Consider the Facts Before You Send Money to Russian Federation
Consider the Facts Before You Send Money to Russian Federation
Remittances are considered the main benefit of migration to other countries. Many families cannot do without the monetary support of their close relatives, so when a few of them move away, the relatives continue supporting them through frequent money transfers. Russian Federation is currently one of the top recipients of money out of the European countries. Like many nations, remittances have risen in general over the years, but have fallen more recently.
In 2007, Russian Federation received over $4 billion in remittances. However, the average money sent per person paled in comparison to many other countries. It was about $29 per person, whereas it was $114 for much of Eastern and Central Europe. Apparently, many immigrants try their best to assist their families back home, but do not have much to give, likely as a result of the dire economy present in many countries.
Despite these facts, you can still certainly find a few ways to send money to Russian Federation. Most banks and money transfer services offer this ability, but the fees can cost anywhere from $10 to $45 per transfer. Unlike remittance to some countries, such as Mexico, few if any banks offer programs in which customers can send money for free. However, the prepaid debit card is nearly free, and is available for hundreds of countries. It costs $5 to add funds, which is clearly a price cut from the average that banks and transfer services typically charge. Once you send a prepaid debit card to family members in the mail, you can start adding money to the card as often or as rarely as needed. They can access the money by either using the card at merchants that accept debit cards, or withdrawing cash from an ATM.
If you need to send money to Russian Federation, you are not alone, even if transfers to the area are not quite as common as remittances to other nations. You just need to shop around and compare rates before selecting a particular method. After doing some research on the subject, you should be able to find the best option for you and your family.
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