Foreign Exchange Guide to Russia
The domestic currency in Russia is the Russian ruble with currency code RUB. Read this foreign exchange guide to Russia and the Russian ruble with money transfer and travel tips plus Russian ruble exchange cross rates.
In this guide we review :
- Russian ruble info - general info about the Russian ruble
- Russian ruble in the markets - recent RUB moves and predictions from the FX markets
- Travelling in Russia - currency & money saving tips
- Buying Russian ruble cash online - travel money for Russia
- Sending money to Russia - save on Russian ruble bank transfers to Russia
- Russian ruble exchange rates - latest & historic exchange rates.
Russian ruble (RUB) general currency information
Reputedly, the Russian ruble has been in existence in one form or another for nearly 800 years, and as such is one of the world’s oldest national currencies. A single ruble unit is subdivided into 100 kopeks.
Contributing to around 1% of all foreign exchange deals, the ruble is the world’s seventeenth most traded currency.
The value of the ruble is heavily influenced by commodities prices since Russia’s top exports include oil, natural gas and metals.
In recent years, the most significant event to affect the ruble’s valuation came in the second half of 2014 with the introduction of economic sanctions against Russia for its annexation of Crimea from Ukraine. These sanctions, together with a 50% drop in the oil price in the same period, led to a ruble collapse. The ruble lost nearly 60% of its value against the US dollar between July and mid-December 2014.
Since 2000, the ruble’s highest valuation against the dollar occurred in July 2008 when USD/RUB fell to just 23.05. Its lowest value came in January 2016 when USD/RUB reached 85.97.
The ruble is considered riskier to hold than the FX "majors,” which means that it is likely to fall in value against those currencies (especially JPY, USD, CHF, EUR and GBP) during periods of significant economic uncertainty or high market volatility, or when global geopolitical risk is elevated.
What is the Russian ruble currency code and symbol?
The three letter currency code for the Russian ruble is RUB and the symbol is .
Which countries use the Russian ruble?
It is the domestic currency in Russia.
Russian ruble (RUB) in the markets
In the week beginning April 9th, following US sanctions against Russian oligarchs, the ruble suffered a double-digit fall (as much as 12 percent at one point) to 65.0 per dollar. It has stabilized since then – straddling 62.0 in the second week of May – supported by oil’s climb to a three-and-a-half-year high. Despite a great deal of appreciation in 2016 and 2017, the ruble has lost half its value in the past five years.
Economist David Goldman said on May 11th that the ruble’s cheapness post-sanctions represented a buying opportunity. The market had “vastly overreacted” to the latest US sanctions, as these would be flouted by European states and would not be increased, Goldman said.
Russia’s finance minister, Anton Siluanov, said in April that the ruble would recover this year to 58-60 per dollar, which he described as the “equilibrium” price.
The interactive chart below shows the RUB to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for Russia
Russian food is plentiful, home cooked, and delicious. Soups are very good. The bread is delicious. Food in the supermarkets is plentiful and reasonably priced. There is a wide variety of teas, chocolates, dairy products, produce, candies, and vodka. Carry plenty of cash.
Card readers may not work when you need them, nor may ATMs. Many businesses accept only cash. Taxis do not take credit cards.Russian power outlets take round 2-pin Euro plugs. A flat Euro plug adapter don't usually fit into the socket. Current is 220V.
Renting a car is a good option, however almost all signs are only in Russian. Allow lots of time at the airport, even for domestic flights. Security and check in are inefficient and the lines move slowly. Be sure to make time for flights, Russian airports do not seem as tolerant of lateness as most. Be sure your frequent flier numbers are in your reservation; the desk clerk you get may not have a clue on how to enter one, especially for a codeshare flight.
Russia Trip Checklist
- Compare RUB travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Russia
- Lonely Planet - world's best travel guide (coupon and deals)
Travel money for Russia
Save money and time by Ordering your Russian ruble online from Travelex, you get better rates and can pick up the RUB cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Russian ruble otherwise you may get much worst exchange rates.
Travel Money for Russia
Sending money to Russia
When searching around for information on how to get a good exchange rate when sending money to Russia you need to start with finding out the latest Russian ruble foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Russia Property Buying GuideThere are no taxes when purchasing a property, but owners pay an annual property tax of 0.5% of the property value.
To get tax resident status, you will need to have lived in Russia for at least 183 days over the last 12 months.
If you sell your home within 5 years of purchase (or 3 years if purchased prior to 1 January 2016), there is a 13% tax on profits. Selling after 5 years there is no tax on profit.
Getting a better deal when sending money to Russia
When sending money to Russia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Russian ruble amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted RUB amount will be transfered to the recipient account you specify in Russia.
Use our Send to RUB calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Russian ruble deposited into the recipient bank account and less margins and fees kept by the banks!