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View Full Version : Does Raiffesein Internet banking allow regular (say monthly) online transfers to Jersey?



Abydosxr
18-04-2012, 11:53
I will be shortly setting up a bank account in Moscow. The Corporate employing me uses Raiffeisen, so that makes sense for me to go there too.

I haved trawelled their site, they claim to have Internet banking that allows overseas transfers.

My question is to anybody who has experience with Raiffeisen Internet banking. Can you really just make a few clicks once a month and transfer money from a Russian Rub account and have the money appear in one of your accounts overseas (e.g. A USD account in Jersey, or anything similar)?

Note that I am talking about totally clean, tax paid, net salary payments here, and I understand that there will be transfer and f/x fees to pay.

Thanks in advance.

wics
18-04-2012, 19:19
... transfer money from a Russian Rub account and have the money appear in one of your accounts overseas (e.g. A USD account in Jersey, or anything similar)?


Hello,

I am sure you will get answer for Raiffeisen.

For may case in UniCredit, I have both RUB and USD accounts, then I need to transfer from the RUB to USD accounts online (free and the rate are better than the counter) after approval (almost same day) I can transfer the USD worldwide.

tsarski
18-04-2012, 19:29
I will be shortly setting up a bank account in Moscow. The Corporate employing me uses Raiffeisen, so that makes sense for me to go there too.

I haved trawelled their site, they claim to have Internet banking that allows overseas transfers.

My question is to anybody who has experience with Raiffeisen Internet banking. Can you really just make a few clicks once a month and transfer money from a Russian Rub account and have the money appear in one of your accounts overseas (e.g. A USD account in Jersey, or anything similar)?

Note that I am talking about totally clean, tax paid, net salary payments here, and I understand that there will be transfer and f/x fees to pay.

Thanks in advance.

I'm with Raiffeisen and use their online banking quite a bit. I do send money overseas to various places from time to time but it always costs me money. So you would want to check out how much this would actually cost you. Yes, with a couple of clicks you can transfer the money to whereever you want but you have to get all the security codes from your branch.

Benedikt
18-04-2012, 20:54
Thanks in advance.[/QUOTE]
and with a few clicks you have your money transfered. NOTE: to use the service you have to get the log in, pincode and the likes from the bank in person. should it happen that you do not use the service ( Raiffeisen connect that is) all the codes and log ins become invalid and you have to go in PERSON to your branch again to get a new envelope. Dont forget your passport. original only, no copies, not even one stamped by a lawyer.
I use Raiffeisen since many years. And should russian language be a problem,in the Tverskaya branch they all speak english. Out in the suburbs or province english might be a hit and miss.
The site is also in Russian language, but down at the bottom you can click on -English- and it changes.

Samodika
19-04-2012, 02:53
I will be shortly setting up a bank account in Moscow. The Corporate employing me uses Raiffeisen, so that makes sense for me to go there too.

I haved trawelled their site, they claim to have Internet banking that allows overseas transfers.

My question is to anybody who has experience with Raiffeisen Internet banking. Can you really just make a few clicks once a month and transfer money from a Russian Rub account and have the money appear in one of your accounts overseas (e.g. A USD account in Jersey, or anything similar)?

Note that I am talking about totally clean, tax paid, net salary payments here, and I understand that there will be transfer and f/x fees to pay.

Thanks in advance.

A tip - to transfer funds to your USD account, you will need to open a USD account with Raiffeisen as well - our legislation does not allow to make transfers in foreign currencies from RUR accounts. I.e. you will need to transfer/convert your RUR into USD first (also can be done in Raiffeisen Connect) and then make an outgoing payment. If you do both transactions before cut-off time, they both will be executed with the same value date.

Abydosxr
19-04-2012, 04:18
A tip..... you will need to transfer/convert your RUR into USD first (also can be done in Raiffeisen Connect) .

Nice tip :-)
Thanks

Benedikt
19-04-2012, 07:04
A tip - to transfer funds to your USD account, you will need to open a USD account with Raiffeisen as well - our legislation does not allow to make transfers in foreign currencies from RUR accounts. I.e. you will need to transfer/convert your RUR into USD first (also can be done in Raiffeisen Connect) and then make an outgoing payment. If you do both transactions before cut-off time, they both will be executed with the same value date.


I have with Raiffeisen a US $ account and transfer money to Austria where we have the Euro.. No problem there.

Samodika
19-04-2012, 22:32
I have with Raiffeisen a US $ account and transfer money to Austria where we have the Euro.. No problem there.

Correct, you make transfers from USD account, but I was telling that payments in USD/EUR/GBP/etc are not possible directly from RUR accounts.
From USD you can make any transfers (I did myself in GBP)

alan100
19-04-2012, 23:36
Are non-citizens allowed to open RUR accounts?
Since when???

I have transferred money via the net with Raiffeisen since '03 but it is from a USD account.

I was told a few years back I couldn't have a RUR denominated account!

Samodika
19-04-2012, 23:47
Are non-citizens allowed to open RUR accounts?
Since when???

I have transferred money via the net with Raiffeisen since '03 but it is from a USD account.

I was told a few years back I couldn't have a RUR denominated account!

Yes, non-residents of RF can open RUR accounts - it has been so for many years....This is a special type of an account (I mean it has its own internal code hidden in the first 5 digits of an account which is used by banks for classification, control, etc purposes) - it is fixed in some Central Bank instruction...
(How do you think lots of expats receive their salaries here in Russia since Russian Companies are to pay all the salaries in RUR only)

You can refer to the article 13 of the FZ-173 On Currency Control (FZ means Federal Law; http://base.consultant.ru/cons/cgi/online.cgi?req=doc;base=LAW;n=116941 - but it is in Russian)

Benedikt
20-04-2012, 09:40
Are non-citizens allowed to open RUR accounts?
Since when???

I have transferred money via the net with Raiffeisen since '03 but it is from a USD account.

I was told a few years back I couldn't have a RUR denominated account!


one in $, one in Euro and one in Rubles. And can use/use when it is convenient for me. With no problems.

alan100
20-04-2012, 21:53
How do you think lots of expats receive their salaries here in Russia since Russian Companies are to pay all the salaries in RUR only

I expect most expats are like me, paid in the currency of their home nation. All the major companies pay this way, as we are employed by the parent company in our home country.

I expect this may be different for some, but certainly not for expats of large corporates.

I have been paid in USD to a Moscow based Raiffeisen account since 2003, although most expats prefer to get paid to their home country account (the one they used before they moved).


non-residents of RF can open RUR accounts - it has been so for many years....

That is news to me. And I bank in Moscow not only with Raiffeisen (also with BSGV). If the rules have changed as you say, it was fairly recently.

DavidB
20-04-2012, 22:32
I expect most expats are like me, paid in the currency of their home nation. All the major companies pay this way, as we are employed by the parent company in our home country.

I expect this may be different for some, but certainly not for expats of large corporates.

I have been paid in USD to a Moscow based Raiffeisen account since 2003, although most expats prefer to get paid to their home country account (the one they used before they moved).

The labour code actually stipulates that salaries must be paid in Rubles and to a Russian account. Anyone working or rendering services in Russia and being paid to a foreign account is most likely being paid "under the table". For a foreign entity to employ staff in Russia, they would have to register a representative or branch office. In either case, a contract written according to Russian law would be required.

As others previously stated, there is nothing new about foreigners being able to hold Ruble accounts. I opened a Ruble account myself around 6 years ago.

Samodika
20-04-2012, 22:48
I expect most expats are like me, paid in the currency of their home nation. All the major companies pay this way, as we are employed by the parent company in our home country.

I expect this may be different for some, but certainly not for expats of large corporates.

I have been paid in USD to a Moscow based Raiffeisen account since 2003, although most expats prefer to get paid to their home country account (the one they used before they moved).



That is news to me. And I bank in Moscow not only with Raiffeisen (also with BSGV). If the rules have changed as you say, it was fairly recently.

Expats employed by Russian Legal entities are paid in RUR (me myself was working for Raiffeisen (in 2003) and other multinationals (not banks) and I know this for sure as I was responsible for payroll processing both in RBA and then in companies)

RUR accounts could be opened for foreigners already in 2003 (that time it was a special K-account (or N or F depending on the purpose) but then in 2004-2005 our currency control regulations were changed and those K-N-F accounts were transformed into current accounts for non-residents. And those rules are the same for all the banks in Russia.

Re salary payments in USD: most likely you have the following scheme: your employer pays to your RUR account with Raiffeisen (check with the bank which accounts you do have), then 100% of this payment is converted into USD (this is a bank's service normally provided in the payroll package) - payments in foreign currencies are not allowed in the RF as our base currency is RUR (there are of course exceptions but payrolls are not among them)

alan100
21-04-2012, 16:28
I stand to be corrected. Raiffeisen told me I couldn't have a RUR denonimated account when I last asked (probably around 5 years ago :10475:)

However... I am not on the payroll, the local payroll has no idea of my existence (nor of my 100+ expat colleagues), the vast majority of expats are paid outside of Russia (and do not hold Russian bank accounts at all) and we are completely outside any Russian control, and our local accountant has no idea of our salaries, or any details.

What may be the official way, and the way most large foreign corporates work here are entirely two different matters.

BTW. I work for a major US Corporate in Moscow 10 years, and have lived in Russia since 1998.

DavidB
21-04-2012, 16:54
However... I am not on the payroll, the local payroll has no idea of my existence (nor of my 100+ expat colleagues), the vast majority of expats are paid outside of Russia (and do not hold Russian bank accounts at all) and we are completely outside any Russian control, and our local accountant has no idea of our salaries, or any details.

It's interesting to know that. They're exposing themselves to some huge risks. I.e. if a local competitor decided they wanted to get rid of all of those staff, all they would have to do is make a friendly arrangement with FMS.

So how do they organise work visas? Does your visa have the company's name on it or some other company (maybe a recruitment agency?).

Samodika
21-04-2012, 17:06
I stand to be corrected. Raiffeisen told me I couldn't have a RUR denonimated account when I last asked (probably around 5 years ago :10475:)

However... I am not on the payroll, the local payroll has no idea of my existence (nor of my 100+ expat colleagues), the vast majority of expats are paid outside of Russia (and do not hold Russian bank accounts at all) and we are completely outside any Russian control, and our local accountant has no idea of our salaries, or any details.

What may be the official way, and the way most large foreign corporates work here are entirely two different matters.

BTW. I work for a major US Corporate in Moscow 10 years, and have lived in Russia since 1998.

Ok, if you are sure that expats cannot have RUR accounts here...well... I cannot make you change your mind even with the help of Russian legislation...
By the way, what do you mean exactly by "RUR denominated account"?

Are corporations like EY, PWC, KPMG, BP, Bosch, METRO, VW, TOYOTA etc (I personally know people from these companies so can say without hesitation) big enough for you? They all pay to their expats in RUR...

And let me still advise you to go to Raiffeisen and make it clear if you can have a RUR account

DavidB
21-04-2012, 17:58
Ok, if you are sure that expats cannot have RUR accounts here...well... I cannot make you change your mind even with the help of Russian legislation...
By the way, what do you mean exactly by "RUR denominated account"

I think he means "I stand corrected", i.e. he now understands that it's possible. "I stand to be corrected" is a bit contradictory in English.

Alan, if what you are saying is based on your experience from 5+ years ago, it's probably irrelevant now. There was a *major* overhaul to the visa system in 2007-2008. Until that time, a lot of people lived and worked in Russia illegally (although without any problems) by using 1-year business visas. FMS introduced a 90/180 rule at that stage to prevent people from doing that. Since then, most companies either lost their expat staff or moved towards compliance.

Benedikt
21-04-2012, 18:08
if i worked/where i worked/ if i worked at all.
maybe it is different because i am an Austrian ? and Raiffeisen is also Austrian ?. but again, i also opened my account many years ago, when Raiffeisen had the first office on Tverskaya.

Samodika
21-04-2012, 19:00
if i worked/where i worked/ if i worked at all.
maybe it is different because i am an Austrian ? and Raiffeisen is also Austrian ?. but again, i also opened my account many years ago, when Raiffeisen had the first office on Tverskaya.

No, employment is not necessary for acc opening. All one needs is a valid visa, pasport, registration in Moscow (or where you plan to live) and probably a migration card (not sure if it still exists or is still required by banks)

DavidB
21-04-2012, 19:15
when i opened my account no one asked me if i worked/where i worked/ if i worked at all.
maybe it is different because i am an Austrian ? and Raiffeisen is also Austrian ?. but again, i also opened my account many years ago, when Raiffeisen had the first office on Tverskaya.

I probably wrote something that was a bit confusing...

The main reason that people without work visas didn't open accounts was because of taxes. If someone doesn't pay tax, it would be a bad idea to receive salary payments into an account which the government could check. Take it one step further... if someone doesn't have a work permit, it's difficult to pay the social taxes from their employment.

alan100
22-04-2012, 16:30
It's interesting to know that. They're exposing themselves to some huge risks. I.e. if a local competitor decided they wanted to get rid of all of those staff, all they would have to do is make a friendly arrangement with FMS.

So how do they organise work visas? Does your visa have the company's name on it or some other company (maybe a recruitment agency?).

The Visa's are issued in an entity unknown to me. Probably related to our company though.

I don't think actually we are hiding anything as we had the "tax police" raid us a few years ago... certainly made a boring day more exciting (now I don't have the eXile to read at my desk...).

As for 5 years ago, that was when I last asked if I could have a RUR account :) And yes, I fully admit I am likely wrong about the current situation, but that is good news, because I can have a RUR account which will be useful!

MrTravkin
15-05-2012, 11:53
I opened a RUR account in Sberbank already 1997 when I was working in StPetersburg and got also a Visa debit card ;)

Now I work in Moscow and have RUR and EUR accounts in Raiffeisen. I have not found any method in their online bank to make automatic monthly payments. There is a button that allows you manually repeat a payment, but only RUR payments. Transfers in currency can not been repeated, even between own RUR and currency account. Just made Instant RUR-->EURO Card to Card transfer, after succesfull digital signing it took few seconds only before I got 2 SMS to my mobile about credit and debit. But before success I tried to make operation within hour about 10 times but got always an error about server access.

Now I tried to make EUR to EUR transfer from my account to my wifes account without success because the money I just transferred from my RUR card to my EUR card is registered only on my EUR debit card, not in EUR account:mad:. Before those EUR appear also in my EUR account it may take 1-2 days.

Last time when I got my salary I saw money in account in the morning, but it took until afternoon before they were usable by debit card. Today I checked account and money were in the account already 6am and 9:20 got SMS that they are available by debit card.

Samodika
15-05-2012, 23:25
I opened a RUR account in Sberbank already 1997 when I was working in StPetersburg and got also a Visa debit card ;)

Now I work in Moscow and have RUR and EUR accounts in Raiffeisen. I have not found any method in their online bank to make automatic monthly payments. There is a button that allows you manually repeat a payment, but only RUR payments. Transfers in currency can not been repeated, even between own RUR and currency account. Just made Instant RUR-->EURO Card to Card transfer, after succesfull digital signing it took few seconds only before I got 2 SMS to my mobile about credit and debit. But before success I tried to make operation within hour about 10 times but got always an error about server access.

Now I tried to make EUR to EUR transfer from my account to my wifes account without success because the money I just transferred from my RUR card to my EUR card is registered only on my EUR debit card, not in EUR account:mad:. Before those EUR appear also in my EUR account it may take 1-2 days.

Last time when I got my salary I saw money in account in the morning, but it took until afternoon before they were usable by debit card. Today I checked account and money were in the account already 6am and 9:20 got SMS that they are available by debit card.

Ask about "Standing order" service - we were making such back in 2003 - 2006 and that's exactly what you are talking about, but guess you cannot swith this on via R-connect...