Over the past year, discussions about cross-border money transfers have continued, highlighting several practical options still available for sending funds abroad. Market observers and analysts note that even after certain financial channels were restricted, residents have at least seven viable methods to move money internationally. This overview reflects common pathways observed in retail and corporate finance discussions in Russia.
One route involves using the Mir payment card to transfer value to the payment networks of CIS countries. Citizens can move funds to cards issued in Kyrgyzstan, Belarus, Armenia, Tajikistan, Abkhazia, and South Ossetia. This approach leverages regional card networks to bridge transfers across borders without relying on broader international rails.
Another option is to initiate transfers from a bank’s mobile app to CIS countries, Europe, and Asia through systems such as Unistream. A comparable service is offered by the Golden Crown network, which provides parallel cross-border transfer capabilities for personal and business use.
Additional transfer channels have been introduced by large banks, including Sberbank, VTB, and Tinkoff. These institutions have rolled out cross-border services designed for customers who need to move funds between countries for personal payments, business transactions, or family support.
SWIFT transfers remain possible through institutions that are not subject to Western blocking sanctions. In many cases, banks outside those sanctions regimes provide remittance options that surface as familiar international transfers, even if the landscape is evolving under global policy changes.
Crypto currency has emerged as another route for cross-border value movement. In some cases, users can shift value quickly across borders and convert it back to cash via exchangers that operate with lower fees. This option attracts users seeking faster settlement times and flexible liquidity, though it requires careful consideration of regulatory and compliance aspects in each jurisdiction.
To support payments for foreign services and purchases abroad, many Russian residents have begun obtaining Visa or Mastercard cards issued by foreign banks in bulk. This trend reflects a strategy to maintain access to international payment networks despite local capital controls and sanctions-related pressures.
Historical data from the Bank of Russia indicates that credit institutions experienced losses from cyber incidents in prior years, underscoring the importance of robust security measures and risk management for all forms of cross-border payments. Ongoing developments in cybersecurity and financial technology continue to shape how residents and businesses approach international money movement.
Cited observations from market participants and experts confirm that the landscape for cross-border transfers remains diverse. Individuals and firms are weighing the costs, speeds, and regulatory considerations of each method to determine the most reliable options for their specific needs. As policy environments evolve, the ability to access international financial services can shift, reinforcing the value of staying informed about permissible channels and compliance requirements.