The Russian Ruble is the official currency of the Russian Federation, the recognized republics of Abkhazia and South Ossetia, as well as the unrecognized republics of Donetsk and Luhansk. The Russian Ruble is the 2nd oldest national currency behind the Pound Sterling. The currency has been in existence since the 13th century and has undergone various changes, but has always remained the “Ruble”. The Russian government feels very strongly about the Russian Ruble and will impose fines to those who make transactions between Russian residents with currencies other than the Russian Ruble. These fines can be up to 75% or 100% of the transaction account. While most Russian Rubles are transacted within Russia, there are instances where it is used for international transactions. Many of these transactions can be accounted for international online trading accounts.show more
The Russian Ruble, also known as the rouble, has a unique sign/symbol to represent itself and is not used anywhere else in the world. The sign is “₽” and is used differently in the Russian language from the English language. In Russian, the “₽” sign follows the currency value, while in English the “₽” sign usually precedes the currency value. The Russian Ruble can also be represented by its abbreviation or code which is (RUB). As for it’s denominations, the Russian Ruble is broken into sub units of 1/100 and are called kopeks. There is no other currency with the same symbolization as the Russian Ruble, so Russian traders should have no problems differentiating the currency from others, which make depositing and withdrawing funds that much easier.
For traders wanting to trade at a Russian trading brokerage, but don’t deal in Russian Rubles, they will need to exchange their foreign currency for Rubles. This is not hard to do and can be done in a couple of ways. The easiest and most convenient method for exchanging currency to Russian Rubles is to directly deposit your currency to the trading brokerage and use their integrated exchange portal. Some brokerages will have the option to convert your money upon deposit, and if so it is the best method to use. However, not every online trading brokerage will offer this method. If the one you choose does not, you can simply send your foreign currency to an online exchange service to convert your money to Russian Rubles. This can be done for a small fee and then later transferred to the online trading brokerage of your choice.
The Russian Ruble is compatible with a number of online payment services, more than just Russian bank accounts. This is good for traders who reside outside of Russia but still wish to trade at a Russian brokerage. The most popular of these alternative banking/payment solutions include debit/credit cards, and e-wallets. Another method which isn’t as popular is the use of digital vouchers and prepaid cards. Most of the popular Russian trading brokerages will accept a variety of these payment and withdrawal methods for Russian Rubles.