Discussion About Bank Transfers to Russia

[yankee]

Question to Manny or someone that has immigrated to Russia.

How would someone who wanted to move to Russia transfer a large some of money to Russia from the west?  I am talking about $400,000.00 USD or more.

[Manny]

My first thought would be incrementally. Maybe in 20-40 movements over time. Be aware of US so-called "structuring" laws though. May or may not apply.

I'd be thinking of trying to do much of it in cash. You'd get 10% out on the first flight split between two people. Sending a mule back and forth might be most reliable. But getting the $ out of the US bank in cash would also take time. I'd be seeking to avoid bank counters and questions and instead use multiple accounts and ATM cards.

How useful is the USD in Russia now? Isn't there a ban on the exchange? A question for Steveboy I think. You may need to go into Euros first.

I think you'll struggle to do it through the banking system as it would have to pass through a country friendly with Russia on the way. Which means intermediaries and cost. An off-the-shelf Dubai company might work, just for the bank account, that is worth looking at.

Due to the amount, you'll struggle using peer-to-peer and friendship networks as I do to send money there. A few grand is no problem, but I doubt anyone I know has 400 large sitting about in Russia they want to bring in this direction.

I'll ping Sparky a PM as I am sure he'd have some insight into this.

[rosco]

My first thought would be incrementally. Maybe in 20-40 movements over time. Be aware of US so-called "structuring" laws though. May or may not apply.

I'd be thinking of trying to do much of it in cash. You'd get 10% out on the first flight split between two people. Sending a mule back and forth might be most reliable. But getting the $ out of the US bank in cash would also take time. I'd be seeking to avoid bank counters and questions and instead use multiple accounts and ATM cards.

How useful is the USD in Russia now? Isn't there a ban on the exchange? A question for Steveboy I think. You may need to go into Euros first.

I think you'll struggle to do it through the banking system as it would have to pass through a country friendly with Russia on the way. Which means intermediaries and cost. An off-the-shelf Dubai company might work, just for the bank account, that is worth looking at.

Due to the amount, you'll struggle using peer-to-peer and friendship networks as I do to send money there. A few grand is no problem, but I doubt anyone I know has 400 large sitting about in Russia they want to bring in this direction.

I'll ping Sparky a PM as I am sure he'd have some insight into this.

The land of the free.......unless you want to leave that is. 

[Steveboy]

You can transfer it by bank with NO issues whatsoever ..(From the UK anyway) Pretty well as much as you want.

If you have someone in Russia with a https://www.raiffeisen.ru/en/.  account in Russia you should have no problems. My mate here  regularly transfers 40/50,000 quid at a time from the UK Natwest to his wife's account in Russia .. I think he said it was free for a 3 day transfer or 15 quid for instant. Other banks in the UK also do transfers it's no big deal, no need for any schemes .. crypto or any thing.. just do a simple bank transfer. Of course that is if they allow it from your US bank.

Otherwise just bring cash in, you can change it any where for Roubles, good rates now. Now is the time to by some real estate here , property prices down 15% same as all over the planet but with the rouble at the present rate .. go gadget go!!!

Lucky we have no problems changing $ to Roubles at the daily spot rate with no commission .. solved that a long time ago.

[Manny]

I have had some problems with larger amounts lately, both domestically and internationally. Just moving savings about recently, I had Virgin Money freeze three payments of £20k each while they "verified" it. Took 3 days and a silly phone call while I had to convince them I wasn't funding a Nigerian prince or something. Very tedious. I complained and they coughed up £25 for my lost interest. But I've had similar with Barclays too recently. I've also had issues with sending money to China of late, Wise and Tor FX wanting reams of documents to support the transfer that I wasn't prepared to supply.

Does Raiffeisen do the freezing thing? I'd suspect so if it's a new account or certainly with a transfer to Russia. Maybe not with a transfer pattern they have seen before.

What are the rules surrounding US banks sending direct into Russia now? And if not SWIFT, what are they using?

[Steveboy]

I have had some problems with larger amounts lately, both domestically and internationally. Just moving savings about recently, I had Virgin Money freeze three payments of £20k each while they "verified" it. Took 3 days and a silly phone call while I had to convince them I wasn't funding a Nigerian prince or something. Very tedious. I complained and they coughed up £25 for my lost interest. But I've had similar with Barclays too recently. I've also had issues with sending money to China of late, Wise and Tor FX wanting reams of documents to support the transfer that I wasn't prepared to supply.

Does Raiffeisen do the freezing thing? I'd suspect so if it's a new account or certainly with a transfer to Russia. Maybe not with a transfer pattern they have seen before.

What are the rules surrounding US banks sending direct into Russia now? And if not SWIFT, what are they using?

"Does Raiffeisen do the freezing thing? I'd suspect so if it's a new account or certainly with a transfer to Russia." I have not heard of anyone having that issue, I guess they are used to it and its nothing unusual anymore..

Everyone seems to be doing it perfectly fine. As far as I know you can send from lloyds Bank and Natwest online even from Russia, no problems and no questions BUT you must have a GBP account with them in Russia to do the transfer you cannot transfer to a Rouble or $ account.. I have a friend living in Saudi who has a GF here she went and opened a Raiffeisen account.. Job done.. he sends her money from his UK bank no issues.   I have a mate who tried it from Santander and they closed his account the following day 

I do not know about the US , have no idea on that one I expect they flag every thing up with the word Russia on it..lol But it could be ok..

[Manny]

Does Lloyds have a branch in Russia? They have a page about transfers that is a bit opaque: https://www.lloydsbank.com/business/ukraine.html

Natwest can't be trusted anymore. They are closing accounts like crazy. They even closed Farage's Coutts account.

And they are closing accounts owned by Russians too: https://www.telegraph.co.uk/politics/2023/07/04/alexandra-tolstoy-natwest-closed-bank-accounts-no-reason/

Natwest debanked RT too: https://www.theguardian.com/media/greenslade/2016/oct/24/why-did-natwest-issue-a-threat-to-russias-rt-news-channel

[Steveboy]

Does Lloyds have a branch in Russia? They have a page about transfers that is a bit opaque: https://www.lloydsbank.com/business/ukraine.html

Natwest can't be trusted anymore. They are closing accounts like crazy. They even closed Farage's Coutts account.

And they are closing accounts owned by Russians too: https://www.telegraph.co.uk/politics/2023/07/04/alexandra-tolstoy-natwest-closed-bank-accounts-no-reason/

Natwest debanked RT too: https://www.theguardian.com/media/greenslade/2016/oct/24/why-did-natwest-issue-a-threat-to-russias-rt-news-channel

No Lloyds in Russia.. Defo you can use Lloyds and Natwest though problem free. $10,000 a day from Natwest. I think you need to indicate on the transfer that it is family money. You can easy do a test ask a family member to open an account at Raiffeisen they will need to open a GBP account. And just send 30 quid or something. Raiffeisen are all over Russia so easy to find a branch. Last time my mate did a big transfer was just a few months back, I don't think any thing changed.

I don't do any transfers I have several high earner mates in Moscow, we just swap currencies every week , they get to save lots of their salary in the UK and we get our Roubles.

[2tallbill]

Question to Manny or someone that has immigrated to Russia.

I would open up an Account in Turkey or someplace similar, then transfer it there, then transfer it
to where you want it.