Currency Exchange

[JVRR]

Neither ...nor

I guess, that there is a mistale somewhere, but in Russia the rate is 30.35 rur.

Oh yes, well I rounded . The three ru difference though between the current rate and my bank is shocking, to me at least. Three ru is not a ton, but you add up the amount of money I want to exchange and it sort of is!

[DavidB]

JVRR,

Today's buy rate for US Dollars in cash in Moscow is about 29.85 to 30.15, depending on which bank you go to.

There are thousands of banks in Moscow, so you won't have any problems finding one. Actually, I think it would be difficult to find a street in Moscow without a bank. Have a look at this Google Maps search for "bank": Google Maps - Banks in Moscow

My advice, if you're worried about not having cash for the first few hours, is to exchange $50 or $100 before you arrive, and exchange the bulk after you arrive.

You may also be able to arrange for the person who meets you to take you to a bank and help with translations.

[Remington]

Avoid the exchange kiosks by the street since some of them charge 2% if you change less than $1000. You're better off going to the banks to change the money until you learn which exchange kiosks or banks have the best rates near your flat or work. Remember this advice... Do not leave the kacca until you count all your money. Cashiers do make mistakes and some do it on purpose to take your money. It happened to me twice and I had to get police involved to get the rest of my money back.

[sis]

I didn't think aabout the bank, but i will second this. Probably the best way to change the money. stay away from the kiosks.

With the atms, the limit your bank sets will probably not be the issue. The problem in russia, is that the russian banks limit the ammount of money you can take from their ATM in one session. In moscow it is usually 15000rub, but if you go out of moscow, you will sometimes find that you can only take 6000rub. When you take money out of an ATM you are usually charged a percentage (1-2%) and a fixed fee, ($5). But I did some calculations, and came to the decision that if you dont need more than 60 000 rub, it is the cheapset way. For larger sums, a bank transfer is better, because there is not this fixed fee ($5) every time you take a portion of the money. But some recieving banks also take a cut.

[DavidB]

With the atms, the limit your bank sets will probably not be the issue. The problem in russia, is that the russian banks limit the ammount of money you can take from their ATM in one session. In moscow it is usually 15000rub, but if you go out of moscow, you will sometimes find that you can only take 6000rub. When you take money out of an ATM you are usually charged a percentage (1-2%) and a fixed fee, ($5). But I did some calculations, and came to the decision that if you dont need more than 60 000 rub, it is the cheapset way. For larger sums, a bank transfer is better, because there is not this fixed fee ($5) every time you take a portion of the money. But some recieving banks also take a cut.

I agree with sis too.

For example, I surveyed today's cash rates for AlfaBank, Sberbank, Raiffeisen, UniCredit and Bank of Moscow. The best rate out of those banks for USD->RUB is AlfaBank, which is offering 30.08 RUB for $1.

However, if you open an account with Raiffeisen and then wire USD to the account, they offer 30.40 RUB for $1. But there are also some charges - your foreign bank will charge from $15 to $30 for a wire transfer (depends on your bank), and Raiffeisen will charge $6 to receive the payment.

[FatAndy]

Hi Vova,
Remington is right, avoid kiosks until last chance, use banks instead.

Regarding sis note about cash limit - it can exist, but depends on your bank account agreement/contract. In Moscow I have no limit of cash withdrawal with local Sberbank Master Gold (and 50K rub/day in regions or eq. abroad, plus some fee if I'm out of Moscow region), and local PSBank Visa limits me with 50K rub/day in Moscow and 30K rub/day or eq. in regions + abroad, also some fee for non-Moscow region).

DavidB gives a good advice too - check rates in advance (for example, via cash.rbc.ru) and keep in mind they update them usually at ~11:00 AM.

Kiosks can change their rate at any time, usually they do it also at 11:00 but they also can set "night tariff" sometimes.

There are also duty banks, which work late or 24h but they're located usually at not very convenient places.

[sis]

cash limit - it can exist, but depends on your bank account agreement/contract. In Moscow I have no limit of cash withdrawal with local Sberbank Master Gold (and 50K rub/day in regions or eq. abroad, plus some fee if I'm out of Moscow region), and local PSBank Visa limits me with 50K rub/day in Moscow and 30K rub/day or eq. in regions + abroad, also some fee for non-Moscow region

that is probably correct, but if you try to use a foreign card in Russia, the withdrawal limit is set by the russian bank, or somehow associated with the ATM... on some cash machines you can get 15 000r, on others, you can get only 6000r. Never been able to get 50 000r, even though the option is there. The irritating part is that they let you take 6000r 5 times, until home bank limit is reached, but each time you take money you are charged a fixed fee.

[FatAndy]

Probably yes, sis, I've just made my notice to point that cash withdrawal limits may vary, and it depends on the bank. If foreigner has long-lasting visa or TRP, then, probably, it can be worth to make local bank account+card in addition to existing foreign ones, to get more flexibility (and more headache with taxes ).

[onlygod]

I'm after a friendly hint, which banks have the best exchange rates?

Also, I always exchanged my money on a kiosk and never got cheated (and they had better rates than a bank (for amounts over 10k$). If you exchange money in a bank, do you need to show your passport and registration? will they exchange the money if you don't have an account with them?

[Remington]

I'm after a friendly hint, which banks have the best exchange rates?

Also, I always exchanged my money on a kiosk and never got cheated (and they had better rates than a bank (for amounts over 10k$). If you exchange money in a bank, do you need to show your passport and registration? will they exchange the money if you don't have an account with them?

You're better off staying with the one you have or find a different kiosk that can do any amount with a reasonable rate. Banks normally have worst rate than kiosks. Some banks will ask to see your passport and you don't need to have an account with the them to do the exchange. They won't ask for registration unless if you open an account there.

[FatAndy]

I'm after a friendly hint, which banks have the best exchange rates? - see http://cash.rbc.ru/

I always exchanged my money on a kiosk and never got cheated (and they had better rates than a bank (for amounts over 10k$). - lucky you. Sometimes $h!t happens though.

If you exchange money in a bank, do you need to show your passport and registration? - below $300 or 10K RUB usually not

will they exchange the money if you don't have an account with them? - of course.

[Swordfish90293]

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