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zoftrack
19-01-2011, 16:51
Does anyone have suggestions for the best way to do this? I've got a ruble salary debit account with a local bank, but they informed me that I'd need to open a "dollar account" if I wanted to transfer dollars. I'd like to avoid depositing them into the ruble account, because then they'd convert to rubles--and then, whenever I sent them to the US account, they'd convert back into dollars (and thus lose value twice due to the conversions). Any help appreciated.

Nobbynumbnuts
19-01-2011, 17:00
Does anyone have suggestions for the best way to do this? I've got a ruble salary debit account with a local bank, but they informed me that I'd need to open a "dollar account" if I wanted to transfer dollars. I'd like to avoid depositing them into the ruble account, because then they'd convert to rubles--and then, whenever I sent them to the US account, they'd convert back into dollars (and thus lose value twice due to the conversions). Any help appreciated.

What?
I've got a ruble account with Sberbank. My salary is paid in, i withdraw the rubles, change to dollars or Euros and then send to a bank account outside Russia.
You don't need a dollar/Euro account.

SandraOK
19-01-2011, 17:42
I have 2 accounts in my bank - USD and RUR.
I convert rubles to dollars (by transferring them from RUR account to USD account, it take 1 min) and then transfer dollars from USD account. So, only one conversion.
If you have dollars in cash, then you are able to deposit them to your USD account directly using cash mashine (at least in my bank) or at bank office, in this case no conversion at all :)
I use citibank and have access to all my accounts (USD, EUR, RUR) via one credit card.

SandraOK
19-01-2011, 17:47
another option would be to transfer dollars without opening any account, via Western Union for instance. They have limit 5000 USD per day.

DavidB
19-01-2011, 18:10
Why not just open a USD account? It's a very simple process, and can be done in half an hour with most banks in Russia.

It's free to open a USD account with internet banking in Raiffeisen bank. It's also free to deposit the USD on the account. Transferring funds to a foreign bank account will cost 1% (min $30, max $200) of the amount transferred. Most banks will charge a similar fee.

If you're dealing with a small amount, the $30 minimum fee will be a problem. In that case, you would be better to hold the USD in a USD account until you go back to the states. Order a USD debit card, and then they will charge you $5 + 0.5% of the amount for each withdrawal at a foreign cash machine. The maximum you can withdraw daily is $10000. You can also spend money at stores or online with a debit card, and as long as the amount is charged in USD, there will be no fees or commissions.

You can also withdraw the USD using a debit card in Russia. They won't charge you a fee for that, as long as you use Raiffeisen cash machines.

You can read see the tariff for current accounts here: http://www.raiffeisen.ru/retail/currentaccounts/tariffs/
(use google translate if you can't read it).

I've been comparing bank accounts and rates for the past month now. My opinion is that UniCredit Bank and Raiffeisen offer the best fees, commissions and rates. Both are very close, so it will depend on your situation. Raiffeisen tends to have slightly better exchange rates, but their fees are higher. In your case, UniCredit may be cheaper, because you're not doing any currency conversion.

Western Union is very expensive. I would use it only in absolute emergencies.

ilya25
19-01-2011, 21:58
Does anyone have suggestions for the best way to do this? I've got a ruble salary debit account with a local bank, but they informed me that I'd need to open a "dollar account" if I wanted to transfer dollars. I'd like to avoid depositing them into the ruble account, because then they'd convert to rubles--and then, whenever I sent them to the US account, they'd convert back into dollars (and thus lose value twice due to the conversions). Any help appreciated.

Banks do international transfers w/o a need to open a bank account. I think the max amount is 5000 USD per transaction. Probably with USD account you can move bigger amounts (not sure though) Plus in case of any problems money can be easily returned to your account

Also can try such online services as moneybookers.com You can use your card to upload and covert money

DavidB
20-01-2011, 02:12
Banks do international transfers w/o a need to open a bank account. I think the max amount is 5000 USD per transaction. Probably with USD account you can move bigger amounts (not sure though) Plus in case of any problems money can be easily returned to your account

Also remember that it's usually more expensive to order a transfer at the cash desk. Opening an account is free, and you can make the transfer yourself using internet banking. It's definitely a better option if you will do more transfers in the future.

vovik01
20-01-2011, 02:28
Citibank the best for this:-) 0%...