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Hypothetical: Moving to Russia to teach - Cash issues

 
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xtremdelt8



Joined: 25 Oct 2010
Posts: 20
Location: Panama City Beach, FL

PostPosted: Thu Nov 25, 2010 10:14 pm    Post subject: Hypothetical: Moving to Russia to teach - Cash issues Reply with quote

I guess this can be asked in any country forum...

When traveling abroad for vacation, it's very simple to to just find the first ATM in the airport arrival teminal and be on your way. (Sure, there may be a 2-3% fee added on, but I'm willing to pay for the ease and convenience)

I imagine moving long term to be a whole other issue when it comes to money management. When you do it, do you exchange for the local currency in your home country, or travel with a stock pile of your home currency and exchange it abroad? (That seems like a terrible idea) Do you just use ATMs until you open a local bank account? What about travelers checks? (I know more and more these are becoming obsolete, what with the explosion of ATMs around the world) Do the more out-of-the-way Russian cities have easy ATM access/exchange booths?
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jpvanderwerf2001



Joined: 02 Oct 2003
Posts: 1117
Location: New York

PostPosted: Thu Nov 25, 2010 11:32 pm    Post subject: Reply with quote

First off, only the very smallest Russian cities/villages won't have a "Sberbank" ATM handy nowadays. So you should be able to extract cash from there (no guarantees, though).
I would never carry more than $1000, for real emergencies, with me. Unfortunately, you'll probably just have to live with the fees until opening a Russian bank account.
When I've used my WellsFargo cash card here, it's usually about $5 for every $100 I take out (so 5%), and that's just the WellsFargo fee! The local bank will slap on a transaction fee, too; so it comes out to more like 8% in total. It's of course better to use a foreign bank card directly with the store or whatever, as opposed to using cash, which is becoming more and more a reality here (meaning more shops are taking credit/debit cards than five years ago, certainly).
I would never try to go the traveler's check route in Russia. Acceptance or lack thereof (mostly the latter, I suspect) would be way too hit and miss.
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spiral78



Joined: 05 Apr 2004
Posts: 11534
Location: On a Short Leash

PostPosted: Fri Nov 26, 2010 8:59 am    Post subject: Reply with quote

I was sent on a work contract to Moscow a couple of years ago, and the Canadian uni I worked for sent me with traveller's cheques to cover my daily expenses. Nightmare! Only one place I ever found to cash them, and it was the most time-consuming possible scenario. I could have taught an entire 2-hour class for each time I had to cash cheques, I think.

Not recommended.
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kazachka



Joined: 19 Nov 2004
Posts: 220
Location: Moscow and Alaska

PostPosted: Fri Nov 26, 2010 6:00 pm    Post subject: Reply with quote

spiral78 wrote:
I was sent on a work contract to Moscow a couple of years ago, and the Canadian uni I worked for sent me with traveller's cheques to cover my daily expenses. Nightmare! Only one place I ever found to cash them, and it was the most time-consuming possible scenario. I could have taught an entire 2-hour class for each time I had to cash cheques, I think.

Not recommended.


I stopped bringing them in the early 90s-REAL PITA to cash the buggers anywhere!
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jpvanderwerf2001



Joined: 02 Oct 2003
Posts: 1117
Location: New York

PostPosted: Sat Nov 27, 2010 4:26 am    Post subject: Reply with quote

Yes, they're basically worthless in Russia, and probably absolutely impossible to use outside of Moscow.
Cash is still king here, but debit cards are more and more used.
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