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.
Personal international money transfer comparisons on Mozo
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
$6,346 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6346 USD
1-2 days
$200 minimum
- Send to 200+ countries and 100+ currencies globally, 48,000+ 5-star 'Excellent' ratings on TrustPilot
- Dedicated Australia-based client services team with personal account management for transfers over $20,000
- Send fees are charged on smaller amount transfers, additional fees are charged on debit and credit card payment methods.
$6,330 USD
- IN PERSONn/a
BY PHONEn/aONLINE$5 $0.6333 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
$6,296 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6296 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- 48 hour fixed rates, receive 5 fee-free transfers
- Fast, secure transfers, up to 8x cheaper than the banks
- Send and receive money in 20+ currencies
$6,290 USD
- IN PERSONn/aBY PHONE$5ONLINE$5
$0.6293 USD
1-2 days
Minimum transfer amount is $10 AUD
* 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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