Euro to Russian Ruble exchange rates aren't all the same.
The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees.
These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.
When determining the best time to make a foreign exchange transaction, in this case the EUR vs RUB, you should pay attention to the recent market trends for both currencies.
Euro sentiment dipped in mid-June after the ECB, like other major central banks of the world, ramped up its dovish rhetoric. It said that there was “considerable room” for further quantitative easing and that it would consider negative interest rates. Ordinarily, this would spark an extended euro decline but since other major currencies are also wrestling with easier central bank policies, euro depreciation may be contained.
In spite of Brexit, a slowdown in economic growth, Italian risks and persistently weak inflation — an important measure of inflation expectations fell in June to a record low — the euro did fantastically well against the Australian dollar, New Zealand dollar and British pound between mid-April and mid-June. Due to a stronger US dollar, EUR/USD was down 2 percent on the year at $1.12, close to long-term lows.
The ruble has appreciated steadily against the US dollar (65.2), euro (73.05) and Australian dollar (45.6) in 2019. Against those three currencies, in early May, the ruble was worth 7 percent more, on average, than it was at the start of the year.
Recent strength makes a change from last year — a year of steady depreciation for the ruble (it lost 17 percent of its value against USD). US Sanctions played a part in last year’s weakness, as did a year-end collapse in the oil price and foreign currency buying by Russia’s central bank.
Among factors supporting the ruble this year has been a thriving energy market: oil is nearly 50 percent higher per barrel than rates at Christmas time.
In May, TradingEconomics.com was predicting a slightly weaker ruble in a year’s time, with USD/RUB forecast in May 2020 at 67.5 and AUD/RUB at 46.5.
Why can't I just get the EUR/RUB market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between
the last rate at which the EUR / RUB was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer.
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