Anyone going over anytime soon?

[Gator]

17 more days! - Can someone tell me the best way to change or spend money in Russia without paying big transaction fees?

The exchange rate is published above the window of the currency exchange kiosks.   Be sure that your dollars or euros are almost new.   I suggest that you carry some Euros or dollars only for an emergency.  IMO It is best to use  ATMs of well known banks.  Both your local bank and the FSU bank  will charge fees (total of about $10), so withdraw the ATM's maximum each time ($300-500).
 
 
You need to inform your local bank before you leave that you will be using your debit card in the FSU.

[scafidi454]

Yea - I've talked to a couple of banks recently.


3% transaction charge using the card overseas (before any other vendor commissions)


$5 transaction withdrawal charge, plus an other ATM fees


Or a terribly awful conversion exchange of about 1:23 after bank commissions (when buying from a US bank)


I'm going to go with paying for my accommodation with the card, and then withdrawing any monies I need through the ATM.

[Gator]

Minimize any use of the credit card not just because of the exchange rate but because of theft (I have no statistical information, yet it feels risky).
 
I assume by "paying for my accommodation with a card" that you are staying at a hotel.  Have you considered an apartment?  Apartments are far less expensive than a hotel, allow you to make some of your meals such as breakfast, and are more friendly to women guests (in their mind).  The disadvantages are not having other services (which I rarely needed), remembering how to find the flat (not easy if you have enjoyed some vodka), and  working the keys and locks (even more difficult with vodka).
 
As I neared the end of my trip, I would exchange most of my reserve of  dollars and spend them or give them to the woman if I were in a relationship. 

[scafidi454]

I have an apartment near the voykovskaya metro.

[Kunstkammer]

The exchange rate is published above the window of the currency exchange kiosks.   Be sure that your dollars or euros are almost new.   I suggest that you carry some Euros or dollars only for an emergency.  IMO It is best to use  ATMs of well known banks.  Both your local bank and the FSU bank  will charge fees (total of about $10), so withdraw the ATM's maximum each time ($300-500).
 
 
You need to inform your local bank before you leave that you will be using your debit card in the FSU.

Hmm, I don't think that is an absolute.  I live in Russia, I withdraw money from my American credit union - which gives me a good exchange rate and I pay 0 fees.  I get charged between 10 and 50 RUB per transaction, which is what? a little over 2 bucks, 2.50 at most? Not much more than a normal ATM fee.  It depends on your bank it isn't an absolute.

[scafidi454]

I have three banks, but I only use a debit card and credit card on one of them. I have Wells Fargo, Eglin Federal Credit Union, and Hancock Bank. Do you think I can use the American credit unions in Moscow without being charged additional fees, besides the standard transaction fee?

[chivo]

You will only be in Russia for 8 days why use an ATM at all? Bring $1000 and your credit card and that should be enough.
 
You should be able to handle $1000 without a problem (I hope) and use your credit card in case something happens. $125 a day not counting accomodations is more than enough and you will probably have some left over when you leave.

[scafidi454]

Yea - I've got about 650 to bring, after the accommodation, and then I get paid the third day I'll be there, which should give me more than enough to cover the 1k limit - However, I do have to consider that this is not paid vacation, and I have to pay rent when I get back!


What I really want to know is if the money will convert at the conversion rate.

[scafidi454]

Spending 1000 at a conversion of 27 means I'll have 27000 rubles; spending 1000 at a rate of 24 will mean 24000 rubles - It's a big difference.

[Gator]

scafidi454,
 
I used a Bank of America debit card when traveling.  I examined my charges a few times but never noticed a significant difference, certainly not 10%.  However, my last trip was 2007 other than a brief trip in 2010 when I spent very little.  Who knows what banks are doing today.  You can discover this by calling your bank and going through different people.
 
 
One place to be careful is negotiating a price for a purchase in dollars and then using your credit card rather than paying in dollars.  The store will convert the dollar amount to the local currency, and your credit card bank will then convert the local currency to dollars.  A store in Turkey tried to make about 10% on the conversion.  I caught it and did not complete the sale until they gave me a favorable conversion rate. 

[scafidi454]

I talked to the bank. There is a 3% foreign transaction fee. I think I have a daily withdrawal limit of $500 with a $5 ATM transaction charge - So, I'm going to pay for the accommodation with my card, and then pull money from the ATM for spending - The ruble has been very unstable the past two weeks - It was at about 28.5, and now it's around 27.5

[Misha]

The ruble has been very unstable the past two weeks - It was at about 28.5, and now it's around 27.5

Technically, it would be more accurate to say that the American dollar has been very unstable these past two weeks and it has lost value against the rouble

[scafidi454]

Yes - Of course - I have been trying to find projected trend analysis on the dollar with the upcoming federal budget, which makes me half tempted to purchase money before I go over there

[chivo]

Yea - I've got about 650 to bring, after the accommodation, and then I get paid the third day I'll be there, which should give me more than enough to cover the 1k limit - However, I do have to consider that this is not paid vacation, and I have to pay rent when I get back!


What I really want to know is if the money will convert at the conversion rate.

Don't worry about the conversion rate, you'll get about 28 per $1.
 
Personally I think you can get by on $650 and your credit card for the week. Eat most of your meals at your apartment and use your credit card to pay for some things here and there and you should be fine. A typical dinner will cost about $40 for 2 including an alcoholic beverage for each of you, but you can get out cheaper if you know where to go.
 
You could save one day then double down the next to mix in fun with entertainment. Remember there are a lot of cool things to do that are relatively inexpensive (rollerblading at Park Pobedy with something to snack on for instance or a river walk with boat trip for about 600 ru). 
 
Just stay away from expensive clubbing and you'll be fine.

[chivo]

Yes - Of course - I have been trying to find projected trend analysis on the dollar with the upcoming federal budget, which makes me half tempted to purchase money before I go over there

No, exchange your money here. There is no way you'll be able to project this as there are too many factors that affect the ruble besides the dollar's fluctuation.
 
Just exchange $50 at the airport until you get to town. There are a lot of banks that will give you a very good rate around Voykovskaya.

[Kunstkammer]

I have three banks, but I only use a debit card and credit card on one of them. I have Wells Fargo, Eglin Federal Credit Union, and Hancock Bank. Do you think I can use the American credit unions in Moscow without being charged additional fees, besides the standard transaction fee?

What do you mean American credit unions in Moscow?  I have an account at an American FCU, I get paid in USDs direct deposited to that bank account.  I  withdraw those dollars from ATMs in Saint Petersburg as rubles.  My credit union gives me the exact exchange rate without taking a cut to make a buck off me, the ATMs I use in Russia charge between 10 and 50 rubles per transaction. 


Everything is dependent on your personal bank and the ATMs you use in Russia.  I was just pointing out that it is not an absolute an ATM withdraw will cost you 10 dollars in fees. 


Also withdrawing the max could make you look like a fool if it happens to be an ATM that dispenses 5K notes and you end up with 2 of those.

[scafidi454]

What do you mean American credit unions in Moscow?  I have an account at an American FCU, I get paid in USDs direct deposited to that bank account.  I  withdraw those dollars from ATMs in Saint Petersburg as rubles.  My credit union gives me the exact exchange rate without taking a cut to make a buck off me, the ATMs I use in Russia charge between 10 and 50 rubles per transaction. 


Everything is dependent on your personal bank and the ATMs you use in Russia.  I was just pointing out that it is not an absolute an ATM withdraw will cost you 10 dollars in fees. 


Also withdrawing the max could make you look like a fool if it happens to be an ATM that dispenses 5K notes and you end up with 2 of those.

Thanks!


If I get those large bills, I'll have a Russian citizen there to help me break them down in correct change!

[chivo]

Scafidi,
 
Don't worry about breaking 5k notes it will not be a problem. One of the first things I would do if I were you would be go and buy about a weeks worth of food and drink. There's a mall called Metropolis located next to Metro Во́йковская (Voykovskaya).
 
Inside is a market called Carousel with some of, if not the best food prices in Moscow. One trip at 3000-4000ru, or a couple of trips of 1500-2000ru should do, mixed in with some eating out to maximize your money.
 
IOW 3-4000ru or roughly $100-150 will surely fill up any fridge for a week and you'll eat very well. I and my lady eat like royalty for about 1500ru over 3 days, that's including breakfast, lunch, dinner and snacks if we stay in and cook our meals.
 
That will leave you over $500-550 for other things which breaks down to around $70 per day without accounting for most of your food/accomodation expense. That with your credit card should be enough without compromising your fun and experience.

[scafidi454]

Thanks - Like I said, I will have a paycheck as well while I will be there, which I planned for, but I have not yet accounted for the money on that check.


We're going to St. Petersburg as well.

[Gator]

Scafidi,
 
Your profile says you are committed.  I assume that you have met this woman already and she accepts the degree of attention you give to money.  I say this because otherwise some RW could be turned off by a man who seems "penny wise and pound foolish." 
 
St. Piter is a wonderful place.  There are plenty of opportunities to spend all of your money thrice.  Relax and enjoy being with one of these RW beauties.  There is a little museum about the siege of Leningrad that I enjoyed immensely.  It is off the beaten path and has zero English  so many people miss it:   http://www.russianmuseums.info/M107

[scafidi454]

We've met already

[Kunstkammer]

There is a little museum about the siege of Leningrad that I enjoyed immensely.  It is off the beaten path and has zero English  so many people miss it:   http://www.russianmuseums.info/M107

I go here ever January 27th for ceremonies and to listen to speeches and talk to veterans.  My friend who is a tour guide gives 1-2 tours a day in English during the the peak of tourist season to this museum, there are some exhibits in the museum with English explanations but they are random and with poor translations mostly.  Pretty good museum though.  I do enjoy the Political History museum more though.


Also, I guess breaking 5k notes isn't that hard for somebody spending gobs of money at a time.  I'm just used to hating them because they are useless in my day to day living where I can't use them to take a marshutka or bus, or buy a beer.  Hell, I even hate having 1k notes 

[scafidi454]

Yes, we've met.

[GQBlues]

Going August 8th - Just 7 weeks and one day away!

Hhhmmmm...I wonder (1) whatever happened to our good friend, Greg.
 
I also wonder (2) whatever happened to scafidi454? I hope scafidi454's silence only means his GF had him locked on his ankles and are holding on never wanting to let him go...

[scafidi454]

Sorry Everyone! MOSCOW WAS AWESOME!


I stayed near the Prospect Mira Metro, and I saw a lot of things!


P.S. I'm engaged!