How to transfer money from Russia to Canada and vice versa under sanctions?
Visa and Mastercard payment systems have stopped working with Russia. But there are other options.
Since the beginning of the invasion, Russia has been threatened with being disconnected from the SWIFT financial system. Seven banks will indeed be disconnected as of March 12: VTB, Russia, Otkrytie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF.
VTB, Otkritie, Sovcombank, Promsvyazbank, and Novikombank were the hardest hit. All of their dollar assets and accounts were blocked, and their clients will not be able to use the Apple Pay and Google Pay payment services.
According to VTB Bank, individuals are no longer allowed to transfer money abroad, but international transfers by corporate clients will not be affected by the sanctions. It is unknown whether Russian companies will continue to cooperate with Canadian companies when the rate of duties on exports from Russia rose to 35%, but it is possible to transfer money.
As we wrote before, using SWIFT can be compared to using one of the many messengers. It is convenient for transferring data between banks, but if some banks cannot use it, they will switch to other ways of transactions.
Since part of the Immigrant.Today team works from Russia, we made sure that it was possible to bypass sanctions. The transfer of money from a legal entity to an individual via SWIFT using account details in Tinkoff bank was successful.
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