13.12.2007
Currency, Finance, and Budgeting
for students traveling to RussiaCALL YOUR BANK AND CREDIT CARD COMPANY!
Make sure your bank and credit card companies know that you will be in Russia. The bank should "flag" your account so that your ATM card does not get turned off "for security reasons" after it shows up in a different country. You should also ask your bank if there are special transaction fees for overseas transactions and what exchange rate will be applied if you withdraw roubles in Russia. Check that against the current exchange rate listed at the Central Bank of Russia. If the numbers differ substantially, you may be better off withdrawing dollars in Russia and exchanging them locally. These same questions about exchange rates and transaction fees should be asked of your credit card company when you inform them that you will be traveling in Russia. I. Personal Budget
In Moscow, for short-term students (3 months or less), we suggest a minimum personal budget of $130 per week. This can cover basic needs such as food (if you use the dorm kitchen to cook), toiletries, school supplies, public transportation, and some very conservative entertainment expenses. It will not likely accommodate souvenir shopping, travel, or clubbing. For more extensive information on budgeting, see our page on formulating student budgets.
In St. Petersburg, costs are approximately 10-20% lower. In other cities, the budget can be even lower due to the fact that entertainment is more focused on just spending time with people in their homes, or out in nature. Some other expenses you may need to consider: Airport transfers (one way; two included with each program): $40-60
Home stay supplement: $400-600 per month - varies by location. Includes some meals.
Domestic travel (Varies)
International travel (about $700-$1100 New York - Moscow) II. Currency Forms Dollars should be clean, crisp, and unmarked. Yes, bank employees look at you funny when you request this, but even the smallest mark or tear will mean that you will have problems exchanging the currency abroad. The ATMs in Russia that distribute dollars, distribute brand-new bills. Checks should not be used. They will likely be looked at strangely and handed back, perhaps with some choice words. Many Russians have never heard of the personal check and they never will as Russian banking has simply jumped to debit cards in its post-Soviet reform. Traveler's Checks can be cashed in some locations (such as major hotels and some banks), but problems are likely for reasons similar to those listed above. Credit Cards are accepted in some shops in major cities but are not particularly common; never assume you can pay with a credit card - always carry cash. III. Financial Institutions Exchanges and Banks can exchange cash at locations throughout most cities. Use those exchange services in banks, (rather than the little kiosks on the street) however, as they tend to be more reliable and honest. Always make sure you know how many rubles you should receive before you hand money across the counter and never leave the counter if you believe a mistake has been made. Once you leave, no argument can be made. As should be obvious, don't believe someone waiting outside the exchange who offers "a better deal." ATMs are now common in most cities from Moscow to Vladivostok. These are now as safe to use as ATMs in America, but make sure you tell your bank that you will be withdrawing money in Russia and the dates of your stay. Western Union has outposts in most banks and is fast, but not cheap. If you can afford to wait, it is easiest to have someone deposit money to your account (or mail your bank a check with your account information and instructions) and then withdraw the money from an ATM.
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