Choose Among A Prepaid Debit Card And Other Options When You Send Money Online To Other Countries
One of the most well-known ways to transfer money to another country is to use a company as an agent
. You would have to find an agent location, pay a fee, and provide the name and location where the recipient would be picking up the money. Your relative would then need to supply a password to show that the money is for them via a confirmation number and a passport, and would not have to pay a fee. Keep in mind that transfers of more than $10,000 need to be reported to the local Russian tax officials, as well as to the U.S. Treasury Department. Using an agent is often used for one-time transactions in Russia.You can also use wire transfer services, available at most banks. In this case, you and your relative need to have the same bank, and you have to know your relative's bank account number. Depending on your bank, either you or your relative, or perhaps both, will be charged a fee for wire transfers, and it could take up to two days for the transfer to be complete in Russia. This is also an option usually used for one-time transactions rather than regular transfers, and this method allows your relative to take out cash, which they can then exchange for Rubles. If they choose, they can keep some money in the US dollar, though most Russian businesses do not accept that form so it is best to keep cash in savings accounts only.
If you plan on sending money regularly to Russia, there is a way to eliminate the need for your relative to have to go pick up the money from an agent location or pay fees every time, which is great because fees can add up. For example, Russia's Bank Menatep charges a $46 fee per transfer, while DialogBank charges 0.1 percent of the transfer amount, up to $100. However, you can avoid such fees by using a prepaid debit card, which you would buy through a company and send to your relative, reloading it whenever you want. You would do so by using a log-in name and password at the website of the debit card company for a small fee. This type of service enables you to send money online to Russia at any time.
If you are used to banking online, or use the Internet most of the day for work, the ability to send money online to Russia likely appeals to you. All three services described here allow you to use the Internet to send the money, but the fees and processes are different for each one. Be sure to research the fee of each type of service before deciding on one particular way to send money online to Russia. Also keep in mind that if your relative is staying in a smaller city in Russia, it is best to have cash since cards are not always accepted. However, larger cities like Moscow and St. Petersburg are full of businesses that gladly accept debit cards. The exchange rate of the Euro and US dollar to the Russian Ruble is better in large cities, so remind your relative to change their money only in such cities.
Clearly, if you already have the same bank as your relative in Russia, a wire transfer seems like an easy way to send money, especially if this is not a recurring payment. The same can be said about using a company as an agent. As long as your relative has transportation to the closest location where they can pick up money, this service will work. But if you need to send money to Russia frequently, nothing can beat the convenience of a prepaid debit card, which your relative can use in most cities, and even online. If your relative is in a smaller Russian city, they can still visit a bank to get money out using the card, in case they run into a business that does not accept cards. Overall, if you like the convenience of your debit card or credit card, consider how much your relative will also enjoy such a card.
It is best to think about the circumstances surrounding both you and your relative before choosing your preferred way to send money online to Russia. Whatever is most convenient and inexpensive for both of you is usually the best option.
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