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ultimotattie
23-07-2008, 16:11
I am hoping one of you guys knows a bit about the economy and exchange rates, and not just how to flash your wallets. :tv:

The exchange rate between rubles and pounds has been changing for the past year. It has slid from 50 rubles for one pound, to around 46 now. Does anyone know if it is likely to keep getting worse, or if it may go back up a ruble or two in the next month?

I want to have some cash in hand for arriving in Moscow, even just around 100-150 to tide me over for the first day till I find the nearest ATM etc. Just wondering whether it would be best to get them now, or wait a bit closer to the start of September when I will be flying. I know it won't make a huge difference in terms of real value, but it is enough for a couple of beers, and thats worth an awful lot in any currency. :11158:

Oh, and if anyone can say the best place for currency exchange in the UK, that would be great!

xSnoofovich
23-07-2008, 16:16
I didn't know it was possible to change RU outside of Russia, except for a few x-change points at train or bus stations, which have terrible rates anyway....

ultimotattie
23-07-2008, 16:27
I will need to have a look at a few places, but I know for sure the Post Office here can order them in within a day or two. Their online rate is 42 rubles though, which is quite dire compared to the 46 officially. However, their in-store rate may be a couple of rubles higher.

Judge
23-07-2008, 16:35
Try Thomas Cook ,not sure about the rate but you can get rubles from TC.Last time I used them I didn't need to put in a order.

Mirka
23-07-2008, 16:38
I would not change any pounds if I am you. I would just use the first ATM at the airport and withdraw the money. If you do that you pay some fees but banks are using middle exrates (which will definitely not be 42) and usually for financial operations the fees are better than for exchanging. That is at least common practice in my bank and in my country. Even if you go to a bank here, Raiffeisen bank for example the ex rate would be around 44.78, which is still better than 42.

Mirka
23-07-2008, 16:44
Based on Банка России pound dropped 2 RUB / Pound since January. I do not think it will climb back up in 2 in the next 2 months.
BTW what official ex rate did you look at? If you look at Банка России it is only ex rate for financial purposes. In comertial bank it is now: sell 47.45 and buy 44.78.

ultimotattie
23-07-2008, 16:46
Try Thomas Cook ,not sure about the rate but you can get rubles from TC.Last time I used them I didn't need to put in a order.

Thomas Cook don't seem to have it on their website as available for exchange any more, but I will check it out.


I would not change any pounds if I am you. I would just use the first ATM at the airport and withdraw the money. If you do that you pay some fees but banks are using middle exrates (which will definitely not be 42) and usually for financial operations the fees are better than for exchanging. That is at least common practice in my bank and in my country. Even if you go to a bank here, Raiffeisen bank for example the ex rate would be around 44.78, which is still better than 42.


I have an account with Nationwide who don't charge for withdrawals abroad. Do the ATM's charge a fee for using a foreign account?

I may wait if that is the case, but I think to be safe I will grab a small amount before I come, you never know when you will need cash, and since I will be met at the airport by our student rep, I think we are going straight to our homestay rather than going to find an ATM!

Mirka
23-07-2008, 17:01
Do the ATM's charge a fee for using a foreign account?


It is always about the agreement between banks. Some charge some not. Some charge diffrent fees then others. Some charge only for withdrawal and not for payments by card.
To be sure and if you are interested you should it with your bank.
My bank charge 1% of the amount which in your case 46/44 vs 42 would be still cheeper than to change pounds in England. As for payments by card my bank charge no fees.

Bels
23-07-2008, 17:53
I will need to have a look at a few places, but I know for sure the Post Office here can order them in within a day or two. Their online rate is 42 rubles though, which is quite dire compared to the 46 officially. However, their in-store rate may be a couple of rubles higher.

As far as I know, you can't get roubles. Yes by all means get Euro from the post office, and then exchange here in Moscow. Or simply exchange the which I always do. Yes , it was just over 50 roubles last year when I last exchanged. But who knows as apparently Bitain wants there to drop for export purposes now, due to the coming recession and inflation in Bitain.

Carbo
23-07-2008, 18:09
As far as I know, you can't get roubles. Yes by all means get Euro from the post office, and then exchange here in Moscow. Or simply exchange the which I always do. Yes , it was just over 50 roubles last year when I last exchanged. But who knows as apparently Bitain wants there to drop for export purposes now, due to the coming recession and inflation in Bitain.
I suspect the Ruble will continue to rise against the pound. While the Bank of England targets inflation, Russian monetary policy isn't so simple. The Russian Central Bank targets not just inflation, but also the RUB exchange rate, keeping the RUB artificially weak against a 'basket' of the EUR and the USD in what's sometimes called a 'dirty float'.

The Russian Central Bank sets a band above and below which the RUB can't trade. In recent years, the Russian economy has grown stronger, has had negligable debt, gained better credit ratings, and enormous reserves, and so the RUB has had to be kept artificially low (by printing and selling more rubles, I assume) in an effort to maintain its band. However, so far this year, the bank has three times increased the upper limit of the band, in effect strengthening it against both the USD and EUR. I expect this process to continue for some time as the Russian government becomes increasingly concerned about inflation and an overheating economy.

Further, as the UK's economy goes to the dogs and the government takes on more debt, the GBP will naturally start sliding (quite far, I should imagine).

If I was you, I'd get rubles as early as possible, as long as you don't get your tradesman's entrance bashed in on the bureau de change's rate. Is it really going to break the bank getting hit for 2 rubles in the pound on a hundred or so quid?

ultimotattie
23-07-2008, 18:13
I think I will take a walk about tomorrow and see the best rate I can get. The few sources I can find on economics, which is not my strong point, also indicate a gradual decline over the past year and for the trend to continue.

The only bummer is that my funding etc gets paid in pounds, so as time goes on I will get relatively poorer. :(

Kartoshka
23-07-2008, 20:54
I don't know why people seem so sure you can't pick up roubles in the UK. Unless it's changed since last summer, any travel agent will order roubles in, and some will have at least a small amount "in stock". As for Nationwide, as far as I know I've never been charged for withdrawing money here from my account.

ultimotattie
23-07-2008, 22:20
That should save me a few hundred quid then.

So I guess kartoshka is the Russian word for tatties?

And I am the Ultimotattie... :D:D

DJ Biscuit
25-07-2008, 23:09
As far as I know, you can't get roubles in Bitain.

You can, and at quite a few places.

Best thing is to simply check exchange rates in England and exchange rates here in Moscow and compare. The difference if you change 150 quid could be as much as a tenner, worth checking it out.

Katrine L
25-07-2008, 23:24
My experience shows it is better to change here. You will easily find ATM at any airport or there are some ATM where you can change cash as well. These ATM accept dollars and euros only but the rate is much better than at exchange offices at airports and compared to city rates.

DJ Biscuit
25-07-2008, 23:57
While we are on the subject I always leave it until the last minute to buy Sterling before my trips home and I am off in a few days - any recommendations for changing rubles to pounds?

I usually go to a random exchange or bank.

Katrine L
26-07-2008, 00:15
Usually I check RBC online - (http://cash.rbc.ru/perl/cashtable.pl?order_by=time&city_id=1&cfg=mskcash&session_id=&order_desc=1&country=GBP&time_filter=3&curr_filter=GBP&summ_filter=&what_show=strphone) for the best offer or check rates around during my day trips or call to some banks that offer better rates often(but not always!) . Usually these are Moscow Industrial Bank and Vneshtorgbank. But they may vary from time to time.

ultimotattie
26-07-2008, 05:31
I went to one of my banks (Halifax) and got a rate of 43 to the pound.

Not quite 46 to the pound, but that appears to be the business lot and it is 50 kopecks more than normal from the PO!

Northman
02-09-2008, 19:55
I have some swiss francs in cash, I need to get roubles for them in Moscow. I am a novice to exchange money stuff; where would you say are the best exchange rates, smaller spread?

trebor
02-09-2008, 20:23
Stirling crises is about to happen.
Economy is heading into recession and the pound is heading into free fall.
If you were the bank of England which would you tackle first?
Remember now, each set of actions will compromise the other.

Bels
02-09-2008, 20:39
Bank of England has already stated before it started dropping, that they have no intentions of doing anything, and will allow it to drop.

BelgianSoviet
03-09-2008, 01:27
what you are asking, is knowledge that is hard to come by; if i'd know for sure, id make millions on the stock exchange.

being employed by a bank, id say the is gonna drop for some time longer though. the whole UK economy is in recession.

that means, most probably, the rest of europe will follow soon. unless Germany is strong enough to pull the rest of mainland europe through...

Albertina
03-09-2008, 08:01
for small amounts, it does not matter too much - change it in a bank only in russia. the spreads are around 0.5% - vtb24, sberbank, promsvyazbank are usualy fair.

Len Ganley Stance
03-09-2008, 10:00
I'd use an ATM if I were you. The rate won't be that bad.

Here's the Russian Central Bank Rate plus a snapshot of a Currency Tracker for the past month............

Albertina
03-09-2008, 21:56
Most of the banks charge ATM fees - just check this beforehand.