• The "best rate" isn't a single number — it's a function of four variables: the direction of the trade (selling or buying), the currency, the amount, and the time. The number that's best for one scenario can be mediocre for another.
• The main tool for comparison is a widget that lists current rates from every bank in the city in one place. The widget on this page does exactly that.
• It makes sense to compare 3–5 banks from the "top" of the column you care about (buying or selling a specific currency). Fewer than that and you've got no real sample. More than that and you lose more time than you gain on the rate.
• Beyond the rate, also factor in: the spread, the time of the last update in the widget, the route to the branch, the opening hours, and whether the denomination you want is available.
• For large amounts there's a separate move: an individual rate arranged by phone in advance. It isn't "connections" — it's standard practice. More on this in our piece on large amounts.

Below is the detailed algorithm for finding the best rate, plus a list of the mistakes beginners tend to make.

Step 1. Define the four variables of your exchange

Before you open the widget, answer four questions for yourself:

1. Direction: selling or buying? If you're holding cash dollars/euros/yuan and you need rubles, that's selling to the bank, and you watch the bank's buy rate (the bank is buying the currency from you).

If you have rubles and want to walk out with foreign cash, that's buying from the bank, and you watch the bank's sell rate (the bank is selling the currency to you).

2. Currency. USD, EUR, or CNY — each has its own bank ranking, and the leaders may differ.

3. Amount. Up to 500 USD/EUR (or 3,000 ¥) is a standard retail transaction, and any of the top banks will do. From 500 to 3,000 USD/EUR, it's worth calling the bank first. Above 3,000 USD/EUR, it makes sense to ask for an individual rate or to do a non-cash conversion on the exchange.

4. Time. The rate shifts during the day. In the morning (10:00–12:00) it's usually one set of numbers; after the exchange's "double session" (12:00–17:00), another; by the close of trading, possibly a third. More on this in when's the best time to exchange.

Step 2. Open the rates widget

The widget at the top of this page shows Moscow banks with current USD/EUR/CNY buy and sell rates and the time each was updated:

What's worth a closer look:

• The leader in the column you need. That's the bank with the best rate for you right now.
• The gap between the leader and the market average. If the gap is under 30 kopecks per unit, the savings from a trip across town are small. At 50 kopecks or more, the trip pays for itself.
• The time of the last update. If the timestamp has been "frozen" for more than a few hours, the quote may shift by the time you arrive.

Step 3. Don't stop at one bank

A common mistake is to spot the leader and head straight there. Better to keep a "short list" of 3–4 banks:

• The leader on rate.
• The second and third on rate.
• One "home" bank (where you have an account, or one that's closer on your route).

With that list, you can actually plan the trip. If the leader is far away, you go to the second. If the second is out of the denomination you need, there's the third. If all of them are far, you fall back on your home bank (the rate may not be the best, but it definitely works).

Step 4. Call the bank you've chosen before you go

People skip this step all the time — and it's often the one that saves the most.

What to ask:

• "Are you accepting cash dollars / euros / yuan from customers today?" — for selling currency to the bank.
• "Do you have cash dollars / euros / yuan available for sale right now?" — for buying.
• "What's the rate right now?" — cross-check it against the widget, since it may have already moved.
• "Do I need a passport?" — usually yes, but confirming never hurts.
• For a large amount: "Can you reserve the rate, or set an individual rate?"

A single call takes 2–3 minutes and saves you a wasted hour on a pointless trip. That's especially true for euros — cash EUR isn't always on hand at the FX desk.

Step 5. Factor in the extras

The best rate isn't the only variable. The bottom line also depends on:

The bank's spread. If you're planning to "buy now, sell later" (for example, in a large two-way trade), look beyond a single column to the spread. A tight spread means the bank is pricing both sides fairly.

The route to the branch. If the leader sits in an area you were headed to anyway, perfect. If it's on the other side of town, work out whether the rate difference covers the cost and time of the trip.

Opening hours. Not every branch is open on Saturday and Sunday, and on weekdays some close at 7:00 PM. Check the hours before you go. More on this in exchanging currency on the weekend.

Availability of the denomination you want. If you specifically want 100-dollar notes, ask the bank. "We only have 50s" happens — it's normal, but it may be a deal-breaker for you.

The condition of the notes you're bringing in. If you're selling older series or damaged notes, the rate can be lower than standard. More on this in which dollar bills are accepted and damaged notes.

Comparison table: which approach suits you

Step 6. The final check at the FX desk

At the branch, double-check the number on the rate board before you commit. Sometimes the online rate doesn't match the board — and the transaction goes through at the board's rate. If the gap is in your favor, great. If it's against you, ask them to honor the online rate; sometimes it works.

Count the cash right there at the window. Once you step away, a complaint is a lot harder to make stick.

Keep the receipt for the transaction.

The biggest beginner mistakes

Going to the first bank near home. If the rate gap is 30 kopecks per unit or more and the amount is at least 500 USD, the trip is worth it.

Looking only at the biggest number on the rate board. That's a surface read. The bank may have a wide spread — i.e. the "best buy rate" but the "worst sell rate." Fine for a one-off, not for regular trades.

Ignoring the update time. A rate that hasn't moved in 12 hours is a "stale" rate. By the time you arrive, it's likely to change.

Not calling ahead. "I'll just go and figure it out there." The phone call saves the most time and the most nerves.

Exchanging the whole amount at one bank. For a large amount (3,000 USD/EUR and up), it's sometimes better to split it across two branches — especially when both have a per-transaction banknote cap at the desk.

Where to read next

• Which Moscow banks have the best dollar rate.
• Which Moscow banks have the best euro rate.
• Which Moscow banks have the best yuan rate.
• When's the best time to exchange currency in Russia.

Frequently asked questions

How do I compare Moscow bank rates in 5 minutes?

Open the widget on this page, pick a direction (I want to sell / I want to buy) and the currency you need, and look at the top-3 banks. That's the "best rate right now."

How many banks should I actually compare?

3–5 from the top in your direction. Fewer than that and you have no sample; more than that and you lose more time on comparison than you gain on the rate.

Can you "reserve" the rate before going to the bank?

For a large amount — usually yes. You call the bank, explain the amount and direction, and agree on a time for the visit and the rate. It's standard practice in retail FX.

Does the rate change during the day?

Yes — banks may update their cash rates 1–3 times a day, depending on how the exchange is moving. More on this in when's the best time to exchange.

What matters more: the rate or a convenient route?

It depends on the amount. Under 200 USD, convenience matters more than the rate. From 1,000 USD and up, the rate matters more than convenience. In between — balance the two.

Where can I see current rates across Moscow banks?

The widget at the top of the article. Rates refresh hourly, both buy and sell are shown, there's a currency filter, and branch addresses are included.