any experience with sending money from Russia to US?

[kat83 0]

Does anyone have any experience with sending money from Russia to US? How could one receive inheritance money after the relative passed away in Russia? Are there limits on dollar transactions? Will a third country currency be better choice for transfer? 

[millefleur 5,037]

Unfortunately the situation right now is complicated due to sanctions. There's a possibility of just traveling to Russia and taking cash out of the country but obviously this is not ideal, you'd also need to declare it and back it up with documents showing it's not stolen.

 

The problem right now is that US banks are not working with Russian banks due to sanctions. There might be an individual US bank who still is, you'd have to contact each bank individually and ask them. As far as I know, it is being blocked from the US side, not the Russian side. So, any Russian bank would cooperate, you just need to find a US bank that would be willing to accept the transfer.

[Zoothie 8]

I doubt any US bank will do it right now - everything is blocked by the US (sanctions). To give you a measure of how dire things are: to pay for a Russian visa (or a Belarus one) obtained in the US, one must pay in cash! Neither Russian nor Belarus consulate accepts any non-cash payment!! I know this because I recently applied - had to put actual dollar bills into the envelope!

[To_the_moon 94]

1 hour ago, Zoothie said:

I doubt any US bank will do it right now - everything is blocked by the US (sanctions). To give you a measure of how dire things are: to pay for a Russian visa (or a Belarus one) obtained in the US, one must pay in cash! Neither Russian nor Belarus consulate accepts any non-cash payment!! I know this because I recently applied - had to put actual dollar bills into the envelope!

It's been like that before. I got my Russian visa a year ago and I had to pay either cash or check. I can tell you even more: many consulates around the world would require you to pay in cash, even U.S. consulates. 

[Zoothie 8]

Maybe I was not clear: cash only. No check. No money order.

 

>>> Cash <<<

 

When apply over mail. And no - a year ago you could pay with a money order; I did.

 

The reason is all over the news, and keeps happening, like so:

 

"On April 24 Russian Ambassador to the US Anatoly Antonov said the accounts of Russian consulates in Houston and New York had been closed by the Bank of America. Other banks in the US refused to open accounts for Russian diplomatic missions."

 

 

 

[kat83 0]

Thank you everyone. I had to notarize some documents at the consulate in DC recently and I had to pay in cash.  

[mendeleev 67]

While it is possible this thread has accurate information, I'm not sure.  A big part of the problem is that most Russian banks are kicked out of SWIFT.  This isn't actually a problem caused by the USA, since SWIFT is a European company under Belgian law.  I know that Rosbank and Raiffhausen Bank still operate in Russia.  I know that I can wire money from my Schwab brokerage account to my family over there.  Money arrives quickly.  The wire transfer fee is $15.  I send dollars to a dollar account at Rosbank.  Rubles are not convertible outside of Russia -- it seems to me it was always that way.  So the conversion to foreign currency must be done in Russia.  Schwab Bank doesn't do wires.  But it may be possible to wire funds from Rosbank to a Schwab brokerage account.  I do not have experience yet with Raiffhausen bank.

 

Perhaps these are options to check out. 

 

All of this assumes, of course, that the deceased is not specifically sanctioned individual by the USA.

 

 

[smoothoperaytor 40]

My wife and I have been using crypto to transfer money. I buy from my US account and transfer it to her via Binance. She then sells the crypto for Rubles through their P2P system. It's a private transaction with the assistance of a broker — the buyer gets crypto and transfers Rubles to her Tinkoff account. Other banks didn't work, but Tinkoff does. It's a tedious process at first, but once you know how to do it, it takes 3-5 minutes to get the funds from my bank account to hers. Fees are minimal. 

[Zoothie 8]

Actually, this sounds pretty useful. I wonder if the IRS has its ear into this ...))

Edited August 24, 2022 by Zoothie

[DK999 14]

Tinkoff isn't sanctioned. Can still do international wire transfers from Tinkoff to US accounts. 

[mendeleev 67]

On 8/21/2022 at 3:59 PM, mendeleev said:

While it is possible this thread has accurate information, I'm not sure.  A big part of the problem is that most Russian banks are kicked out of SWIFT.  This isn't actually a problem caused by the USA, since SWIFT is a European company under Belgian law.  I know that Rosbank and Raiffhausen Bank still operate in Russia.  I know that I can wire money from my Schwab brokerage account to my family over there.  Money arrives quickly.  The wire transfer fee is $15.  I send dollars to a dollar account at Rosbank.  Rubles are not convertible outside of Russia -- it seems to me it was always that way.  So the conversion to foreign currency must be done in Russia.  Schwab Bank doesn't do wires.  But it may be possible to wire funds from Rosbank to a Schwab brokerage account.  I do not have experience yet with Raiffhausen bank.

 

Perhaps these are options to check out. 

 

All of this assumes, of course, that the deceased is not specifically sanctioned individual by the USA.

 

 

Well, Rosbank is now (as of 1 or 2 September) sanctioned and I don't know if there are other banks that Schwab can use ...

 

The USA clearly continues to be a champion of free markets ... or maybe not ...

[Simplytex 386]

On 8/22/2022 at 1:49 AM, smoothoperaytor said:

My wife and I have been using crypto to transfer money. I buy from my US account and transfer it to her via Binance. She then sells the crypto for Rubles through their P2P system. It's a private transaction with the assistance of a broker — the buyer gets crypto and transfers Rubles to her Tinkoff account. Other banks didn't work, but Tinkoff does. It's a tedious process at first, but once you know how to do it, it takes 3-5 minutes to get the funds from my bank account to hers. Fees are minimal. 

I'd be curious to get more detail from you in how that has been working. My wife said that Tinkoff Bank has some pretty steep forex transfer fees, what's the fees for transfer from Binance?

 

I assume you aren't hitting the 10k restriction level either? From here:

https://www.binance.com/en/support/announcement/4887e569afdf4b1e89e024371d3a49b9

[smoothoperaytor 40]

On 9/3/2022 at 6:41 PM, Simplytex said:

I'd be curious to get more detail from you in how that has been working. My wife said that Tinkoff Bank has some pretty steep forex transfer fees, what's the fees for transfer from Binance?

 

I assume you aren't hitting the 10k restriction level either? From here:

https://www.binance.com/en/support/announcement/4887e569afdf4b1e89e024371d3a49b9

I think 1%? We use P2P — BTC to RUB. You can also use cash locations in Moscow and St. Petersburg. I heard these are better because there's less of a digital trace. Once you hit a certain limit — per month or total — your activity will be flagged and you'll be asked about the money. BTC is a gray area.

 

About the $10k limit. Haven't hit it yet but will soon. I thought it was monthly, but looks like the site you linked to says different. 

Edited September 6, 2022 by smoothoperaytor