How to send money to Russia from Singapore with the best SGD-RUB rate

The exchange rate is the price you will pay when buying Russian Ruble in Singapore. A better exchange rate means you send more Russian Rubles to Russia.

Currently, the mid-market rate between the Singapore Dollar and Russian Ruble is 61.9989. The company offering the best price on buying Russian Ruble is OFX.

Exchange rates between SGD-RUB change almost constantly.

Waiting a day or two can help you get more RUB for the same amount of Singapore Dollars, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Singapore and Russia for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Singapore to Russia.

For a transfer by bank transfer, OFX is 1.75% cheaper than the next option.

Russia and Singapore have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Singapore and Russia.

Money transfer companies offering services between Singapore and Russia have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Singapore Dollar could change. We always recommend comparing SGD-RUB rates for your specific transfer amount. Then, with transfers to Russia, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of SGD to Russia, we’d recommend OFX.

There are different options for receiving Russian Ruble in Russia. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Singapore to Russia will offer every method for incoming Russian Ruble, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Singapore into Russia. For most part, this is because it means the recipient has to do very little. OFX is the best company for bank transfers between Singapore and Russia.

And if you need cash right away, check if cash pickup is an option for transfers between Singapore and Russia.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like OFX.

You will need to verify your ID at the sign up stage when sending from Singapore to Russia through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Singapore through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Russia, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Russia, it’s always best to check ahead just in case.

Larger transactions between Singapore and Russia are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons OFX scored so highly for large and regular transfers to Russia, was their easy sign up process in Singapore.

When sending money between Singapore and Russia there will be tax declarations to consider.

Some transfers into Russian Ruble may need to be reported to tax authorities in Russia. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Russia based on age, income and personal circumstance. When in doubt, please contact a tax professional in Singapore or Russia to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.