Money Transfer to Russia from Germany and Other European Countries
Since 2022, transferring money to your relatives in Russia became a serious issue due to the tightening of international sanctions and financial restrictions. These measures were introduced in response to geopolitical conflicts that led to international condemnation and, consequently, sanctions.
As a result, many banks and financial institutions, particularly in Europe and the US, ceased or significantly limited operations related to Russia. This made sending and receiving money internationally much more difficult.
Money Transfer to Russia: Main Challenges
- SWIFT Restrictions: Many Russian banks have been disconnected from the SWIFT system, making traditional bank transfers from abroad impossible or highly complicated. This forces people to look for alternative methods of transferring funds. Individuals and small businesses are especially affected, as they must adapt to these new, stricter conditions.
- Restrictions on Foreign Payment Systems: Most Western payment systems, such as PayPal, Visa, and Mastercard, have limited or completely suspended operations with Russia.
- Increased Fees and Transfer Times: Due to sanctions and restrictions, financial operations have become more expensive and slower. Payment systems are forced to adapt to new conditions, leading to higher fees for transfers and longer processing times.
Given the difficulties with money transfers to Russia due to sanctions and financial restrictions, people are seeking alternative ways to conduct international transactions. One such solution is electronic payment systems, including cryptocurrencies. However, these methods are often associated with risks, such as legal uncertainty and high volatility.
In this blog, we will explore electronic payment systems as alternative options for transferring money to Russia.
Ways to Transfer Money to Russia and Crimea
Despite sanctions and restrictions, there are several alternative methods for transferring money from the EU to Russia.
Each of these methods has its own features, and the choice of the appropriate transfer method depends on the specific situation, preferences, and requirements of the sender and recipient.
Profee Service (Excl. Crimea)
The service supports transfers to cards of numerous Russian banks, including Raiffeisen Bank, UniCredit Bank, Renaissance Credit, Credit Europe Bank, and Ozon Bank.
For transfers of €100 or more, you will receive €5 as a gift.
SendNow Service (Including Crimea)
A fast and convenient money transfer method, but expensive. Transfers are possible even to a Crimean MIR card.
Cryptocurrency Transfers
Instant transfers with anonymity, but subject to volatility risks and legal restrictions. Additionally, some knowledge is required for these transfers.
In this blog, we will focus solely on electronic payment systems and cryptocurrency transfers, which require certain financial knowledge. By reviewing these methods, we aim to help you better understand their features, advantages, and risks to manage your money transfers effectively.