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OnSecondment
31-01-2013, 13:20
Does anyone here have a bank account in the UK and a bank account in Russia which you can transfer money between?

I still get paid in the UK and have just opened up an account with Citibank in Russia to enable me to pay my landlord via bank transfer and transfer monthly expenditure in one lump sum (rather than paying international fees every time I withdraw cash).

However, the SWIFT code that comes with the RUB denominated account is not in the format used to receive international payments. Apparently it is not possible to send money in GBP and receive it in RUB in this account. Citibank's only solution was to transfer the money to my USD account (fee for exchange into USD) and then from that local USD account to RUB account (fee for exchange into RUB). This is double the fees it would cost me to send money in GBP directly to a RUB account! :verymad:

So, before I go through the same painful process with every bank in Moscow, can someone let me know if they have a RUB denominated account which can receive international payments and which bank you are with?

Thanks!!

Abydosxr
31-01-2013, 19:39
Can you open a GBP account here in Russia at Citibank? That way you can transfer GBP from UK to your GBP account in Russia, and do an internal USD to RUB transfer within your own bank. Yes there are fees both ends, but it has to be the most economic way of doing it?

(Note: I actually do something similar but in USD. i.e. Transfer USD from USA to my Raifeissen USD account etc).

Hope that helps a bit...

OnSecondment
31-01-2013, 20:35
Unfortunately not - this would be a simple option but it seems all the banks here only offer USD and EUR in addition to RUB.

As far as the fees go, for each conversion I will lose roughly $150 so keeping it to one (GBP to RUB) is really the only viable option.

Alan65
31-01-2013, 21:38
Unfortunately not - this would be a simple option but it seems all the banks here only offer USD and EUR in addition to RUB.

As far as the fees go, for each conversion I will lose roughly $150 so keeping it to one (GBP to RUB) is really the only viable option.

Hi, I found the same, only major currency accounts, EUR and USD are catered for.

What you may want to look at is:

Set up a Western Union online account.
Make a payment to yourself from GBP to RUB
Collect the cash from a Western Union branch/rep.
Deposit the cash in your Citibank account
Pay your landlord.

Alternatively....offer your landlord cash for a discount.

frankjohn2
01-02-2013, 03:09
I do not know what fees your bank in the UK charges for ATM withdrawals but this may be your most economical option. Least convenient however.

Benedikt
01-02-2013, 03:38
[QUOTE=OnSecondment;1119113]Does anyone here have a bank account in the UK and a bank account in Russia which you can transfer money between?



and at least for ONE person life would be easier..
( i know my reply does not solve your problem and you will curse every moth loosing out on bankers fees and transfer costs)
How about sending your landlord blank travelers cheques with registered mail? he can than cash them in?

OnSecondment
01-02-2013, 10:20
Re: cash payments/travelers cheques - I currently pay him in cash but (unlike every other landlord in Russia it seems) he has specifically requested that I transfer the money via bank transfer (but his bank account has the same problem as mine - cannot accept incoming transfers in GBP into RUB account).

Re: Western union - the fees are even worse...

Benedikt: I only wanted to know if anyone had such a process in place (so that I could open an account with the same bank here). I do not want to use someone's accounts.

frankjohn2
02-02-2013, 02:02
OP,

I have searched the websites of MANY MANY banks in Russia looking for the best option for my circumstances and can say that in all of that searching I have only come across current accounts for RUB, USD and EUR. Never have I seen a GBP current account offered.

I have seen one or two banks that hold term deposits in GBP, but that will not help your circumstances in any way.

There is no such thing as a RUB account that can accept wire transfers from abroad available from any bank in Russia. In all cases, funds have to be transferred to an account in a hard currency and then exchanged.

Your best option may be to shop banks in the UK to find the one with the best fees for wire transfers in USD or EUR, or to find the bank with the best fees for foreign ATM withdrawals. The actual exchange rates for ATM transactions are always the best available but they are subject to any foreign exchange transaction fee (FETF) added by your bank. For instance HSBC charges a 2.75% FETF.

ilya25
02-02-2013, 17:40
Hi you cannot transfer GBP directely to RUR account The money should come to GBP account then you will need to convert them. Try to check VTB24 - they may have accounts in GBP
also have a look at this service www.moneybookers.com

RichardB
02-02-2013, 18:32
This may not be what you want you but dkb.de offer a Europe-wide euro account with no or very little charges (no ATM charges for instance)

http://www.dkb.de/privatkunden/dkb_cash/

OR Barclays Europe (can be opened in the UK)

OR Citibank

Alan65
02-02-2013, 19:39
This may not be what you want you but dkb.de offer a Europe-wide euro account with no or very little charges (no ATM charges for instance)

http://www.dkb.de/privatkunden/dkb_cash/

OR Barclays Europe (can be opened in the UK)

OR Citibank

Have a look at caxtonfm cards

tonytony
02-02-2013, 19:48
Another alternative, again not ideal, would be to open a current account with either Norwich and Peterborough or the new bank based in London called Metro.

Both of these offer debit cards with no fees for foreign cash withdrawal.

So, all you need to do is transfer the money from your British bank into your account with N and P or Metro and then use their debit card to withdraw the money as roubles in Moscow and pay the cash into your rouble account.

It'll be a bit of a pain as I presume your rent is somewhat higher than the daily withdrawal limit at most ATMs but this will avoid you having to change the money into either Euros or Dollars before converting it to Roubles:-

http://www.nandp.co.uk/current-account/

https://www.metrobankonline.co.uk/Personal/Bank-Accounts/Current-Account/

EDIT

Just saw Alan65's post above. The CaxtonFX cards have an additional 2.75% loading if they are used in a country with a different currency than that on the card.

frankjohn2
03-02-2013, 06:15
It'll be a bit of a pain as I presume your rent is somewhat higher than the daily withdrawal limit at most ATMs

On this topic, Citibank ATM's in SPB allow the largest withdrawal amount in RUB (that I have found) from their ATM's for non-Citibank cards at 30k RUB per transaction. You can do as many transactions as needed back to back up to the limits imposed by the issuing bank.

The other issues would be the daily withdrawal limit on the issuing bank side and if they have any limits on the number of transactions or consecutive transactions.

Raul P
24-02-2013, 11:43
Another alternative, again not ideal, would be to open a current account with either Norwich and Peterborough or the new bank based in London called Metro.


Metro Bank is great, I swapped my account to them.

I have a similar problem, I want to transfer money from Russia to the UK and someone told me I'd have to open a special kind of account with another bank. It's best to find someone who speaks English in your bank and, if they're open enough, get them to tell you what the skinny is.

Stefanie2000
24-02-2013, 11:59
Hi,

I saw your thread and I can imagine your frustration with the situation.
Please try Gasprombank, they had current accounts in GBP before, I hope they still offer them. At least I had one such account with them before to move to the UK 5 years ago.
They have a few branches in Moscow, one of them near Prospect Vernadskogo. You can find others via yandex. I plan to go there and check about my account soon as well. If I have new info, I'll let you know.

Regards,

Tatiana