Overview of How Russians Can Make Payments While Abroad
The discussion outlines how Russians can arrange payments when traveling or living overseas. An academic expert from the Department of Finance and Credit explains that payment options vary by country and by the amount involved. The guidance emphasizes planning and understanding local financial rules before departure.
For package tours to Turkey, many transactions are conducted in rubles back home, with travelers carrying cash to cover additional expenses. When a more exploratory or multifaceted trip is planned, travelers can use virtual cards designed for big shopping experiences in malls and hotels. While transfers with small commissions are possible, exchange rates may not always be favorable, which is a key consideration for larger spenders.
When trips extend over a longer period or target a European nation, opening an account with banks in partner countries can be advantageous. It is noted that in some cases this arrangement can be set up without leaving Russia. The importance of timely notification to the Federal Tax Service about new accounts is highlighted as a necessary administrative step.
For substantial transactions, such as major purchases or corporate transfers, banks that specialize in high-volume transfers can handle the process. However, experts warn that this route might not be the most economical, as funds can be converted into a third currency and routed through intermediaries, potentially reducing savings.
The Central Bank of the Russian Federation has recently expanded cash withdrawal limits in foreign currencies and tightened rules on commissions for withdrawing foreign currencies from deposits and accounts. These measures are intended to stay in place for a defined period, providing a more predictable framework for currency movements and consumer protections.
The year 2023 marked a significant shift in online shopping from Russia, with a 3.5 times increase in the likelihood of receiving goods from abroad. At the same time, many residents paused placing orders with foreign retailers such as Asos, Poizon, iHerb, Zara, eBay, and Amazon, citing difficulties in ordering and making payments with international bank cards. Market intelligence from financial and retail sources attributes this pause to payment friction and the evolving nature of cross-border logistics.
There has also been growing attention to security, as scammers have introduced new schemes involving SIM cards to compromise payment methods and financial accounts. Consumers are advised to stay vigilant, verify merchant legitimacy, and use secure channels when conducting any cross-border purchases or transfers.
In summary, Russians seeking to manage payments abroad should consider local banking options, the timing of tax notifications, and the varying costs of currency exchange. Staying informed about central bank rules and the evolving online shopping landscape can help minimize risks and maximize the efficiency of international transactions.