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garryowen
13-09-2012, 18:48
I'm planning on buying a flat in Estonia, and need to transfer a fairly large sum of money from my Russian (ruble) account to my Estonian (euro) account.

Can anyone advise me on the cheapest way of doing this?

If I go into my branch and give them the details of my account in Estonia, and do the transfer the obvious way, I'm going to lose quite a lot of money with the unfavourable exchange rate and processing fees. I could potentially save several thousand euros by changing the money in cash at an obmennik, and taking it accross the border by train. However, I'm not going to do this, because the sum is too large and it would be too dangerous. So I'm trying to think of some alternative. Any advice would be appreciated.

Benedikt
13-09-2012, 20:02
Any advice would be appreciated.[/QUOTE]

if your money is all legit, you can buy traveller cheques. and there is no charge when cashing them in, isn't it?
buy here in Euro and i am sure there they will be glad to take them.
On the other hand, the largest Euro nomination is 500. should be not to hard to hide a small bundle?

martpark
13-09-2012, 21:43
I'm planning on buying a flat in Estonia, and need to transfer a fairly large sum of money from my Russian (ruble) account to my Estonian (euro) account.

Can anyone advise me on the cheapest way of doing this?

If I go into my branch and give them the details of my account in Estonia, and do the transfer the obvious way, I'm going to lose quite a lot of money with the unfavourable exchange rate and processing fees. I could potentially save several thousand euros by changing the money in cash at an obmennik, and taking it accross the border by train. However, I'm not going to do this, because the sum is too large and it would be too dangerous. So I'm trying to think of some alternative. Any advice would be appreciated.

Can you open a Euro account in your Russian bank? Most of them have this option. Not sure of the savings but it might help.

garryowen
14-09-2012, 12:41
if your money is all legit, you can buy traveller cheques. and there is no charge when cashing them in, isn't it?
buy here in Euro and i am sure there they will be glad to take them.
On the other hand, the largest Euro nomination is 500. should be not to hard to hide a small bundle?

Interesting, I hadn't thought of that - thanks for the suggestion. I haven't seen a traveller's cheque since the 1990s, and had pretty much forgotten they existed. Do most Russian banks offer that service?

The money is perfectly legit, have paid taxes on all of it and could prove it if I had to, not that I expect any bank to ask such stuff.

garryowen
14-09-2012, 12:46
Can you open a Euro account in your Russian bank? Most of them have this option. Not sure of the savings but it might help.

I do have a euro account at the same bank. Actually after writing that original post, it occurred to me that I should withdraw all the rubles, change them in the obmennik, and put them in the euro account here. That would be time-consuming and awkward, but not nearly as risky as taking it accross the border. However, there's still the problem of the money transfer, getting it from my euro account here to my euro account in Estonia - Russian banks have quite hefty charges for that.

Benedikt
14-09-2012, 17:41
Interesting, I hadn't thought of that - thanks for the suggestion. I haven't seen a traveller's cheque since the 1990s, and had pretty much forgotten they existed. Do most Russian banks offer that service?

The money is perfectly legit, have paid taxes on all of it and could prove it if I had to, not that I expect any bank to ask such stuff.



the bank will not ask, but if you take out a bigger sum than 10 000 you need documentation for the customs man at the airport....

http://www.bm.ru/en/personal/services/exchange/cheques/

but i seem to see only $$ no Euro. Check out also www.raiffeisen.ru,
they have down at the bottom the -english- sign and the site changes.

ilya25
16-09-2012, 16:55
I do have a euro account at the same bank. Actually after writing that original post, it occurred to me that I should withdraw all the rubles, change them in the obmennik, and put them in the euro account here. That would be time-consuming and awkward, but not nearly as risky as taking it accross the border. However, there's still the problem of the money transfer, getting it from my euro account here to my euro account in Estonia - Russian banks have quite hefty charges for that.

You still need to convert RUR to EURO before sending. Ask your bank if they can do conversion b/w your accounts - you don't need to withdraw cash

Then you can transfer money from euro account in Russia to euro account in Estonia . I think the fee is 50-100 Euro regardless the amount

garryowen
16-09-2012, 18:38
Ask your bank if they can do conversion b/w your accounts - you don't need to withdraw cash

As I said above, my bank can easily do the conversion (I can do it online) but the rate is unfavourable. About 70 kopeks extra per euro compared to the obmenniki, so for a large sum that works out as a lot of money.