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Mikko
08-06-2011, 00:12
Hello,

I have recently been offered a job in Moscow, which will pay in rubles that will be deposited in a Russian bank. I am trying to figure out the best/cheapest way to send money back to the US. All of the wire transfer services(Western Union, moneygram etc.) seem rather expensive as they charge 4-5% of the total. I have been told that Russian banks will charge a commission to send money and US banks will charge to receive from abroad. Does anyone know of a US bank that has a low rate? I called my current bank, which charges $50 for each amount they receive.

Thanks to all who've posted here, I've gotten lots of great info from this site, but hadn't seen this specific question asked.

Remington
08-06-2011, 00:30
Hello,

I have recently been offered a job in Moscow, which will pay in rubles that will be deposited in a Russian bank. I am trying to figure out the best/cheapest way to send money back to the US. All of the wire transfer services(Western Union, moneygram etc.) seem rather expensive as they charge 4-5% of the total. I have been told that Russian banks will charge a commission to send money and US banks will charge to receive from abroad. Does anyone know of a US bank that has a low rate? I called my current bank, which charges $50 for each amount they receive.

Thanks to all who've posted here, I've gotten lots of great info from this site, but hadn't seen this specific question asked.

Incoming transfer to US banks should be free. Try looking for a federal credit union bank. As for Russian banks, I have no idea but they normally charge from $20 to $50 flat fee for outgoing transfer so you may have to shop around.

Another option... Citibank offers international bank account and I believe you need minimum of $10,000. It'll allow you to deposit and withdraw cash anywhere without fees.

DavidB
08-06-2011, 00:34
You should shop around for another bank in the US - Wells Fargo charges $10, and BOA charges $16 for incoming international wires (I checked the rates for CA).

Russian banks will also charge you a wire transfer fee:
UniCredit - 1% min. $25, max. $200
Raiffeisen - 1% min. $30, max. $200

And there is also a spread on currency conversion, so you will lose some money converting from Roubles to US$.

If you can take cash back to the US with you, it will be the cheapest option. You can open an account with UniCredit or Raiffeisen, deposit your salary in an ATM, then convert it using internet banking into US$. Once your balance is in US$, you can then withdraw US$ banknotes from the ATM. The only fees in this case would be the debit card fee ($10 per year) and the spread on the currency conversion.
UniCredit and Raiffeisen offer very good spreads, so you should try to work with one of those two banks.

vovik01
08-06-2011, 00:36
Open regular Citibank account in Moscow!
Withdraw cash in US Citibank ATM. Free....

DavidB
08-06-2011, 00:45
The problem with CitiBank is that their spreads are not so good, so you will probably lose 1% anyway.

Another option may be to do the currency conversion at an exchange kiosk which offers a good rate, then deposit US$ banknotes in the CitiBank ATM. If you take this option, make sure you check then notes before you accept them, because banks are often fussy about the condition of foreign currency notes.

Willy
08-06-2011, 02:37
Hello,

I have recently been offered a job in Moscow, which will pay in rubles that will be deposited in a Russian bank. I am trying to figure out the best/cheapest way to send money back to the US. All of the wire transfer services(Western Union, moneygram etc.) seem rather expensive as they charge 4-5% of the total. I have been told that Russian banks will charge a commission to send money and US banks will charge to receive from abroad. Does anyone know of a US bank that has a low rate? I called my current bank, which charges $50 for each amount they receive.

Thanks to all who've posted here, I've gotten lots of great info from this site, but hadn't seen this specific question asked.



Bank spank,


Hey anytime you need to send money home you just call me. I take back for you. Yeah, nothing to worry about I won't charge you a thing.

CaliforniaChic
08-06-2011, 05:32
Hello,

I have recently been offered a job in Moscow, which will pay in rubles that will be deposited in a Russian bank. I am trying to figure out the best/cheapest way to send money back to the US. All of the wire transfer services(Western Union, moneygram etc.) seem rather expensive as they charge 4-5% of the total. I have been told that Russian banks will charge a commission to send money and US banks will charge to receive from abroad. Does anyone know of a US bank that has a low rate? I called my current bank, which charges $50 for each amount they receive.

Thanks to all who've posted here, I've gotten lots of great info from this site, but hadn't seen this specific question asked.

Mikko,

What city are you located in here in the U.S.? I used a service similar to Western Union but so much cheaper, but I believe you can only send cash to certain larger cities in the U.S through their service. If you want details feel free to PM me, I have to look up the exact name of the bank that I used in Moscow.

Remington
08-06-2011, 09:32
Open regular Citibank account in Moscow!
Withdraw cash in US Citibank ATM. Free....

That's what I do but it's the other way around. Yes, it's free but limited to $1000 per day.