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ronin1
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| Location: | S.F. Bay Area, California USA |
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Posted: Friday February 10th, 2006 07:45 am |
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Don't be caught short of cash in Russia. You won't need a lot of money unless you're staying in SPB, Moscow or perhaps Keiv. Still, it is best to not have your resources in all one bankroll... just in case things go very wrong.
Hard currency is king in Russia. You will have to exchange your dollars or Euros to rubles first. To get the advertised exchange rates in Russia, your bills will have to be in mint or near mint condition. They have to be the current ‘new’ bills. Don’t bother with denominations below $20. Unless you are sure your bills just came off the Federal presses, you will have to inspect them with a fine-tooth comb. The following list are the points the money exchangers may use to discount your bills:
1) Any folds, creases, rips or tears.
2) Any ink marks or writings (i.e. bank stamps, ink bleeding on edges, note check pens).
3) Any staple holes (many bills have been stapled as New Years presents).
4) Any worn of dirty areas (especially on face and edges).
5) Use of non-current notes (old style bills).
At the exchange counter (or corner), always ask for an assortment of bills and coins. Russia has a chronic loose change shortage. If you want to purchase any goods or services, you will need exact change or pay more. Have at least 2 bill clips to distribute your money.
Update: (5/08) Most of Russia has switched from the USD to the Euro as the preferred foreign currency. Not all establishments will accept the USD as in previous years. If you can't get good 100 USD notes at your bank, try asking for the new $50 notes that came out in 2007. Many banks have a stock pile of these mint notes since few customers ask for them.
Credit cards are becoming more and more accepted in the larger cities and areas that are frequented by foreigners. You use this for the big purchases so that you don't deplete your bankroll of rubles. Be careful who you had your card to.
ATM cards are a good backup. ATM machines are becoming numerous epecially in the bigger cities, but don't expect to see them in the smaller towns and far from a major city. Many foreigners use these to replentish their money clips every few days. It takes some planning in utilizing them. Don't assume that they will be in service and available all the time. Only use the ATMs that your bank lists in there ATM locator (see their internet site). If the ATM doesnt lock right,, don't use it. There are reports of bogus ATM machines and fake ATM card readers that are attached to real ATM machines. These are used to part you from your card of gather your card information. Also, be aware of your surroundings when using an ATM. Never use at night. Always shove the money straight in your pocket and count it later and then distribute it to several pockets.
Travelers Checks are perhaps the least recognized form of currency. They are not a widely accepted financial instrument. If you do take them, they maybe accepted in some establishments for a 2 to 5% discount. In places where they are not accepted, they may become accepted at an up to 30% discount. Always keep a copy of their serial numbers and demoninations in case they are stolen.
Money by Wire is the last resort. Let a trusted family member know that you are going. Have him hold some extra emergency funds. If you come up short for some reason Western Union (WU) or Money Gram are the two most used to wire funds to Russia. Be prepared for the stiff fee and exchange rate fee. To use WU he will need to know which WU office that you will go to receive the funds (there could be several in a good size town). He will also need your passport name and number as well. Remember that they will use only a 24 hour window that you can pickup the funds so everything has to be timed right.
More reading...
Moscowia.info - Things You Should Know (Money exchanging tips, added 8/08).
WaytoRussia - Practicalities (cash, cards, transfers, emergencies, average costs in Russia).
RealRussia.com.uk - Money in Russia (exhange & rates, cash, tipping, cards, average costs in Russia, import & export of funds)
Ronin
Last edited on Friday September 5th, 2008 07:50 pm by ronin1
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