How to transfer money abroad

To whom and how much can be transferred abroad

From April 1, 2022 the Central Bank weakenedThe Bank of Russia eases restrictions on transfers of funds abroad for individuals / Bank of Russia restrictions on transferring money abroad. Now they can be sent both to your foreign account and to any individual.

But at the same time, there is a restriction - no more than 10 thousand US dollars per month. And if we are talking about another currency - no more than the amount equivalent to 10 thousand dollars at the exchange rate of the Central Bank.

If you send money without opening an account in your name, the restrictions will be stricter. In this case, the amount cannot exceed 5 thousand dollars per month or its equivalent in another currency.

All this applies to residents of the country, that is, citizens of Russia and foreigners with a residence permit. The same rules apply to foreigners from friendly countries and those who are officially employed in a Russian company. citizens of the so-called

unfriendly countriesDecree of the Government of the Russian Federation of March 5, 2022 No. 430-r , who do not work in Russia, as well as legal entities, cannot send money transfers abroad at least until October 1, 2022.

How to transfer money abroad

Through a bank

Let's start with the fact that in some countries of the near abroad, money can still be sent by phone or card number. But it is better to clarify this issue before sending funds. For example, to Armenia make a translation in this way, and to Georgia, although she is also nearby, no.

However after leaving from Russia, Visa and Mastercard will not be able to send money to a card in most countries in a simple way. But you can still use the SWIFT system - the very one, the disconnection of the country from which has been discussed so much. In fact, some banks will indeed be useless in this regard. From SWIFT disabledCouncil Regulation 2022/345 of 1 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF. All currency transfers due to sanctions stoppedSberbank has stopped all currency transfers abroad / RBC Sberbank.

But many banks still allow SWIFT transfers. However, before sending the required amount, you should make sure not only that your funds will go here, but also that the foreign bank of the addressee is ready to accept them there. Otherwise, the payment may be returned.

In addition, due to geopolitical reasons, money abroad sometimes takes a very long time. Foreign banks check transfers sent from Russia to see if everything is in order with them and whether the sender is trying to circumvent sanctions with their help.

You can transfer money abroad through a bank online - look for the appropriate function in the application or on the website. If "your" bank is under sanctions, you can go with the card to another and make a transfer there. To do this, you need to know the name and account of the recipient (IBAN), the name of the bank, its BIC or SWIFT code.

The amount of the commission depends on the bank, currency and method of transfer - online or at a branch. Usually the fee is not very large, 1-2%, but there is a nuance. The bank may set a minimum commission amount. For example, you send $100 with a 1% fee. And they should give 1 dollar, but they will take 30 from you, because this is the minimum. So check out the details.

Through translation services

Many of them have left the Russian market, but some are still working. For example, this is "Unistream», «Contact», «Gold Crown». If you decide to use their services, the rules will be the same as in the case of banks.

First, you should find out if the service sends money to the country you need, and also whether they will be accepted there and under what conditions. For example, in most European countries, services are ready to issue money to the addressee only in cash, the transfer will not be credited to the card.

As a rule, services allow you to choose in which currency the money will come to the recipient. For example, you send rubles, and in another country they issue dollars. Funds can be transferred online or in cash at the service branch.

The amount of the commission usually depends on the country of destination, currency and other characteristics. But it is worth tuning in that you will have to pay 1-3% of the amount. It happens that a commission is not taken if you send money in one currency, and the recipient receives it in another. But for you it will still not be free: part of the amount will be lost during the conversion.

Natalya Kopylova