Explanation of possible ways to make remittances to Russia
The Visa and MasterCard international payment systems have announced the suspension of operations in the Russian Federation.
As a result, cross-border transfers using VISA and MasterCard cards issued by Russian banks are not available. This applies both to paying for purchases in foreign online shops and to using these cards abroad to withdraw money and pay for purchases.
Transfers and payments using VISA and MasterCard cards issued by foreign banks will not be made in Russia. It is not possible to withdraw cash fr om these cards in Russia.
VISA and MasterCard cards issued by Russian banks will continue to operate in Russia as normal until their expiry date. Holders of these cards in Russia will be able to make transactions at ATMs, pay with their cards, and make card-to-card transfers. You can use your MIR card or the Bank of Russia’s Quick Payment Service to make payments in Russia.
Current methods of cross-border money transfers to and from Russia:
1. Using the Mir card for the countries wh ere it is accepted: Turkey, Vietnam, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, South Ossetia and Abkhazia.
2. The use of UnionPay International (China) cards.
3. Classic bank cross-border transfers on current accounts of citizens, except for accounts opened with Russian banks that are disconnected from SWIFT (VTB, Bank Rossiya, FC Otkritie, Sovcombank, Promsvyazbank and Novikombank). Only transfers from Russia to countries that have not joined the US and EU sanctions can be made to close relatives in an amount not exceeding USD 5,000 per month.
4. The use of money transfer systems such as Golden Crown, but there are restrictions on the size and conditions of cross-border money transfers, which should be clarified on the websites of these systems or at the branches that carry out such transfers.
Students are advised:
1) Open an account with any Russian commercial bank that has not been sanctioned, but not with Sberbank, which will close its US dollar correspondent accounts from 26 March 2022. After opening the account, it is necessary to take the bank details to transfer money via SWIFT and send them to their relatives, who can transfer money to this account from their account in a foreign bank.
The student can, after receiving the money in his/her account at a Russian bank, convert it into roubles and pay in Russia with a MIR card.
2) Open a UnionPay International (China) card and give the transfer details to your relatives.
3) Contact Golden Crown and inquire about the possibility of receiving a money transfer from your home country.
