Best deals on foreign exchange

davey_4

My son is off to Russia and we need to get some roubles.

Does anyone know the best place to get foreign exchange?

Would it be a good item for MLMSX. Online many sites give free commission but make a postal charge, many don't quote Roubles. The Post Office seems the best so far.

grumbler

The best place is ATM at the Russian airport in combination with Nationwide debit card or cash card:

The cheapest way to spend overseas: save 6% article.

Otherewise I am sure it is better to buy US$ here and then change them to roubles in Russia. Don't hurry to change all $$s at the airport - there will be a lot of places to change later with better rates (I mean banks and exchange offices - legal places to change). Spreads for US$ are generally very small in Russia.

Euros are good too, but exchange rates for euros in Russia are worse than for US$.

black-saturn

I've always got my foreign currency from the post office. They have most of the currencies in stock and can get most of them within a few days if they havn't. If it's a large amount you will have to order it but it only takes a couple of days. Best of all they don't charge any commission.

Hope you son has a great time.

grumbler

black-saturn wrote:

...the post office. ... Best of all they don't charge any commission.

PO today: 46.65 RUB/£; 1.6902 $/£
Interbank today: 50.69 RUB/£; 1.7789 $/£

You lose:
(50.69-46.65)/50.69=8%:eek: when you buy roubles
(1.7798-1.6902)/1.7789=5% when you buy $$s (even with 'no comission').

In Russia you will lose less than 1% when changing $$s to roubles.

alared

US dollars would be a better bet for Russia