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.
Ways to send money to and 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.
What to consider when sending money from and to Russia
Security: Choosing a safe means of payment is critical as one wants to keep their personal data and funds secure.
For example, it was reported in August 2021 that Russian criminals had stolen and published the data of more than 1 million global credit cards on the dark web. Other forms of payment that rely on access to bank account details and other personal information can be subject to fraud too. That’s why it is extremely important to assure that your funds are secure when you want to send money internationally.
When it comes to security, STICPAY’s e-wallet is a great solution for money transfers. Users’ sensitive financial data is protected with advanced encryption. This ensures a random number sequence is generated for each transaction and means that even if hackers intercept the transaction, they cannot use the data they acquired. Your account can also be secured with biometrics (face recognition, fingerprints), a PIN, or a password.
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.
E-wallets have varying fees depending on whether you’re transferring or withdrawing money. STICPAY’s fees for deposits range from just 1% for international bank wires and crypto to 5% for Union Pay. Withdrawals range from 1.5% for a STIC card to 5% for an international bank wire. This handy guide to STICPAY’s fees will give you more information.
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.
However, some e-wallets like STICPAY enable account owners to send and access funds almost instantly if both parties have an account. This means that you can send funds from and to Russia almost instantly if both the receiver and the recipient have a STICPAY account.
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.
STICPAY’s local bank wire service in Russia makes transactions faster and cheaper.
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.
Full details of Russia’s money transfer policy can be found here
STICPAY’s e-wallet is regulated and complies with the relevant legislation in the countries in which it offers services.
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.
The Benefits of Using STICPAY
STICPAY’s e-wallet is secure, convenient, reliable, and cost-effective, and there are some additional features that raise STICPAY above the competition:
Crypto deposit and withdrawal
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.
Local Bank Wire
STICPAY’s local bank wire withdrawal service in Russia means the money from purchases in other countries can be received in the holder’s account as quickly and cheaply as if the transfer was being made within Russia. No requirement for funds to pass through international intermediaries means transactions take much less time and with no middleman, the fees are also reduced.
Cashback
STICPAY also offers cashback on foreign exchange transactions. Once you have signed up for STICPAY’s Forex Cashback Service the cashback will be automatically credited to your account. The amount you will receive depends on the trading volume. STICPAY also offers an online gaming and betting cashback service for anyone using their STICPAY wallet with a registered gaming provider
Transfer your money with STICPAY
STICPAY is an e-wallet that opens the door for people to make quick, low fee transactions across more than 190 countries. That’s why STICPAY is an excellent choice to transfer money to or from Russia.
To get started, you must create an account, which only takes a few minutes.
Once the simple form is completed, you need to verify your account to use STICPAY without limits. For more information, please check how to become verified.
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.
Are you ready to transfer money to and from Russia with STICPAY? Create a STICPAY account now!
Originally published at https://sticpay.com on February 16, 2022.
