How to Send Payments to and from Russia

As the amount of cross-border trade continues to grow, Russia is becoming an increasingly important market to do business with. One of the key components in a successful trading relationship is the ability to send and receive money securely, on time, and at a minimal cost. In this blog, we explore several points that need to be considered when sending money to or receiving money from Russia.

You can send money to Russia in a number of ways, including banks, currency exchanges, and e-wallets.

Depending on the service you may be able to set up the transaction in different ways. The most popular is online, but you’re also able to do it via telephone and email or in person. But be warned, if you use a credit card to send money, the transaction may be considered a cash advance. This can make it much more expensive.

Security: Choosing a safe means of payment is critical as one wants to keep their personal data and funds secure.

Fees: The fees you pay to transfer money depend on the method being used and whether the transfer is made locally or internationally. Usually, service providers charge their customers a fixed fee, or a percentage of the amount being sent and received (or sometimes both!). There may even be set-up fees to open an account.

If you are combining an international currency conversion with your transfer, the provider may offer a less-competitive exchange rate than other currency exchange providers. Therefore, you could pay fees and lose out on the exchange rate.

Speed: If you require a fast money transfer, then make sure you check how long it takes for each different type of transfer option. For example, cross-border international bank transfers can take 3–5 working days (or longer in some cases) to be processed by the recipient’s bank.

Local Bank Wire Options: With local bank wire services, you can send money much faster than with traditional international bank services.

For example, STICPAY’s local bank wire option allows you to receive funds from STICPAY partner banks in your country to your bank account in your own currency.

By using a local banking system in your country, you can save time and money as it eliminates the need for an intermediary bank. Using an intermediary bank would cost you 2–3 days processing time and higher transfer fees incurred by the international bank wire.

Regulations: Many countries have specific laws or rules in place regarding money transfers, often including limits on how much you can transfer between bank accounts. Understanding the legal situation will help decide which method to use for your payment transfer.

Convenience: Any payment provider you choose should offer a desktop system and smartphone app that is easy to use for both the sender and recipient and allows quick and easy deposits and withdrawals.

STICPAY’s e-wallet is secure, convenient, reliable, and cost-effective, and there are some additional features that raise STICPAY above the competition:

In addition to the core benefits of using STICPAY, the company is also one of the few to allow deposits and withdrawals of cryptocurrency. STICPAY’s e-wallet supports all the major fiat currencies, plus Bitcoin and Ethereum.

Once you deposit funds into your STICPAY account, you can make money transfers or use your account to buy products and services. Recipients will receive the funds you send instantly.

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