• In Russia's retail banking, there's usually no separate "exchange commission". The cost of exchanging currency is built into the rate itself — specifically, into the spread between buy and sell prices.
• So the phrase "no commission" on an FX desk's signage is almost always true — and almost always doesn't mean the exchange is free. There's no commission, but you still pay through the spread.
• Across different exchange channels, the real "cost of exchanging" varies widely. At a bank's FX desk it's around 1–3% of the amount. Through a broker on the stock exchange, 0.1–0.5%. On card payments abroad, 1–5%.
• Hidden fees do crop up — but not where beginners look for them. Examples include a charge for accepting a non-standard banknote, an ID-verification fee, or a fee for issuing a transaction certificate.
• The widget below shows rates at Moscow banks. Calculate "your" commission using the formula: (CBR rate − bank's buy rate) / CBR rate × 100% — when selling currency to a bank.

Below is a detailed breakdown: what banks actually charge, what they don't, and how to calculate the true cost of the transaction.

The big misconception: "exchange with no commission"

Ads for exchange offices and bank rate boards often say "currency exchange with no commission". Many customers read it as marketing spin — "how can it be free if they're making money?". But formally, it's true.

The explanation is simple. A classic bank commission has a separate tariff — for example, 1% of the amount or 100 rubles per transaction. The customer sees that tariff as a separate line on the receipt.

In a cash currency exchange there is usually no such line on the receipt. The money the bank earns is built into the price itself — into the spread. When you sell dollars to the bank, the bank offers a rate below the market rate. When you buy, it's above the market rate. The difference is the "commission" — just in the form of a rate.

From the bank's perspective, "no commission" is technically accurate: nothing extra is charged as a separate line. From the customer's perspective, that doesn't mean "free". There is a cost; it's simply packaged into the rate.

What the real cost of an exchange consists of

At a bank's FX desk you pay three types of "price" at the same time.

The main one — the spread. The gap between buy and sell rates at the same bank. In Moscow this is usually 1–2 rubles per US dollar, 1.5–2.5 per euro, and 0.3–0.6 per yuan. Split it in half — one half of the spread covers your exchange, the other covers the matching transaction from another customer going the opposite way.

The markup over the CBR rate. The gap between the bank's rate (buy or sell) and the CBR official rate. For a single transaction this is usually 0.5–1.5%. This markup compensates the bank for risk and operating costs.

Rare separate charges. Occasionally — for specific operations:

• A charge for accepting a non-standard banknote (old series, damaged, large denomination). Usually delivered as a worse rate for that note, more rarely as a fixed fee.
• An ID-verification fee (filling out a form on your first transaction). At most banks this is free; at some, there's a token charge.
• A fee for issuing a transaction certificate. Usually 100–300 rubles per certificate.

How to calculate "your" commission

A simple formula. Today's CBR rate is your benchmark. If the bank buys your dollar at 89.20 ₽ and the CBR rate is 90.00 ₽:

Commission (in percent) = (90.00 − 89.20) / 90.00 × 100% = 0.89%.

If the bank sells you a dollar at 91.50 ₽ and the CBR rate is 90.00 ₽:

Commission = (91.50 − 90.00) / 90.00 × 100% = 1.67%.

If you exchange both ways (buy and then sell back), your total "commission" = the gap between the sell price and the buy price / CBR rate. In this example: (91.50 − 89.20) / 90.00 × 100% = 2.56%.

That means: on every dollar that passes through one bank and back, you pay about 2.56%. On 1,000 USD that works out to roughly 25,600 ₽ on the round trip. On larger amounts it adds up fast.

The widget below shows current rates at Moscow banks — you can calculate each bank's "commission" right on the page:

Comparing channels: where the "commission" is smaller

A cash exchange is not the cheapest way to convert. It has its advantages (cash in hand right away), but cheaper options exist.

Buying through a broker on the stock exchange (or via an FX brokerage account). The cheapest option. The broker's commission is 0.03–0.3% of the amount. The spread between the market price and the price that reaches the client is usually 0.1–0.3%. Total: 0.1–0.5%. On 1,000 USD that's 1–5 USD. The downside: the money stays in your account, not in your hand.

Cash exchange at a bank. One-way spread: 0.7–1.5% of the amount. Round-trip spread: 1.5–3%. On 1,000 USD that's 7–15 USD per one-off transaction.

Paying by card abroad (when applicable). The payment system's conversion rate plus the bank's markup. Typically 1–2.5% compared with the market rate.

Airport FX desk. Spread of 3–5% on a one-off transaction. On 1,000 USD that's 30–50 USD. The worst of the lot.

Private exchange through a classified ad. The rate may be better, but the risk goes up: counterfeits, fraud, legal complications on large amounts. Not recommended.

Comparison table

When "hidden" fees actually exist and where to look for them

At a standard bank's FX desk there usually are no hidden fees — everything is in the rate. But there are a few situations where you should pay closer attention.

Transactions with non-standard banknotes. If you have an old-series US dollar bill, a damaged note, or an unusual denomination, the bank may apply a lower rate for that banknote. Formally that isn't a "commission", but in practice it is: you get fewer rubles than at the usual rate. More on this in our guide on damaged dollars.

Exchanges that credit an account. Sometimes a bank offers to "buy currency with credit to your account" — in that case the rate may be better than at the FX desk, but a maintenance fee for the FX account may appear. Check the tariffs.

Exchanges with delayed cash withdrawal. If a bank sells you currency and promises to hand over the cash "in X days", sometimes that comes at a preferential rate. Ask whether there are extra conditions (a minimum amount, say, or a withdrawal fee).

Exchanges at off-hours. At some branches the rate "Monday morning" differs from the rate "Friday evening". That isn't a separate fee, just different quotes at different times — but the effect is the same.

What to do before exchanging so you don't overpay

• Calculate "your" commission. Compare the bank's rate with the CBR rate using the simple formula above. If the gap is more than 1.5–2%, that's too much — look for another bank.
• Compare 3–4 banks. The widget on this page and our guide to finding the best rate in Moscow are your main tools.
• Consider non-cash conversion. Especially for amounts of 1,000 USD and up. Going through the stock exchange is almost always cheaper.
• Ask about an "individual rate" if the amount is 3,000 USD/EUR or more. Many banks offer special terms for large transactions.

FAQ

Do Moscow banks charge a commission on currency exchange?

Formally — usually not; there's no separate line on the receipt. In practice — yes, through the spread between buy and sell rates. On the US dollar in Moscow that's about 1–2 rubles per unit.

What does "exchange with no commission" mean in ads?

That the bank doesn't take a commission as a separate line on top of the rate. It doesn't mean "free" — the cost of exchanging is built into the rate itself.

What's the average "commission" on a Moscow exchange?

When selling currency to a bank — about 0.5–1.5% relative to the CBR rate. When buying — about the same. On a round-trip through a single FX desk — 1.5–3%.

Which is cheaper: a bank FX desk or buying on the stock exchange?

Buying on the stock exchange through a brokerage account at a major bank is almost always cheaper. The spread there is 0.1–0.5%, versus 1–3% at the FX desk. On 5,000 USD that's a 200–300 USD difference.

Do Moscow banks charge a commission for accepting old US dollars?

There's usually no separate commission, but the rate for old banknotes may be lower than usual — effectively the same "commission", just delivered through the rate. More on this in our guide on old dollars.

Can you negotiate a preferential rate in Moscow?

On a large amount (usually 3,000 USD/EUR and up) — yes, banks often offer an individual rate through a personal manager. It isn't a "hidden perk" — it's standard practice in the retail FX business.