What do Russian sanctions mean for my money transfers?
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
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
$6,586 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6586 USD
1-2 days
$200 minimum
- 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
$6,572 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6572 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- Fully regulated, Australian-based team on hand
- Super competitive rates for AUD to USD/GBP/NZD and USD/GBP/NZD to AUD
- Provides dedicated account management support for large transfers; Online platform for smaller transfers
$6,589 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6589 USD
0-1 day
$250 minimum
- Transact online 24/7 with fast settlement & extremely competitive rates.
- Quick and easy account setup, supports multiple payment methods including debit/credit card, bank transfers and wire transfers.
- Transfer over $250 and receive a $7 coupon. Use Promo code INSTAREM5. T&Cs apply. Offer ends 10th Jan 2024
$6,573 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6573 USD
Within minutes
$50 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
$6,589 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6589 USD
1-3 days
$10,000 minimum
- Always get the real mid-market exchange rate and low transparent fees.
- Join over 12 million customers worldwide
- Over 80% of transfers arrive by the next day.
$6,573 USD
- IN PERSONn/a
BY PHONEn/aONLINE$0 $0.6573 USD
1-3 days
$1.5m maximum
* 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
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