In 2023 Russians favored traditional bank branches for currency exchanges, while a smaller share moved online or via mobile platforms
New data show that in 2023, the majority of currency exchanges were conducted at bank offices rather than through mobile apps or online banking. About 85% of transactions occurred in branches, with the remaining 15% taking place via the internet. These figures came from the press service of a major Russian bank after a close review of customer activity, conducted on request by a media outlet examining consumer financial behavior.
When it comes to the overall value of currency conversions, branch exchanges still led over online methods. Branches accounted for roughly 63% of the total conversion amount, compared with 37% conducted online. The dollar saw more activity than the euro in 2023, with the bank noting that the total number of currency conversions in the United States last year was about 2.4 times higher than those involving the euro.
In physical branches, the sale of dollars and euros tended to outpace their purchase, with offline dollar sales exceeding purchases by about 2%. The euro, on the other hand, showed a strong online presence, rising by 34% in offline trading driven by in-person transactions. Online, the volume of non-cash dollar sales was double the amount of purchases. For euros, purchases online surpassed sales by a noticeable margin, with the gap reaching about 25% in favor of buying instead of selling.
According to the bank, the average value of dollar bill sales in 2023 stood at roughly $702, while purchases averaged about $1,180. In the euro segment, the average online sales figure was around 711 euros, and purchases reached about 2,260 euros for the year.
The study behind these numbers was carried out in January 2024, aiming to capture a clear picture of consumer behavior at the start of that year.
For readers in North America, these patterns mirror broader shifts seen in consumer finance where brick-and-mortar branches continue to play a pivotal role in currency handling, even as online channels steadily gain ground. The data also highlight how exchange behaviors can diverge by currency, with cash transactions remaining more common for dollars, while online platforms increasingly handle euro exchanges and related non-cash operations.
Looking ahead, analysts suggest that exchange dynamics may evolve further as digital services expand and cross-border payment solutions mature. In the United States and Canada, banks and financial platforms are likely to emphasize seamless in-branch experiences alongside efficient online services to meet diverse customer preferences. The evolving mix between branch and online exchanges could influence pricing, availability, and speed of transactions in the near term, making it important for consumers to compare options before completing a currency exchange.