Sending money to Russia - from UK

[msmoby]

Sending money overseas is a nightmare - when you need it there quick and it is more than the daily limit on the card ( normally it is only quick to RU from the UK - if the card is also in UK currency)

SC needed funding in excess of a few days card limit - FAST and I was recommended to use a firm called Opal Transfer
( www.opaltransfer.com )   They were recommended by a member.

The initial limit is £1500 - but this can be lifted by getting certification from one's bank ( for example ) that the passport is really yours...Sadly - having agreed that all was 'good to go' , limit increased - I paid up -only to find, an hour later that the transfer was 'refused' - as  MORE checks - the previously mentioned Bank certifying my ID - were imposed ...  they called me - but I had given a extra digit on more of THREE contact methods - they didn't try the others - and 'refunded' me ?!  I would have to wait 2-3 working days ?!..

I learnt that in the UK - if an authorised transaction is not taken up - cancelled - one can get the seller to fax your bank ( in my case TSB) and the money was back in minutes

I gave 'em a second chance and the money was with the Raiffeisen in less than 2 hours.

They told me that Sber MIGHT take longer to show the money... though this has not been the experience with the guy who recommended them

One simply puts the 16 digit card number and name of recipient


Another member recommends Transferwise - set up by the Skype founders...Their rates seem good - you just need the BIC code and account number - their rates seem better - but after the mistake, I got commission free transfers for a month with Opal - so they worked out better.

Opal only do UK-Russia ( and vice-versa) and some other E.European nations - but Transferwise seem to have a more places options







 

[Manny]

I learnt that in the UK - if an authorised transaction is not taken up - cancelled - one can get the seller to fax your bank ( in my case TSB)

You'll remember we used to call them the Toytown Savings Bank.

[Manny]

I can use our credit card machine to do a 'refund' to a Russian card. Its there in 2 days at interbank rates - lemon squeezy.

[Markje]

I can use our credit card machine to do a 'refund' to a Russian card. Its there in 2 days at interbank rates - lemon squeezy.

Sometimes I wonder at you brits, I can simply ask my bank, they will give me a decent exchange rate (not the best) or (if the RU-bank supports it) , send it in Euro and have it converted at the other end.

It costs me $5 for any amount below 10.000 euro.

Mark.

[Manny]

I can use our credit card machine to do a 'refund' to a Russian card. Its there in 2 days at interbank rates - lemon squeezy.

Sometimes I wonder at you brits, I can simply ask my bank, they will give me a decent exchange rate (not the best) or (if the RU-bank supports it) , send it in Euro and have it converted at the other end.

It costs me $5 for any amount below 10.000 euro.

Mark.

Dutch banks are quite efficient though. Staff in high street banks here are inexperienced on the whole with international transfers. Many still have to fill in quadruplicate forms by hand and send them off someplace to be processed. 

With some banks, you can do international transfers online but the fees and the rates suck. And countries like China and Russia you can't generally do online. Why I use HIFX for most international transfers, but they won't do Russia.

[msmoby]

Thanks for the responses

By Quick - I didn't mean waiting two days ))

Mastercard / Visa exchange rates suck

TSB are one of the few backs that are opening branches on the UK   - VERY nice staff .... but transfers to Russia ( done on line)  cost £10 an take too long - 5 working days - that was to Sberbank

[andrewfi]

Currently using Transferwise with the associated Borderless account service.
I use it to take in money in various currencies, I use sterling, euro and dollars and then transfer the money to wherever I want it. Current fave is a Spanish based DeutscheBank account which is giving free purchasing across Europe and, so far, free ATM use. Oddly enough they charge for most ATM use in Spain but not in other countries I have used it.

It is dead easy to send money to bank accounts across the world meaning that many bills and payments can be made but, for some reason, Paypal is not one of them. However, in many cases I no longer need to use PayPal, people simply drop money into one of my currency accounts and I can make payments by bank transfer.

One can run the Borderless service from China or Russia, as well as most other countries (but there are some U.S states that can't work with Transferwise Borderless) You can send Rubles to Russia but not to Crimea or Sevastopol (I bet that's a trivial issue though).

International livers and travellers will likely find this thing very handy.

[Poldark]

Staff in high street banks here are inexperienced on the whole with international transfers.

Depends who you bank with, I bank with HSBC Premier and they'll do an international transfer as and when I tell them although it's usually to Dubai (EmiratesNBD) not Russia but if you bank with Lloyds, Barclays and the like with a regular joe account, good luck getting anything done without fees killing you.

[Manny]

Staff in high street banks here are inexperienced on the whole with international transfers.

Depends who you bank with, I bank with HSBC Premier and they'll do an international transfer as and when I tell them although it's usually to Dubai (EmiratesNBD) not Russia but if you bank with Lloyds, Barclays and the like with a regular joe account, good luck getting anything done without fees killing you.

I'd expect HSBC to have more of a clue, being Chinese and all. I haven't banked there in years, though. 

I was thinking of Lloyds, it's them who do all the tedious form filling, and watch them go blank when you give them a US cheque in dollars. 

Barclays you can do with a Joe Soap account but fees aren't cheap.

Yorkshire bank you have to do it in branch and its tedious.

Transferwise

Last I looked there they wouldn't do China or Russia in local currency. And I won't use dollars for either, being an avid supporter of dedollarisation.

[Poldark]

I'd expect HSBC to have more of a clue, being Chinese and all. I haven't banked there in years, though. 

I was thinking of Lloyds, it's them who do all the tedious form filling, and watch them go blank when you give them a US cheque in dollars. 

Barclays you can do with a Joe Soap account but fees aren't cheap.

Yorkshire bank you have to do it in branch and its tedious.

And they're the world's local bank although unavailable in Russia, South Africa and many other countries.

Oh if you think that's bad, before I switched to HSBC, Lloyds wouldn't accept a USD cheque even if you were paying into their old USD account offering (I believe it's still available offshore, not that it's of any use).

Barclays had just as many forms as Lloyds or has it all improved? No experience with YB mind, only been through HSBC, Lloyds and Barclays in the UK, HSBC wins hands down.

[msmoby]

Transferwise DO do Russia and China - they say if sending 1000GBP you'd get 75K+ Rub and 8700 Yuan by tomorrow

[Manny]

Lloyds wouldn't accept a USD cheque even if you were paying into their old USD account offering (I believe it's still available offshore, not that it's of any use).

Now we pay USD cheques into a local Lloyds sterling account, you'll grow roots while they fill in the forms, but they get there. Credit is usually 4-6 weeks but my last one was 3 days.

Don't you just love the inconsistencies of British banks?

As for Barclays, try paying a GBP cheque into a Gibraltar account over a UK counter and watch it vanish. 

Barclays UK sort codes all start with 20 I think and Gib sort codes with something like 22. But every UK teller spends all day keying in 20-XX-XX, so guess what happens when they dont spot the 22-XX-XX sort code, key 20 and it goes into a holding account? Last time they coughed up a grand for their error after some bickering.