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How to send money to Russia

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

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 WorldRemit

Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.

  • No minimum transfer amount
  • Large range of destinations
  • Competitive exchange rate
Promoted

Compare money transfer services to Russia

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 1 1 - 2 days SGD 60.00 55.822 RUB
275,760
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 1 Same day SGD 3.99 55.537 RUB
277,464
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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.

How to transfer money to Russia online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Russian bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Russia. Some money transfer providers send a text or email when your transfer is complete.

Sending money to Russia video explanation

What’s the best way to send money to Russia?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Russia. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.

Blue icon representing money transfers Image: Infogram

Digital money transfer services

A company like WorldRemit specialises in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Russian bank account, often in as little as a day or two.

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Cash transfers

Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Russia— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.

Picture not described: BlueBankIcon_Infogram_62x56.png Image: Infogram

Banks

The Russian ruble (RUB) is an exotic currency, so your local bank most likely would not offer it. If your bank supports RUB, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Russia.

Let’s crunch the numbers: Sending $1,000 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 that are current as of 25 August 2020.

Money transfer service 1Money transfer service 2
Fee$11.98$0
Exchange rate1 SGD = 55.0832 RUB1 SGD = 54.457 RUB
Transfer speedMinutesMinutes
Amount receivedRUB 54,423RUB 54,457
Overall
  • Expensive
  • Fastest and best value

In this case, the first money transfer provider ends up being the most expensive. If you go with the second specialist money transfer service, your recipient ends up with RUB 34 more than the first provider. However, these rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.

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How to get the most out of your money transfer to Russia

Weigh costs and fees against convenience to best compare money transfer providers that send to Russia. Consider:

  • Exchange rates. The SGD-RUB relationship fluctuates often, so using a service that allows you to lock in exchange prices may help you save money down the line if the RUB rises against Singapore dollar.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger SGD-RUB exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of RUB you’re sending to Russia.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Russia.
  • Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
  • Transfer methods. Whether you want money sent to a Russian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer

When urgency trumps cost to get your money to Russia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to Russia without a bank account

Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

Russia’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Russia’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

You can check out how the Russian ruble has been trading against the Singapore dollar in this historical rate chart.

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Updated: 11 May 2021 17:42:32 UTC

Documents needed for transferring money to and from Russia

To send money to Russia from Singapore, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Russia may be different by company.

Documents to send money from Singapore

To send money from Singapore to Russia, you’ll need documentation and details that include:

  • Identification. Most services require your NRIC, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheque.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Russian bank account and routing number.

Documents to receive money in Russia

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A Russian Passport, Russian ID, or similar official ID may be required to pick up your transfer.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

Bottom line

Sending your hard-earned money to Russia shouldn’t cost a fortune. Compare money transfer companies that specialise in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

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