As of 2013, the Russian Government introduced fines to Russian nationals on any transaction where money was sent to overseas bank accounts. The fines could range from 75% – 100% of any transfer to a foreign account if the transfer did not go through a Russian bank account. Those most affected were people renting flats in foreign cities or those that received payments for freelance work from non-Russian firms. The thought process behind these fines, was that it would help the government in their quest to stop capital flight and fight corruption.
Brokers and companies like The Money Cloud can help you move money out of Russia because they work with specialists in buying and selling currencies and focus solely on currencies, whereas Russian banks will provide a huge range of services and not specialise, or be able to get the best deal, on foreign currencies or the transfer of money from a Russian account to an account in the UK.
When looking to move money out of Russia, whether you are an individual or a business, it is recommended you speak to one of our partner FX brokers or the team here at The Money Cloud to help you save money. We showcase excellent exchange rates and low foreign exchange fees too. The team here at The Money Cloud and brokers can also offer faster transfer times and a much better deal than you are likely to get with a Russian bank.
There will be some individual KYC (Know Your Customer) requirements when you are moving money out of Russia and these are as follows; You will need a signed application form, Proof of ID (ideally a passport that verifies your full name and date of birth), proof of residential address (such as a utility bill or bank statement from within the last 3 months).
For verification acceptance, you must have the requested documents verified by an authorised person from a credit or financial institution (bank or building society official), or an auditor, an insolvency practitioner, external accountant, tax advisor or independent legal professional. The certification must include the wording ‘True Copy of the Original’ along with the name, signature, stamp and address and contact details of the person signing.
Every year, the team here at The Money Cloud help thousands of individuals and businesses with their international money transfers and we save these individuals and businesses huge amounts of money so why not contact us now to see how we can help you move money out of Russia.