How to use money in Russia: currency, payments, and tips

The Russian ruble (₽) is the official currency in Russia. It is abbreviated as RUB and is widely used across the country. If you plan to visit Russia, understanding its currency system is essential. This guide will provide you with crucial information about Russia's ruble, including the different denominations, how to exchange your money, and the best Russia payment methods.

List of currency notes in Russia

Russia has a variety of banknotes and coins in circulation. The ruble is divided into kopecks, but kopeck coins are rarely used today. Here is a breakdown of the Russian currency notes:

Banknotes in Russia:

• ₽10 – Rarely used, replaced mainly by coins
• ₽50 – Used in some places, but not very common
• ₽100 – A commonly used note
• ₽200 – Introduced recently, valid for small transactions
• ₽500 – One of the most frequently used notes
• ₽1,000 – Widely used for larger purchases
• ₽2,000 – Introduced recently, convenient for mid-range spending
• ₽5,000 – The highest denomination, valid for large expenses

Coins in Russia:

• ₽1, ₽2, ₽5, ₽10 – Commonly used for small transactions
• 1, 5, 10, 50 kopecks – Rarely used, often not accepted

Using Indian currency in Russia

If you travel from India, you cannot use Indian currency in Russia. You will need to exchange your money for rubles. Here are some key points to keep in mind:

Where to exchange Indian rupees for Russian rubles?

• Currency exchange offices – These are Found in major cities, airports, and banks.
• Banks – They provide currency exchange but may have high fees.
• ATMs – You can withdraw rubles using an international debit or credit card.
• Hotels and airports – Exchange services are available but with higher rates.

Best way to exchange INR to RUB

• Exchange money in India before travelling to get better rates.
• Carry US dollars (USD) or euros (EUR) for easier exchange in Russia.
• Use international debit/credit cards instead of carrying too much cash.

Methods of payment in Russia

Here are the multiple Russia payment methods:

1. Cash payments

• Most local markets, small shops, and transport services prefer cash.
• Always carry small denominations for convenience.

2. Credit and debit cards

• Visa and Mastercard are accepted, but some international cards may not work due to sanctions.
• MIR cards (Russia’s payment system) are commonly used.

3. Mobile payments

• Apple Pay and Google Pay may not work in Russia.
• Local mobile payment apps like Mir Pay and SberPay are popular.

4. Online banking

• If you have a Russian bank account, you can use online banking for payments.

Tips to save money when travelling in Russia

Travelling in Russia can be affordable if you plan well. Here are some helpful money-saving tips:

1. Use public transport

• Metro, buses, and trams are cheaper than taxis.
• Get a transport card like Troika for discounts.

2. Eat at local restaurants

• Avoid expensive tourist spots and eat at local cafes or street food stalls.

3. Exchange money at reliable places

• Compare rates before exchanging currency.
• Don't exchange money at airports due to higher fees.

4. Use budget-friendly accommodation

• Consider hostels, Airbnb, or budget hotels instead of luxury hotels.

5. Buy a SIM card for cheap internet

• Local SIM cards are cheaper than international roaming.

FAQs

1. Can I use Indian rupees in Russia?

No, Indian rupees are not accepted in Russia. You need to exchange them for rubles.

2. What is the best way to pay in Russia?

Cash and Russian bank cards (MIR) are the most reliable. Some international cards may not work.

3. Are US dollars accepted in Russia?

No, you cannot use US dollars for purchases. You must exchange them for rubles.

4. Can I withdraw money from ATMs in Russia?

Yes, but check if your international card works in Russia before travelling.

5. Is it safe to carry cash in Russia?

Yes, but avoid carrying large amounts. Use a money belt or secure wallet.

Conclusion

Russia's ruble is the accepted currency, and understanding how to use it will make your trip easier. Whether you exchange money, use cards, or pay through mobile apps, being prepared will help you avoid any issues. Follow these money-saving tips to enjoy an affordable trip to Russia.

Additionally, it is essential to have travel insurance when visiting Russia. Unexpected situations like medical emergencies, lost baggage, or trip cancellations can be costly, and reasonable travel insurance for Russia will help cover these expenses.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.