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New User
Posts: 2
| I was wondering whether anyone had any experience of transferring large sums of money (legally!) from Russia to the UK? What's the easiest and/or cheapest way to go about it? |
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Expert
Posts: 5114
 
Location: South Leicestershire | No experience of getting it out as most of mine is going in.....!!! 
I guess it depends on how much and if its in a suit case or a bank account !
As far as I know you can take out $3000 without a declaration and $10,000 with. Above that you will have to send it electronically which means it has to be in a bank account not a suit case.
There are some other grey rules about travellers cheques.....unlimited I think, but declared over $10,000. Would not like to try it and I stand to be corrected!!!
A positive balance on a credit card does not have to be declared as Credit cards do not fall into this law so you could have as much as you wanted on it or them and not have to declare it through customs...but again its not cash !!
But more sensibly you could take a look at the use of a foreign currency account / international bank account. Try looking at Citiabank, RBS, HSBC they all have them. (simplest is citi bank I believe).
Regards
Tony |
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Expert
Posts: 3195
  
Location: Volgograd & Moscow | You can transfer any sum legaly obtained in Russia - but the currency control rules are complex and change on a regular basis - the easiest and cheapest way to go about this is to have a sterling account in a local bank - e.g. UralSib - and transfer through them to the UK.
Depending upon the method how you obtained the money then for the transfer you will have different documents, e.g. if a Russian company is paying you for work done, or paying your UK company, or you are transfering money from the sale of a home etc.
If you can give an indication of the method of obtaining the money in Russia and a general amount then it will be easier to reply.
Chris
BTW cheapest way is still a suitcase, a large smile and a dose of luck |
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New User
Posts: 2
| Thanks for that, Chris...
Amount will be, hopefully, £12,000-15,000, resulting from sale of an apartment. |
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Member
Posts: 8
| Don't use the suitcase. Too much corruption at the Airport. Carry it on your person. Not in your jacket. Trouser pockets are fine. They don't search your person, only your jacket. It is the cheapest and easiest way. Put the Ciggies and Vodka in the suitcase  |
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New User
Posts: 1
| My russian wife and i recently had the same problem after she sold her flat. The only way we could do it was via western union at $5,000 american dollars a time. This was expensive but all the main banks in u.k. said that they did not operate such a scheme from russia. Nearly all of them had no branches in russia. |
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Expert
Posts: 5114
Location: South Leicestershire | any new experience guys ? |
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Extreme Veteran
Posts: 411
Location: West London | Chris -
Remember that in St Petersburg they scan your suitcase on the way in to the airport, so might see something suspicious. And then of course, if the baggage people liberate caviar, as they have from my case more than once, money is fairer game.
I wouldn't suggest trusting anything to luck.
But you were probably joking.
Mind you, when I came back last week and realised the caviar was very accessible, I tied the case shut with binder twine. So tightly that when they - for the first time - asked me to open it, I couldn't undo it. I asked for scissors of a knife: after 5 minutes they still couldn't find, so waved me through anyway. They were wondering, they said, about what might have been a camera, but wasn't, and just took my word about what it was (radio/cassette/cd player).
Michael
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Regular
Posts: 77
Location: Bexleyheath, Kent | Perhaps someone who wants to tranfer money out of Russia could be useful to me ? I want to get around £23,000 in to Russia. Maybe i could have yours in Russia and you have mine in the UK ?
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Elite Veteran
Posts: 677
Location: Yoshkar Ola. Mari El. Russia | i am conected to a trading bank in city of london because of my real estate and import export connections so can arrange money either way and in any currency totally legally , providing the source is legal! |
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Regular
Posts: 77
Location: Bexleyheath, Kent | Hi y-ola, the source of my money is definitely legal. I have worked hard to get it. My Russian wife who lives with me in the UK owns an apartment in Russia and now wants to sell this and have a house built. Her mother will live in the house and overall i think its quite a good idea. I need to get around £23,000 to Russia. Im going to Russia in June but i dont want to carry it with me for obvious reasons. Her mother hasnt got a bank account so i cant transfer the funds. Im not keen on Western Unions charges either. Do you know the best way to do this ? Thanks |
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Veteran
Posts: 172
Location: Sheffield/St. Petersburg | I've transferred money out of Russia, but nowhere near the amounts we're talking about here. Simply via Sberbank, legally obtained money, transferred to my UK bank account with the IBAN/BIC and address of the bank. They weren't too sure how to do it at first, and argued that I'd have to buy the sterling first (which they didn't have) in their currency exchange then present it to them to transfer, but eventually they decided it was easier to just convert it electronically. Quick form to fill in, no real hassle. Don't remember the percentage commission but it was by far lower than Western Union et al. Not sure how they would view large amounts but for smaller amounts it's ok.
...oh and I should add, I did it without having a Sberbank account myself. Not necessary.
Edited by adamhaynes 2008-03-27 2:25 PM
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Expert
Posts: 3195
Location: Volgograd & Moscow | Hi Scooter
You can't send such a sum for private use by any other method than bank transfer to a private account - further you can't take more than $10,000 (I think, maybe more/less) out a day of the bank without incurring a 5% penalty within three months, after that there is no penalty. So you could take $10,000 a day out over a week or so to get at the cash. Setting up a bank account is not a problem and many banks will manage pounds sterling, so you can do a direct bank transfer for a fixed fee of £35.00 and the money is there next day. Do not use banks such as Sberbank or other government banks as they are a pain - we use 2 private banks in Russia without any problems.
If you want to take cash, then the easiest way is 500 Euro notes which will not mean too large a wad. Of course due to the new EU regulations you would need to declare this as you leave the UK and have proof that is was legaly obtained to avoid any issues.
On arrival in Russia as it is more than $10,000 USD you would need to declare it and again show that you are legally importing it into the country.
If you use companies such as Western Union then you must have more money than sense as they would skim over £2k from your money in charges, if they accepted such a sum.
The other option was as suggested earlier in the thread, swap money with someone else.
I hope this helps.
Chris
Just to add, I transfered £80k to my wifes sterling acount and withdrew the money without any problems - time to transfer 2 days, total cost £35. |
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Regular
Posts: 77
Location: Bexleyheath, Kent | Thank you for your responses. The £35 route that Chris suggests sounds the best. I will look into this further.My wife has 2 flats to sell in Pyatigorsk and we want to get a house built................it should be fun. |
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Expert
Posts: 5114
Location: South Leicestershire | Chris which bank has a good sterling account ? |
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Expert
Posts: 3195
Location: Volgograd & Moscow | Tony
The two we use are "Uralsib" in Moscow and "Slavinvest" in Volgograd - both are very good, remember that when you transfer money you should "Pay all charges" in the UK which will be about £35, if you dont, each bank along the way will take a slice of the action!
Chris |
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Expert
Posts: 5114
Location: South Leicestershire | And have you used them transfering into the uk from russia ? |
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Expert
Posts: 3195
Location: Volgograd & Moscow | 3 or 4 times a month to each. |
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Expert
Posts: 1757
Location: Bracknell Berkshire and Omsk | Your earning far to much money all of you............ |
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Expert
Posts: 3195
Location: Volgograd & Moscow | Everybody but you Nick - but look on the bight side, Richard in Saudi has all that money but cant get a nice cold beer!  |
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Elite Veteran
Posts: 677
Location: Yoshkar Ola. Mari El. Russia | Hi contact me off line with your contact details and I will get the bank to talk with you direct on your needs , then its up to you |
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Expert
Posts: 3719
Location: London | Chris - 28/3/2008 2:14 PM
Everybody but you Nick - but look on the bight side, Richard in Saudi has all that money but cant get a nice cold beer!
or a decent car |
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Veteran
Posts: 107
Location: England | I realise this is a very old thread, but I was wondering if anyone could fill me in on the current situation.
My lovely fiance rents out a flat and wanted to be able to transfer this income to the UK for when she (hopefully) comes to live here.
The pound sterling bank account in Russia seems a good option if the fee is only going to be fixed, like Chris mentioned in this thread. International bank accounts seem to have very high monthly requirements on them, so don't really seem an option.
I'm guessing this won't be an easy task  |
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Expert
Posts: 3863
Location: In the Windmills of my mind... | Nikky - 2012-07-14 4:46 AM I realise this is a very old thread, but I was wondering if anyone could fill me in on the current situation. My lovely fiance rents out a flat and wanted to be able to transfer this income to the UK for when she (hopefully ) comes to live here. The pound sterling bank account in Russia seems a good option if the fee is only going to be fixed, like Chris mentioned in this thread. International bank accounts seem to have very high monthly requirements on them, so don't really seem an option. I'm guessing this won't be an easy task Its probably easier than you think, there are a few options for her... The first is to hold a Russian ruble account into which the rent is paid, and have a visa card for the account and just draw the money from any cash machine in the UK... Secondly she could "swift" monies across when she needs it, but better in larger ammounts... Thirdly have a £ account with a russian bank, and draw in the UK from this....probably the most expensive route as someone will need to change the money into sterling before they can deposit it I believe... My step-daughter has a visa card from a russian account and draws money as she needs it, think that her limit per day is about £2,000. Just beware of making regular transferrs into an english bank account, as Mr Taxman may ask some awkward questions, and you may be liable for taxation in the UK....whereas with a russian visa card, drawing cash leaves no evidence in the UK HTH... |
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Veteran
Posts: 107
Location: England | Very interesting. With the Russian ruble account, I guess you just get hit for a % fee like I do when I use my UK card abroad (and the currency conversion). That isn't that bad to be fair.
Yeh, the taxman was one of my worries.
Thanks very much for the info! |
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