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luxa
07-12-2013, 18:39
Hi,

I am new in Moscow. After reading interesting discussions on opening bank accounts in Russia by foreigners I have a stupid question. Why to do it? I guess it has something to do with exchange rates, right? I have a bank account at home in Switzerland but since I am going to leave here for a while, about 2 years or more, what would be the advantage of opening Russian account?

Thank you:)

penka
07-12-2013, 18:54
Hey luxa and welcome to the site!

Well, given you will not be earning your money in Russia or be otherwise eligible for the Russian tax burden, two moments remain the way I see it. The rate of exchange, mentioned by you and the potential withdrawal fees - check the latter with your bank (I'm talking the Bankomat withdrawals here).

Benedikt
07-12-2013, 21:47
Hi,

I am new in Moscow. After reading interesting discussions on opening bank accounts in Russia by foreigners I have a stupid question. Why to do it? I guess it has something to do with exchange rates, right? I have a bank account at home in Switzerland but since I am going to leave here for a while, about 2 years or more, what would be the advantage of opening Russian account?

Thank you:)



a bank here in Russia. find out from your bank back home if they have branches here in Russia. and than you open your bank account.YOUR bank speaks your language, understands you and will take care of you what you need and what is best for you.
if your bank has no offices here use Raiffeisen. For MY needs ( i am and Austrian) the best bank there is. -Raiffeisen connect- lets you do money transfers, most payments here in Russia you can do via internet. a ATM on every corner, and depending on the state of your account, so are the limits, or no limit, of your withdrawal..

luxa
12-12-2013, 00:48
Thank you Penka and Benedikt! Sorry I am late with reply.

Benedikt it is a good idea to visit my bank in Russia. Luckily they have branch here. I will contact them to learn more.

cheers

inorcist
12-12-2013, 16:25
Luckily they have branch here. I will contact them to learn more.

Can you tell us which bank this is? :whisper:

I'm not aware of any German or Swiss bank doing retail in Russia :(

penka
12-12-2013, 16:40
Can you tell us which bank this is? :whisper:

I'm not aware of any German or Swiss bank doing retail in Russia :(

Deutsche Bank, https://www.db.com/russia/index_ru.htm

To my knowledge, USB is a Swiss bank,


OOO UBS Bank
UBS AG Respresentative Office

Street Address:
2/2 Paveletskaya Ploshchad
Moscow 115054

Telephone:
+7-495-648 20 00

Business Hours:
Mo-Fr 9am-6pm

inorcist
12-12-2013, 18:14
Penka, UBS, Credit Suisse, Deutsche Bank mainly have offices of their investment banking divisions here in Russia and do business only with corporates and institutionals. No ATMs here, no physical cash even in the banks.

FatAndy
12-12-2013, 18:18
No ATMs here, no physical cash even in the banks.
Rogues!:redcard:

penka
12-12-2013, 18:57
Penka, UBS, Credit Suisse, Deutsche Bank mainly have offices of their investment banking divisions here in Russia and do business only with corporates and institutionals. No ATMs here, no physical cash even in the banks.

Okay, i didn't know that.
BTW, saw a Nordea advert in Moscow. Is it also corporate clients only?

agron
12-12-2013, 19:38
Deutsche Bank, https://www.db.com/russia/index_ru.htm

To my knowledge, USB is a Swiss bank,


OOO UBS Bank
UBS AG Respresentative Office

Street Address:
2/2 Paveletskaya Ploshchad
Moscow 115054

Telephone:
+7-495-648 20 00

Business Hours:
Mo-Fr 9am-6pm


Hello Penka,
Must have residence in the Russia for bank account?

penka
12-12-2013, 19:42
Hello Penka,
Must have residence in the Russia for bank account?

Honestly - no clue.

okiey
12-12-2013, 19:49
Hello Penka,
Must have residence in the Russia for bank account?

Nope, no need for residency.

Benedikt
12-12-2013, 21:31
Honestly - no clue.


i know things have changed a lot since i had opened my Raiffeisen bank account. i am with Raiffeisen since i am a kid. so when i came to Moscow, they had nothing at first. so all my money was always transferred to Austria.
than they opened the first branch here in moscow. i walked in, showed my austrian passport, no visa was asked,no registration or the like . ( fair enough all was in the passport, so they might have had a look at it, just did not ask me).
account was opened and got my debit card a week later. i may be wrong but at that time Raiffeisen was not incorporated in Russia, just a foreign bank.laws were also different at that time. to bad it never will be like that anymore.

ObaRC
11-01-2014, 23:09
I thought the Raiffaisen office here in Moscow was only for comercial use. Thanks for the info.

Benedikt
12-01-2014, 06:54
I thought the Raiffaisen office here in Moscow was only for comercial use. Thanks for the info.


and is one of the biggest and most successful -foreign- banks in Moscow/Russia

http://www.raiffeisen.ru/en/

if for any reason you need change the site into Russian language, there is a button -po russki- at the bottom.

but except maybe in the big downtown banks, don't expect all the tellers/cashiers to speak english, though there is always someone to help (manager...) if needed.

Gervais
12-01-2014, 06:54
I thought the Raiffaisen office here in Moscow was only for comercial use. Thanks for the info.

No - Raiffeisen is definately into private banking ! :)
All other German / Swiss banks are indeed only open for corporate customers and investmentment banking.
Another at least international bank is CITI Bank. Reasonably well spread throughout Moscow concerning branches, online Banking available in English, etc.

hensley.140
11-02-2014, 14:34
The benefit would be that you don't have a bunch of rubles lying around and you can do things like put money on your phone without commission, buy things online, transfer money to people (like for rent). I mean, the benefits for having a bank account in Russia are the same as for having one anywhere, really. Plus you can avoid the annoying "а меньше не будет?" argument with cashiers :)

FatAndy
11-02-2014, 14:37
you can avoid the annoying "а меньше не будет?" argument with cashiers :)
It's just the usual problem for damned imperialists walking to grocery with orange banknotes...:evilgrin:

Romeinaday
19-03-2014, 15:57
...but I am thinking about it, so letīs see if more people reply to you.

For the moment I work with a spanish bank Caixanova which is for free to dispense cash from any bankomat in the world. Very convenient!

OB Moscow
24-03-2014, 17:06
You might consider any foreign bank that has a presence in Russia.
Raiffeisen and Citi are the most popular, they speak English and have good online access.

FatAndy
24-03-2014, 18:02
You might consider any foreign bank that has a presence in Russia.
Raiffeisen and Citi are the most popular
Both Raiffeisen and Citi are 100% Russian banks, just using TMs of Western banks.:idea:

penka
24-03-2014, 18:43
Both Raiffeisen and Citi are 100% Russian banks, just using TMs of Western banks.:idea:

Aren't they the daughter branches of the Western banks and as such abiding the RF laws?:)

FatAndy
24-03-2014, 19:14
Aren't they the daughter branches of the Western banks and as such abiding the RF laws?:)
Somehow yes and no ;) Their legal entities are registered in Moscow as ZAO:

http://www.raiffeisen.ru/about/requisites/

http://www.citibank.ru/russia/info/rus/payment_details.htm

Remington
24-03-2014, 19:38
Aren't they the daughter branches of the Western banks and as such abiding the RF laws?:)

I use my Citibank USA's ATM card at Citibank Russia. My Citibank USA statement shows ATM transaction as non-Citibank. They're separate entities and uses Citibank's brand name. Go figure!

ilya25
23-04-2014, 04:34
Hi,

I am new in Moscow. After reading interesting discussions on opening bank accounts in Russia by foreigners I have a stupid question. Why to do it? I guess it has something to do with exchange rates, right? I have a bank account at home in Switzerland but since I am going to leave here for a while, about 2 years or more, what would be the advantage of opening Russian account?

Thank you:)

If you are having any Russina income in RUR , that money should be paid to your Russian bank account

Plus you will get Russian bank cards and online tools to do the bank transfers in Russia and abroad

Moskvazayets
31-05-2014, 15:00
I have found Unicredit to be the best bank for retail banking in Russia. They are an Italian bank; however they are in Russia and also in many other European countries.

If you deposit more than 2 million rubles then then you can get a Prime account which earns interest and also includes a Priority Pass card (for free use of business class lounges worldwide) and also AIG travel insurance for you, your spouse and children (this insurance is good worldwide with the exception of your country of citizenship and residence). With this account you can also make international money transfer online without paying any fee to the bank

Overall I have found the customer service at Unicredit in Moscow to be excellent.

RIKO
31-05-2014, 18:38
I am new in Moscow. After reading interesting discussions on opening bank accounts in Russia by foreigners I have a stupid question. Why to do it? I guess it has something to do with exchange rates, right? I have a bank account at home in Switzerland but since I am going to leave here for a while, about 2 years or more, what would be the advantage of opening Russian account You can open both forex ($ or €) and ruble accounts at Raiffeisen. Both come with debit cards. Draw money from your forex account and exchange it at the exchange shops. The rate is always better than what the bank offers. You will need a notarized copy of your passport to open the account if the process is still the same. Otherwise the process is very straightforward.