Send money to Russia

Find low fees, fast transfer rates and a step-by-step guide.

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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.

Send money to Russia with TorFX

TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

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Compare money transfer services to Russia

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 0 Same day NZD 0.00 53.19 RUB
265,950
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 2,500 Same day NZD 0.00 52.923 RUB
264,613
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
NZD 1 Within an hour NZD 3.99 53.243 RUB
266,005
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
NZD 1 1 - 2 days NZD 75.00 53.457 RUB
263,277
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
AUD 250 1 - 2 days NZD 15.00 52.923 RUB
263,819
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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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 WorldRemit allow you to send cash transfers for immediate pick-up 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 most New Zealand banks will likely offer it, at least at branches in the larger cities. 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 real fees and exchange rates current as of 12 November, 2020.

Bank transfer Cash transfer Money transfer service
Fee $30 $3.99 $1.40
Exchange rate 1 NZD = 49.403 RUB 1 NZD = 53.512 RUB 1 NZD = 53.896 RUB
Transfer speed 2-4 days+ Minutes 1-2 days
Amount received RUB$98,776 RUB$107,020.01 RUB$107,790.60
Overall
  • Slowest and most expensive
  • Fastest
  • Best value

The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with RUB$9,014 more. However, if speed is what’s most important, the cash transfer can’t be beaten for instant transfers.

How to send money to Russia

  1. Sign up for a money transfer account. Pick your provider, then create an account using your name, contact details and proof of valid ID.
  2. 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.
  3. Pick an amount. Enter the amount you want to transfer and complete your transaction. Pay attention to the tradeoff of paying a flat fee to get a better exchange rate of RUB to NZD.
  4. Save your receipt. Receipts of your transaction are the primary way to monitor the progress of your transfer.
  5. 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.

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

Sending money to Russia is subject to standard taxation in New Zealand, so be sure to file it accordingly when paying your taxes. However, specific dangers exist for Russian money transfers:

  • Sending money to people you’ve never met. 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.
  • 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.

While foreign gifts generally aren’t subject to income tax, you still need to file the form with your taxes or face penalties.

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 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 New Zealand 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?
  • Pick-up methods. Does the company offer a cash pick-up option or transfers directly to bank accounts? If they offer cash pick-ups, 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 NZD/RUB currency pairing, you’ll get more money when either the NZ 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 NZD to RUB

1
0
Updated: 01 Dec 2020 12:42:18 UTC

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 pick-up locations in Russia

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