105,448.45 |
| Overall |
|
|
|
The bank option ends up being slower and gets the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with RUB$10,768 more. However, if speed is what’s most important, the cash transfer can’t be beaten for instant transfers.
How long will my transfer take?
It depends on what method you choose, but the fastest one is instant and the slowest can take up to a week. Since banks need to transfer your money through several correspondent banks, it takes the longest. Cash transfers are the fastest and normally arrive in minutes, but typically cost more.
Emergency cash transfer
There may be times when you need to send money to Russia as quickly as possible. When you find yourself in such a situation, remember to check the exchange rate and any fees that apply to your transaction, as urgent transfers will usually cost more. Read the details of your transaction to prevent any nasty surprises.
How to send money to Russia without a bank account
Cash transfer services can also help if either you or your recipient is unbanked. If you don’t have a bank account, look for transfer services that have agent locations so you can go in and pay in cash. These cash transfer services will also have agent locations in other countries where your recipient can pick up the cash without needing a bank account.
What to watch out for
Specific dangers exist for Russian money transfers:
- Sending money to people you’ve never met. The US Embassy and Consulates in Russia report that money transfer scams involving Russia are more prevalent than you’d think. Never send money to someone you’ve never met in person unless you have serious reasons to trust them. Use our guide on money transfer scams to help you decide if sending the money is safe or not.
- PayPal and similar services offer money transfers to Russia, but often hide their fees and conversion rates behind “free” services. Always check the exchange rate you’re getting against the mid-market rate and other transfer services to get the best deal.
Documentation you’ll need to send money
Before initiating a transfer, have the following in place:
- Recipient’s full name. Your recipient will need to show photo identification if they’re picking up the money in Russia, so make sure the name on the order is the same as the name on their ID.
- Sender’s full name. As an additional security measure, the agent may ask for the full name of the sender. Be sure the recipient knows your complete name as listed on the ID you provided.
- Recipient’s contact information and bank details in Russia. Both the sender and the recipient must have each other’s address and contact details.
- Tracking number. Keep the tracking number given to you upon sending the transfer, as the recipient must provide this to the agent before the cash can be released.
Keep all of the paperwork associated with your transfer in case you need proof that the money was sent.
How do I compare my money transfer options?
When sending money to Russia, use the following list to compare banks, cash transfer and money transfer services to find the best deal:
- Exchange rates. What exchange rate does the company offer when converting Canadian dollars to Russian rubles?
- Transfer fees. Compare how much each company will charge you for sending your money overseas.
- Transfer time. How long will it take from the moment you pay for your transfer to the moment your beneficiary gets the cash in their wallet or bank account?
- Transfer methods. Will you place your transfer online, over the phone, or will you need to visit a branch?
- Pickup methods. Does the company offer a cash pickup option or transfers directly to bank accounts? If they offer cash pickups, do they have locations convenient for you and your recipient to access?
- Flexible options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Minimum transfer limit. Does a minimum limit apply to all transfers?
- Customer service. Will you be able to access phone, email and online support if you ever need help with a transaction?
Foreign exchange rates explained
The exchange rate is how much one country’s currency is worth in another country’s currency. With the CAD/RUB currency pairing, you’ll get more money when either the Canadian dollar is strong or the Russian ruble is weak.
You’ll also see that the exchange rate you get quoted from money transfer companies differs. Compare what you get quoted with the mid-market rate below, which is what your money is actually worth.
Today’s exchange rate CAD to RUB
Bottom line
The Russian ruble is popular enough that it should be carried by nearly all major money transfer companies, which is why have a lot of options when it comes to sending money to Russia. Be sure to compare the fees and exchange rates offered by many different money transfer providers to get the best deal.
Cash pickup locations in Russia
More guides on Finder
-
International money transfer services
Beat the banks, find the best exchange rates and avoid fees when you send money abroad from Australia.
-
5 big reasons you might need a digital bank for money transfers
Find out how digital banks compare with dedicated money transfer services when sending money overseas.
-
Simplii Financial wire transfer review
Pay zero fees for safe and secure money transfers to over 120 countries.
-
How to cut the cost of sending money overseas in 2021
SPONSORED: Fee-free services and special offers can help you save on your next international money transfer.
-
5 tips for sending money to Asia
SPONSORED: Mobile money transfers provide an easy, low-cost and contactless way to send money to loved ones overseas.
-
Paysend review
Paysend offers transfers to more than 70 countries through its app and online service.
-
How do international money orders work?
Here’s what you need to know about international money orders and see if there is a better option for sending money overseas.
-
How to find a Ria location
Ria’s global network of over 435,000 agent locations allows for convenient cash pick up in 160 countries worldwide.
-
Find a MoneyGram location
Send or pick up cash from over 350,000 locations in 200 countries around the globe.
-
How to send door-to-door cash
Learn how to take advantage of door-to-door cash by getting money delivered directly to your home or recipient’s doorstep.