Money transfer from Russia to USA

[Chuckles 0]

I was reading the thread about sending money to Russia, and it got me thinking, maybe one of you can help me a dilema I have, but in the oppisite.

My wife would like to transfer some money from Russia into her American bank account. We do not want to use West. Union as the fees are ridiculous. We are not travelling to Russia anytime soon, and we want a way to do this with minimum fees.

Anyone with experience or ideas??

Thanks

[Satellite 1]

How big is the sum of money? Just do the math. Ask your bank and her bank what their money transferring service costs are. The beauty of wire transfer is that it is one flat sum on both ends. Around $20 to $40 total depending on the bank. But again this only justified with a sum of money in excess of say $500. Otherwise the ATM method and Western Union seem more practical in terms of saving on fees.

[Chuckles 0]

How big is the sum of money? Just do the math. Ask your bank and her bank what their money transferring service costs are. The beauty of wire transfer is that it is one flat sum on both ends. Around $20 to $40 total depending on the bank. But again this only justified with a sum of money in excess of say $500. Otherwise the ATM method and Western Union seem more practical in terms of saving on fees.

Well, it is a few thousand. The other particulars are it is not in a bank, as my wife didn't like dealing with banks in Russia. They tend to somehow fold without notice. Anyway, not to debate that, because I do not fully understand her posistion either. It was also my understanding that the 'Western' bank system and the 'Russian' bank system do not do business with each other. I.E. no money transfers.

I may be completly wrong in my assumptions. I suppose 40$ is not too much to pay, if it is possible. Maybe there are a few 'western' banks that do business in Russia outside Moscow? A trip to Moscow by a friend or relative would be too expensive as well.

Anyway, thanks for the info!

[Turboguy 6]

Wiring the money might be the easiest way. The other option you might look at is e-moneygram. It is just like western union except a fraction of the cost. I would guess they are about 1/3 or 1/4th the price. You could probably send a few thousand cheaper than a wire. They don't have quite as many locations as Western Union but there are more than enough that finding one should not be hard. In my gals hometown there are 3 moneygram places vs maybe 20 WU but fortunately one of the 3 is more conveniently located than any of the WU locations.

[Nancy2015 2]

It was also my understanding that the 'Western' bank system and the 'Russian' bank system do not do business with each other. I.E. no money transfers.

That's wrong - they do it.

My parents used to send me money all the time before I got married. You can try a wire transfer from Vneshtorgbank (they're not only in Moscow) or Promsvyazbank (I'm not sure if they exist outside of Moscow, I hope they do). Sberbank, i think, does it too, but we never used it. It is possible to wire money without opening a bank account in Russia, btw.

Vneshtorgbank charges $20 or 1%, whichever is greater, for an outgoing transfer. Time for the money to be credited - 3 business days. Promsvyazbank - I don't know how much they charge (probably about the same - $20 or 1%), but the money arrives into your U.S. account the next day.

[Chuckles 0]

It was also my understanding that the 'Western' bank system and the 'Russian' bank system do not do business with each other. I.E. no money transfers.

That's wrong - they do it.

My parents used to send me money all the time before I got married. You can try a wire transfer from Vneshtorgbank (they're not only in Moscow) or Promsvyazbank (I'm not sure if they exist outside of Moscow, I hope they do). Sberbank, i think, does it too, but we never used it. It is possible to wire money without opening a bank account in Russia, btw.

Vneshtorgbank charges $20 or 1%, whichever is greater, for an outgoing transfer. Time for the money to be credited - 3 business days. Promsvyazbank - I don't know how much they charge (probably about the same - $20 or 1%), but the money arrives into your U.S. account the next day.

Cool! Thanks for the information!

[Blues Fairy 0]

I have the same problem and my bank (Citibank in Moscow) does not allow money wires overseas without documents substantiating the transfer (agreement etc). WU is out of question - I have just wired 2K to my friend in Canada and paid $95 commission on it. Cash on board is limited to... 3K? 10K?

Any other options? Can I gift the money to my fiance and if so, how does that work?

[russ 1]

friend in Canada and paid $95 commission on it. Cash on board is limited to... 3K? 10K?

You can take unlimited cash into and out of the US, though you must tell US Customs about.

Russia may have its own limitations on the export of currency though.

[slim 1,514]

You guys are acting like a hundred bucks for a transfer is going to kill you.

Come on. Sign your name, list an address, make a call to pass a security number and in a matter of hours, you're thousands of dollars richer.

Thousands of dollars. If it costs you $100 to gain several thousand, are you really getting a bad deal? I'll put $100 up right now for anyone that wants to send me several thousand. As a matter of fact, I'll come pick it up!

[Blues Fairy 0]

You guys are acting like a hundred bucks for a transfer is going to kill you.

Thousands of dollars. If it costs you $100 to gain several thousand, are you really getting a bad deal? I'll put $100 up right now for anyone that wants to send me several thousand.

To WU up to 6K costs almost $300, and I have 15K to send. And it's not my guy who will be "gaining" these 15K but WE, OURSELVES and OUR retirement/ car/ house /whatever.

Yes, the expense is going to kill me and yes, I'd rather avoid it.

[Nancy2015 2]

I have the same problem and my bank (Citibank in Moscow) does not allow money wires overseas without documents substantiating the transfer (agreement etc). WU is out of question - I have just wired 2K to my friend in Canada and paid $95 commission on it. Cash on board is limited to... 3K? 10K?

Any other options? Can I gift the money to my fiance and if so, how does that work?

I asked my mom about substantiating the transfer - she said that all she had to do is tell the bank that the money is for personal expenses and not for some business purposes. But I won't be surprised if different banks have different regulations.

[Chuckles 0]

You guys are acting like a hundred bucks for a transfer is going to kill you.

Thousands of dollars. If it costs you $100 to gain several thousand, are you really getting a bad deal? I'll put $100 up right now for anyone that wants to send me several thousand.

To WU up to 6K costs almost $300, and I have 15K to send. And it's not my guy who will be "gaining" these 15K but WE, OURSELVES and OUR retirement/ car/ house /whatever.

Yes, the expense is going to kill me and yes, I'd rather avoid it.

I would have to agree, 100 dollars or more is alot of money. It doesn't make you 'gain' anything, you are losing the money anyway you look at it.

The money is for savings anyway, and my wife worked really hard for her money, considering the differences in currency exchange and the difference in average income through the years, and does not want to part with any of it that easily... actually Slim neither should you! Your wife needs to make you think more like a Russian me thinks...

[slim 1,514]

... actually Slim neither should you! Your wife needs to make you think more like a Russian me thinks...

It's my wife that has me thinking like this! She's so crazy about money. She wants us to party like rock stars and spend money we don't have like we're millionaires, but then when it comes down to saving money, she makes me scrounge together my pennies to convert into dollars to deposit into the joint account.

Example: We're walking down the street. I see a nice, shiny penny, lean down to grab it, and she pulls me back and says "FOO!!!! You never touch this dirty stuff because it will change your energy and you will spend your energy to get this one cent and cancel your energy that keeps you open for one million dollars to come to you." (Feng Shui? Far East mumbo-jumbo, maybe?)

On the flip side, she tells me that I must spend money, like buying the more expensive clothes or the nicer home furnishings, or eating in nice restaurants and leaving big tips because if I spend money like I have money, more money will come to me.

More money is coming to me now, but I'm not fully convinced it's because I'm leaving 20% tips at "fashionable" restaurants when we go out, I think it has something to do with the 32 hours of over time I'm working each week. She's convinced that making more money is directly related to how we spend it.

We're due to win the lottery pretty soon. I'll let you guys know when that happens. Until then, we'll be looking up at the moon and holding my ATM cards....

"Myesits, Myesits......"

[Satellite 1]

It's my wife that has me thinking like this! She's so crazy about money. She wants us to party like rock stars and spend money we don't have like we're millionaires, but then when it comes down to saving money, she makes me scrounge together my pennies to convert into dollars to deposit into the joint account.

...

On the flip side, she tells me that I must spend money, like buying the more expensive clothes or the nicer home furnishings, or eating in nice restaurants and leaving big tips because if I spend money like I have money, more money will come to me.

Is she still under the impression we are all millionares here? Money grows on trees, etc. America is rich nonsense?

If my wife had this mentality it we'd never stop arguing.

[Kotenochek 0]

You guys so funny:)Its just russian mentality to live fully:)

Maybe she thinks this way:why he married me if he cant provide?lol

you guys sound fun anyway:)looks like you still happy together:)