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Russia Money Information

Russia Money and Currency

Russia money is called the ruble. There are paper notes of 10, 50, 100, and 500, and there are 1-, 2-, and 5-ruble coins. There are 100 kopeks in a ruble and there are coins for 1, 5, 10, and 50 kopeks.

Rubles cannot be obtained at banks outside Russia, but if you somehow obtain them (through friends or acquaintances) it is legal to import or export them, although you will need to declare them and you cannot bring out more Russia money (however valuated) than you brought in. There is no limit, however, on the amount of foreign currency you may bring in with you. Most establishments these days (hotels, stores, and restaurants) accept payment in either rubles and/or credit cards. Major credit cards (American Express, Diners Club, JCB, MasterCard, and Visa) are now widely accepted. Worn or torn foreign bills are often refused by Russian merchants, so make sure your bills are crisp and clean. On your way out of Russia you can change excess rubles back into dollars at any bank or at the airport. For this you will need your passport.

Goods and services aimed at foreigners are as expensive as anywhere in Western Europe. A cup of coffee in a foreign-run hotel will cost around $3; in a stand-up café around 50¢. There is, however, a growing list of bars and cafés that offer comfort and quality at a cost somewhere between these extremes.

ATMs

For use in Russia, your PIN must be four digits long. Bankomaty (bank machines) are cropping up all over the place in Moscow and are not difficult to find: hotels and banks are the most obvious (and safest) places to look, but there are some on the streets as well. In addition, many metro stations now have them -- but have a partner watching your back when you take money out, and remember what kind of nimble-fingered people hang around such places.

All ATMs have an English option, and some also have options for French and German. Each individual bank machine also clearly shows what cards it accepts, i.e., Plus, Cirrus, Visa, etc.

Russia Money Exchange

Most hotels have currency exchange bureaus, some operating 24 hours a day, where you can change your dollars for Russia money. You can also use the Russian banks; in addition, you will find exchange bureaus all over the city, bearing the "Obmen Valuty/Exchange" sign -- these are often in Cyrillic, but just look for the signs with daily rates posted in easy view, often on freestanding sidewalk posters. Exercise reasonable caution when using them, and don't be surprised to find a security guard, who may let only one or two people inside at a time. By law it's required that you be issued a receipt, but you may find this erratic in practice; be sure to ask for one. You can exchange traveler's checks for rubles or dollars at any of the private banks. Try the bank offices in the Radisson Slavyanskaya Hotel and in the Baltschug Kempinski. The American Express office will cash American Express traveler's checks for rubles and, if it has cash available, for dollars. You can also obtain dollars by writing the office a personal check and having the exchange charged to your American Express card.

Russia Money Exchange Services

Baltschug Kempinski bank (1 Balchug ul., first floor, PHONE: 095/941-8020).

MDM bank (2 Berezhkovskaya nab., first floor, PHONE: 095/941-8434).

Taxes

Airport departure taxes are almost always included in the price of the airline ticket. Hotels charge a 20% value-added tax and a 5% sales tax if you pay in cash or by credit card upon arrival; if you pay in advance, then you don't get charged these taxes (at least that's the general rule).

Russia currently has a 20% value-added tax (VAT) charged on most everything and refundable on almost nothing (interestingly, the VAT law specifically says the VAT does not apply to exported goods, but there is simply no mechanism worked out for handling refunds at the airport; goods bought at duty-free shops in the airport are free of VAT). In addition, a 1% tax will be added on top of this to your Moscow hotel bill.