For over 500 years the Ruble (also known as Rouble, RUB) has been the official currency of the Russian Federation. When it comes to moving money across borders, from EUR to RUB, varying degrees of international regulations apply, depending on the recipient’s status in Russia. Some residents are prohibited from opening accounts overseas, holding currency or other assets in foreign banks and there are even restrictions on who can enter into transactions with international clients. A number of restrictions are applied to foreign currency transfers sent to Russia, particularly cash transfers.
Russia is the largest country on earth, but its population is relatively small when compared to its total landmass. Due to the vast size of the country, the average population density is 9 people per km2, amounting to an estimated population of 145.9 million people. At over 17 million square kilometers, Russia spans Eastern Europe and Asia, and is formerly a member of both continents.
When considering how to send money Russia from Latvia there are some key aspects of the transfer to consider.
The fastest provider is Azimo, transfers from this provider normally take [SPEED]. The cheapest provider we found is TorFx at 0.5% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using TorFx when transferring EUR to RUB.
This means that by using TorFx for online money transfers to Russia from Latvia, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access TorFx for any reason, our comparison engine has found CurrenciesDirect and Azimo also to be very good options when sending EUR – RUB.
This recommendation was updated one minute ago.
In order to avoid high fees, you should consider the cheapest way to send from Latvia to Russia.
TorFx has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from Latvia to Russia, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, Azimo is the fastest way to send EUR – RUB.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as Azimo to pay for your transfer to Russia.
With TorFx you can send money online to Russia using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Russia as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use TorFx to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Russia. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Russia.
When sending money to Russia from Latvia using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as TorFx, CurrenciesDirect and Azimo.
Before sending money to Russia from Latvia, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send EUR to RUB. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Russia. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Russia, then they will usually need the following:
The amount of RUB you can receive from Latvia will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of RUB that can be received in Russia or sent from Latvia before making your transfer.