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JVRR
03-10-2010, 20:23
It seems from reading around here that Raiffeisen is the way to go for banking. My question is how to best handle a bank account in Russia.

Are there fees associated with wiring money, in which case how much? I have saved quite a bit of money for this whole "moving to Moscow thing," and it seems smart to let at least some of it sit in the bank in Moscow... instead of not having it when I need it and waiting for a transfer. My family can certainly keep track of my accounts here stateside.

I assume Moscow is going to be like St. Petersburg and credit cards will be largely worthless, I will likely close mine down before the trip.

My other concern is that my hope is of course to save a little money while in Moscow. In which case transferring it back to the US when I return (who knows when), is there fees associated?

I am sure there are fees/taxes (beyond just the transfer fee), my question I guess then is... Are the fees/taxes based on the amount being transfered, or the origin of the money (IE more taxes on money made in Russia being transfered out)?

Also, is Raiffeisen a pretty large bank? Are they around in other cities? Namely St. Petersburg? In the event I move around, it would be nice to know if the bank is available beyond Moscow.

tasel
05-10-2010, 11:22
You can check it on their website. They have english version too.
Raiffeisen.ru

Volkodav
06-10-2010, 16:43
JV,

You read my mind! I was going to post something on here about a bank account but of a slightly different nature. Nevertheless, I imagine it will be beneficial to both of us.

Basically, can anyone tell me what the requirements are to open a bank account in Russia? Is there anything that I might need to take with me from the UK to assist me in opening an account? Also, how does it operate out there? Could any Brits advise how it might be different to what I'm used to?

Cheers,

Rob

tasel
06-10-2010, 22:47
Hi Rob, you just need your valid passport, visa, registration copies and translated & notarized passport copies.

NLD
07-10-2010, 11:35
Don't forget to ask what the restrictions are for non-residents! At work I got an Alfabank account, and now I cannot transfer money to anyone...

Citibank is said to be one of the best banks, technically speaking, international money transfers usually go through within three working days, but personnel there is unreliable. (After confirming your transfer twice by phone, it may still be canceled for whatever reason they thought up.)

Citibank transfers in euros to Europe (so without currency exchange) cost about 3%, and I didn't have any taxes levied on that.

In general, withdrawing money from an ATM that is not your bank's ATM, or transfering any money (also within Russia) will cost you. Each bank should have this usually huge list of all their services and costs, just ask for that.



I assume Moscow is going to be like St. Petersburg and credit cards will be largely worthless, I will likely close mine down before the trip.

How are they worthless? I still have my Dutch credit card, and use it regularly. Of course you'll incur the costs abroad :)

Volkodav
08-10-2010, 15:34
Thanks Tasel. Is it easy to get the passport notarised and translated? I'm assuming there's somewhere I might be able to get it all done at once somewhere in Moscow?...

Cubrilo
23-10-2010, 16:56
Does somebody know a bank that does not take away 1 % of your own money?

Bogatyr
23-10-2010, 18:57
It seems from reading around here that Raiffeisen is the way to go for banking. My question is how to best handle a bank account in Russia.


Are there fees associated with wiring money, in which case how much?

Raiffeisen is expensive. Just about any kind of transaction involves a "tariff" of a couple percent, except withdrawing cash from your account using an ATM. They offer decent online management of the account however, by US standards even, though the online statement doesn't show transactions until a day after. I can't compare them to any other bank since I only have had an account with them here.


I have saved quite a bit of money for this whole "moving to Moscow thing," and it seems smart to let at least some of it sit in the bank in Moscow... instead of not having it when I need it and waiting for a transfer. My family can certainly keep track of my accounts here stateside.

Depends how much you need, and how fast. Some US banks will give you a pretty large daily ATM limit (at least temporarily) in case you need more cash than usual. It's quite possible to live off your foreign ATM card unless you're buying property or a car or something really expensive. Losing your foreign ATM card however would be bad, that's where having a local bank can be a huge help. You could always receive Western Union from your family though, that's quite easy here.


I assume Moscow is going to be like St. Petersburg and credit cards will be largely worthless, I will likely close mine down before the trip.
When were you in SPB, in the 1970's? Visa/MasterCard is accepted everywhere in SPB: restaurants, stores, supermarkets, gas stations, etc...



My other concern is that my hope is of course to save a little money while in Moscow. In which case transferring it back to the US when I return (who knows when), is there fees associated?

The answer to "are there fees for doing XYZ?" is always YES. Especially with movement of cash. Everyone wants their cut. As a non-resident I think wire transfer is pretty easy. Also, Western Union is quite accessible in SPB at least. Raiffeisen offers wire transfer I believe as well, of course for a fee, (like 2%), without a ceiling (like I said, expensive). Transferring in (US->Russia) is without fee on the Russian receiving end (at least at Raiffeisen), it's the transferring out (Raiffeisen->anywhere) that's expensive.



I am sure there are fees/taxes (beyond just the transfer fee), my question I guess then is... Are the fees/taxes based on the amount being transfered, or the origin of the money (IE more taxes on money made in Russia being transfered out)?

I'm unaware of taxes or fees beyond the bank transfer fees. Be prepared to document the source of your cash traceable to some legit source (salary, sold house, etc.) if you deposit "large" (don't know the threshold) amounts to satisfy anti-laundering laws.



Also, is Raiffeisen a pretty large bank? Are they around in other cities? Namely St. Petersburg? In the event I move around, it would be nice to know if the bank is available beyond Moscow.

Raiffeisen has a large presence in SPB. They have branches/ATMs in most major regional centers throughout the city.