Jarrod Suda
Guide
Byron Mühlberg
Reviewer
Nov 20, 2023
Advertiser disclosure
One of the international sanctions that hit Russia in 2022 came fromthe SWIFT network, also known as the Society for Worldwide Interbank Financial Telecommunication.SWIFT connects over 11,000 banks and financial institutions in over 200 countries and is governed by the G-10 central banks.
On March 1st, 2022, the SWIFT network cut Russian banks from its system, making it very difficult to buy Russian rubles, convert foreign currency into Russian rubles, transact with businesses in Russia, or remit money to Russian friends and family. Today, nearly two years after Russia was expelled from SWIFT, there are fewer and fewer legitimate avenues to send money to Russia.
How to Transfer Money to Russia Now
- 01. Can you send money to Russia right now? scroll down
- 02. How to send money to Russia in 2023 scroll down
- 03. FAQ about sending money to Russia scroll down
Can I Send Money to Russia in 2023?
While there are still methods to send money to Russia in 2023, which we will describe in detail below, traditional banks and well-known money transfer services no longer allow you to transfer funds into Russia.
In addition to sanctions from SWIFT network banks such as HSBC or Lloyds, international money transfer companies have also engaged in private boycotts against Russia. This means that they have suspended their services to and from the country.
The following are some of the most popular money transfer services which no longer support transfers to Russia as of 2023:
- Revolut as of March 2022
- Remitly as of February 2022
- Wise as of February 2022
- OFX
- Western Union as of March 2022 (learn more here)
- MoneyGram as of March 2022
- XE Money Transfer as of February 2022
How To Send Money to Russia in 2023
International sanctions against Russia varied depending on the country imposing them. Common sanctions targeted Russian individuals, entities, and sectors such as energy, defense, and finance. These measures have included asset freezes, travel bans, and restrictions on certain exports.
It's important to note that government sanctions typically do not extend to private enterprises. The private boycotts made by most of the global money transfer industry, including Western Union and Remitly, were decided independently by the companies.
Since this is a rapidly changing environment, we recommend directly inquiring with the companies or your bank for updates. Below, we discuss potential ways to send money abroad to Russia:
Option 1: Emergency Transfer of Funds to Russia
If you know a foreigner living or temporarily destitute in Russia, then their nation's embassy in Russia may be able to assist you. For example, in some cases, funds can be wired through the U.S. Department of State to U.S. citizens in Russia.
This option will require contacting the relevant embassy and requesting case-by-case assistance for foreign nationals (or dual citizens) in Russia.
Option 2: Cryptocurrency
Some people have reported resorting to cryptocurrencies to send money to individuals in Russia. However, this is a rapidly changing and volatile industry. It is best to inquire directly with your cryptocurrency company and crypto wallet about money transfers into or out of Russia.
Be aware that cryptocurrency markets are exceptionally volatile, meaning that the value of your recipient's coins can change drastically once it is in their possession.
Option 3: Search For Available Providers
Until recently, Profee was the only money transfer provider offering international transfers to Russia from the EU/EEA and the UK. However, increasing regulatory pressure seems to have even squeezed them out of the market recently.
As a result, as of December 2023, there are practically no viable options for sending money to Russia from overseas, even to non-sanctioned Russian banks. Still, it's worth checking out our real-time money transfer comparison engine. Our team of experts constantly keeps an eye on the market and selects services that are reliable, secure and approved by the financial authorities of the countries in which they operate:
See if any providers are currently available to Russia:
It is likely that at the time of your search, no service can carry out your transfer to Russia. If this is the case, we invite you to leave your e-mail address below so that we can inform you when a new service provider is added to our comparison search engine. Please note that we are constantly updating our database and doing our best to recommend the best transfer services on the market.
Want to Receive Updates on the Situation?
Our team keeps a close eye on FX markets worldwide. Enter your email and preferred country for sending money to Russia, and you'll be the first to know about any changes or new providers:
FAQ About How to Send Money to Russia in 2023
Can I send money to Russia?
There are currently few legitimate avenues to send money to Russia. This is because of strong restrictions on sending money from Russia due to government sanctions and political tensions.
Can I send money from Russia?
Due to international sanctions against Russia banks, SWIFT wire transfers cannot be initiated from Russia. All major money transfer companies have closed operations in Russia, making it extremely difficult to send money from the country.
Is Western Union still working in Russia?
No, Western Union suspended its operation in Russia across all channels in March 2022. Learn about your alternatives to Western Union in Russia here.
Does PayPal still work in Russia?
PayPal suspended the ability to send or receive funds with Russian accounts in 2022. It also stopped signing up new accounts in Russia.
Is MoneyGram working in Russia?
No, MoneyGram has stopped sending transfers to Russia as of March 2022.
Can I send money to Russia with Wise?
Wise has stopped operations in Russia and has set restrictions on customers in Russia. Learn more at wise.com.
How to send money from India to Russia?
Money transfer companies in India are not operating transfers to Russia.
More Guides on International Money Transfers to Russia
References Used In This Guide
1. Wikipedia. SWIFT ban against Russian banks. Accessed 20 September 2022.
2. U.S. Embassy & Consulates in Russia. Emergency Transfer of Funds to Russia. Accessed 20 September 2022.
3. Gov.uk. Foreign travel advice: Russia. Accessed 20 September 2022.
4. Wise. Send money to Russia. Accessed 20 September 2022.
5. CDLA. Is it Illegal to Send Money to Russia? 30 April 2022.
6. Protocol.com. Money-transfer companies are getting swept into the Russian invasion of Ukraine. Accessed 20 September 2022.
The article is for informational purposes only and does not constitute a source of law. The editors of the website make every effort to ensure that all published information is reliable and up-to-date, however, they do not constitute a binding interpretation of the applicable legal provisions.
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