The Russian ruble has drastically risen in importance since the start of the Russia-Ukraine conflict. A lot of people have noticed how volatile the ruble has become and in the currency world, where there’s volatility, there’s opportunity. But because the ruble is not readily available in most banks or exchanges, it’s left them wondering – how to buy Russian rubles online?
Plus, how do you know if an online exchange is legitimate? If you are one of these people, we’ll expand on your options in this article and give a few pointers for avoiding scams. But if you’re not a big reader, here’s the easiest option – you can buy rubles from US First Exchange and have physical currency delivered to your door.
If you’re still with us and wish to learn more, let’s get started.
When you are thinking of exchanging money online, your first step should be to find out if an exchange is legitimate. As with most online businesses, there is no shortage of scammers trying to run a fake online exchange and earn some easy money.
However, it is very easy to check the validity of an online exchange. Every MSB (Money Service Business) is obligated to register with the US Department of Treasury pursuant to the Bank Secrecy Act.
You can easily see if the exchange is registered by going to FinCen’s registrant search and typing in the exchange’s legal name or DBA (doing business as) name. If you cannot find the business in the registry, you should not give out your credit card or any other type of personal information.
Yes, you can, but it is not too common. Many online exchanges only trade digitally, which means that the money is stored in a digital account and the physical currency is held in a bank. You can also buy physical currency from sites like Amazon or eBay.
However, going down this route comes with serious security issues. For one, they typically do not insure their packages for their full value. So in the case of loss or theft, you have no recourse to get your money back.
The bigger issue is that Amazon and eBay are not responsible for the notes that are sold on their website. Consequently, they do not check the authenticity of the Russian rubles that are sold. That means that nobody can guarantee that you will get authentic notes, nor do you know what quality you are getting.
Buying rubles online is the most convenient option, but it’s not the only one. So, let’s talk about how to buy Russian rubles in person in the US. And you essentially have one practical option – banks and credit unions (you can also buy rubles at airport kiosks, but their fees are exorbitant).
However, most branches of banks and credit unions usually only hold major and popular currencies, so more exotic currencies like the ruble need to be brought in from other locations. It can take about a week from the moment you order to the moment you can pick up the currency.
When time is of the essence, banks and credit unions are not the best option. Additionally, banks typically charge high fees for exchanging exotic currencies. On the plus side, banks check the authenticity of every banknote they buy and sell, so you don’t need to fear that you will receive fake notes.
Before you buy rubles from an online exchange, check:
What payment options they offer
Don’t expect to be able to pay by credit card at every online exchange. Some only accept cash or checks, while others may only do wire transfers. This aspect is important both for security reasons and because it determines how easy your transaction will be.
How secure their payment processing and shipping is
A professional online exchange should only use the latest and most secure payment processing software. Plus, they should offer full-value insurance for every package they send.
We’ve talked about how to buy Russian roubles, but let’s go a bit deeper and ask – why? If you are looking to buy rubles for speculative reasons, hoping to make a profit, know that the ruble is a very volatile currency and you should have in-depth knowledge before you start trading. To learn everything you should know, you can read our ruble guide.
We’ve said it at the beginning and we’ll say it again – the best way to buy Russian rubles online is from US First Exchange. We have the industry’s lowest spreads and accept multiple payment methods – by credit card, bank draft, or money wire.
Once you place the order, the currency will arrive at your address within 24 – 48 hours. Your shipment will be fully insured and we will only send fresh, crisp banknotes.
Ready to sell? No more waiting. We provide everything you need to ship and receive funds for currencies you own.