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Thread: Sending money out of Russia To Australia?

  1. #1
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    Sending money out of Russia To Australia?

    Anyone know what is the best way (most economical) way to send money out of Russia via the banks.

    I moved back home to sydney and hence sold my apartment in russia so i have some money to send back home.

    Anyone have any experience with this? I would like the cheapest possible route as its a fair bit of money.

  2. #2
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    Open a local bank account with internet account and transfer. Unicredit do it.

  3. #3
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    If you already have an bank account and you are a temporary resident you can transfer from your account. Just deposit the cash in your account and send. Where you will most likely get screwed on is the exchange rate....

  4. #4
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    Quote Originally Posted by fidel View Post
    If you already have an bank account and you are a temporary resident you can transfer from your account. Just deposit the cash in your account and send. Where you will most likely get screwed on is the exchange rate....
    It depends where to convert money. If current funds are in USD in Russian bank, maybe it will be better to open USD account in Australian bank (if they're able to do it), transfer whole sum in USD there and convert into australian currency locally.
    Also, may appear better to open card in Russian bank in USD or RUR and just take cash out of ATM in Australia.
    It is better to consult banks (here and there) first to discover their commissions and conversion rates, listen to their advices etc., ask a million of questions and finally find the way

  5. #5
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    Australian banks offer terrible exchange rates. I would strongly recommend against doing the conversion there. Another option which is similar to what FatAndy suggested: Use OANDA's conversion service. The rates you get from OANDA are extremely close to interbank rates and are not matched by any other currency transfer broker.

    However, OANDA is not able to offer conversions from rubles, because they don't have a local banking license. If you have rubles, you will have to open a local bank account and use that account to convert to USD or EUR.

    Account opening is simple and will cost you nothing at Raiffeisen or UniCredit bank. Both of those banks offer very competitive electronic exchange rates. Sometimes the EUR rates are more competitive and at other times the USD rates are better. It depends on the market conditions at the time.

    From your Russian bank account, you would wire money to OANDA in USD or EUR, and then from OANDA you can do the conversion to AUD and wire the money to Australia.

  6. #6
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    HiFX

    Try HiFX, I sent money with them. They guarantee you an agreed on rate of exchange and pick up the bank charges. I used them three times, always very happy with the service.

  7. #7
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    I can offer you another way and you can get cash immediately in either Australia or Hong Kong, up to your choice. Pls PM if you're interested.

  8. #8
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    I transfer money every month to America... but I do it differently. I use Alfa-Bank - they offer great rates on their debit cards and issue "Instant" cards without your name. They offer you to open up to 6 accounts - Rubles, Dollars, and Euros (current and savings).

    What I did was this: I got an instant card which is tied to my "current" dollar account. I gave the card to a trustworthy person in the US and now whenever I want to send cash I simply put it in the current account and my friend in the US goes to the local ATM and withdraws it, then deposits it in my account at the bank there.

    The instant card ONLY has access to my dollar account, so even if the card ends up in the wrong hands no one can get to anything I haven't put in that account. Also, the fees for withdrawing in a foreign bank are only 1%, much less than other banks, and there are no transaction fees.

    Alfa-bank does not have an English interface on their internet bank, but it's still rather easy to use if you know a little Russian.

    Other than this method, your other best bet is to simply issue a bank transfer to your local bank in Australia, which will cost you a percentage (usually 1.5% I think) plus transaction fees. Often both the sending bank and receiving bank collect a transaction fee, so check with your Australian bank to determine the total cost.

  9. #9
    bogart Guest

    Vtb24

    i opened an account at vtb24, for the purpose of transferring money regularly to the US, and simply picking the bank by the looks of it, having nothing else to go on. i have been reasonably satisfied. i deposit money in rubles. i sign on the telebank site and i convert it to dollars myself, without a fee, and then i transfer it to my bank in the US for a flat $15 fee. i will say that the transfer proved to be very frustrating and involved several trips to the bank, where it was difficult to find anyone who spoke much english, and several calls to my bank at home. however, i have now saved the template and i hope that next time it will be very simple. if anyone wants to try vtb i can now help with how to transfer. just ask.

  10. #10
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    I was just told today that if you go into AlfaBank armed with your documents (passport, visa, migration card), they'll do you a one-off transfer to a foreign bank for a very low percentage fee.
    Or you can open an account and transfer the money online or over the phone, I think, though I haven't tried that myself.

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