How to send money to Russia from Spain with the best EUR-RUB rate

The exchange rate determines the price you’ll pay for Russian Ruble when sending Euro to Russia.

The rate between the Euro and Russian Ruble is currently 93.7669. OFX offers the best exchange from EUR-RUB.

The EUR-RUB exchange rate is always moving.

Sometimes, waiting a day or two can help you get more RUB for the same amount of Euro. Using a forward contract that also allows you to lock in an agreed exchange rate between Spain and Russia.

Sending money via a bank transfer is the recommended option for sending money from Spain to Russia.

The company offering the best bank transfer price is OFX.

This bank transfer to Russia is 1.31% cheaper than the second-best option in the market.

Spain and Russia have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Spain and Russia.

Some services between Spain and Russia have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Russia as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Russia, use OFX. The combination of rates and fees when sending from Spain to Russia is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Spain, or entering Russia. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Russian Ruble in Russia. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Spain to Russia will offer every method for incoming Russian Ruble, so it’s best to check ahead of time.

One of the more common ways to transfer from Spain into Russian Ruble is directly into a bank account. OFX is the best company for bank transfers between Spain and Russia.

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

When signing up to and sending Euro to Russia, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Spain this will be a government issued ID such as a passport or driver's license. In Russia it will be similar, although this should only be needed if you are opening a new account in Russia, or collecting in cash. Sending to an existing bank account in Russia shouldn’t require any additional ID checks.

Large transactions between Spain and Russia, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons OFX has scored so highly for transfers to Russia is their easy sign up process in Spain.

When sending large amounts of money between Spain and Russia there will potentially be a tax declaration to consider.

Some transfers into Russian Ruble may need to be reported to tax authorities in Russia, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Russia based on age, income and a few other elements. When in doubt, please contact a tax professional in Spain or Russia to discuss your personal circumstances.