russian banks

How To Move Money Out Of Russia

As of 2013, the Russian Government introduced fines to Russian nationals on any transaction where money was sent to overseas bank accounts. The fines could range from 75% - 100% of any transfer to a foreign account if the transfer did not go through a Russian bank account. Those most affected were people renting flats in foreign cities or those that received payments for freelance work from non-Russian firms. The thought process behind these fines, was that it would help the government in their quest to stop capital flight and fight corruption.

Brokers and companies like The Money Cloud can help you move money out of Russia because they are specialists in buying and selling currencies and focus solely on currencies, whereas Russian banks will provide a huge range of services and not specialise, or be able to get the best deal, on foreign currencies or the transfer of money from a Russian account to an account in the UK.

When looking to move money out of Russia, whether you are an individual or a business, it is recommended you speak to one of our partner FX brokers or the team here at The Money Cloud to help you save money. We showcase excellent exchange rates and low foreign exchange fees too. The team here at The Money Cloud and brokers can also offer faster transfer times and a much better deal than you would ever get with a Russian bank.

There will be some individual KYC (Know Your Customer) requirements when you are moving money out of Russia and these are as follows; You will need a signed application form, Proof of ID (ideally a passport that verifies your full name and date of birth), proof of residential address (such as a utility bill or bank statement from within the last 3 months).

For verification acceptance, you must have the requested documents verified by an authorised person from a credit or financial institution (bank or building society official), or an auditor, an insolvency practitioner, external accountant, tax advisor or independent legal professional. The certification must include the wording ‘True Copy of the Original’ along with the name, signature, stamp and address and contact details of the person signing.

Every year, the team here at The Money Cloud help thousands of individuals and businesses with their international money transfers and we save these individuals and businesses huge amounts of money so why not contact us now to see how we can help you move money out of Russia. 

 

Comparison tool

Sending Currency
Buying Currency
Send USD Receive

Latest Articles

Chloe Rogers

Your site is top, thank you. I was going to use my bank and but came across you on Forbes site, I am glad I did. I went on and used Torfx very good service got the rate right, saved me money compared to many others you list, they even helped me get an aussie bank account. Once again thank you for help!

Alex Larsen

I've been struggling to find a way to make regular transfers to my Norwegian account from the UK (where I work). Finally I've at least got some pointers for where to start, so I won't have to pay a fortune every time I transfer!
Paying overseas suppliers in their own foreign currency

PAYING OVERSEAS SUPPLIERS FOR GOODS AND SERVICES

When paying overseas suppliers on a regular basis, currency conversion costs as well as fees when using your bank all add up. The Money Cloud saves you money by introducing you to specialist foreign exchange companies when conducting overseas business purchases and expenses.

Paying for your overseas tuition fees in foreign currency

PAYING FOR YOUR EDUCATION ABROAD – OVERSEAS TUITION FEES

Overseas university or secondary school tuition and living expenses are not only expensive but also currency conversion takes large portion of your budgeted funds for your child's studies. We show you how you can make the most of the money you are investing in your child’s future.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter