What do Russian sanctions mean for my money transfers?

woman check her ipad for good imt deals

The current climate of uncertainty in Europe is making international money a bit tricky. But how does the conflict affect us here in Australia?

If you're routinely sending money to that region then you might run into some issues. For example, PayPal shut down its services in Russia and many Russian banks are barred from SWIFT

For those who don’t know, SWIFT is the messaging system banks use to facilitate money transfers worldwide. Without a SWIFT, you can't receive or send money to specific bank accounts.

Other companies who have suspended any sort of money transfers to Russia include (this is not an extensive list):

  • Wise
  • Western Union
  • Visa
  • Mastercard
  • Amex
  • Apple Pay
  • Google Pay

If you do find yourself needing to send money to Russia, you’ll need to double-check with the money transmitter to confirm that it's still making ruble transactions or continuing its services in Russia. 

Transfers to other countries

If you're looking to send money to countries other than Russia, you can check out our international money transfer comparison table below to find a money transfer service that could best work for your needs.

I want to transfer
to
Today’s foreign exchange rates
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online, over the phone or through the TorFX app
  • Personal account management and expert insights

$6,663 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6663 USD

  • 1-2 days

  • $200 minimum

  • Send to 200+ countries and 100+ currencies globally
  • Dedicated Australia-based client services team with personal account management for transfers over $20,000
  • 48,000+ 5-star 'Excellent' ratings on TrustPilot

$6,650 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6650 USD

  • 1-3 days

  • none

  • Fee Free transfers
  • Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
  • Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL

$6,614 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6614 USD

  • 1-2 days

  • $250 minimum
    $500 monthly minimum for regular transfers

  • Fee free for selected countries on the first transfer
  • Transfer in minutes, 24/7 Live support
  • Wide range of options - Cards, Bank transfer, Wire, Cash pickup and E-wallet

$6,640 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6640 USD

  • Within minutes

  • $0 minimum

* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.

^See information about the Mozo Experts Choice International Money Transfer Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.