Banking in Russia as non-resident

[SuperPanda]

As it appears I am spending more and more time in Russia (usually Moscow) after meeting Alena, I am considering opening a Russian account as FX fees are slowly killing me on my UK cards.

I have looked online and I like Alfa-Bank Maximum+, Bank of Moscow's Height and Raiffeisen's Premium packages which all come with Mastercard World Elite & Visa Infinitie/Signature debit cards as well as other benefits from concierge to insurance from 1mil-3mil ruble deposit which is easy to hit.

However I am yet to ascertain if being a non-resident will bar me from opening an account with either of the aforementioned banks. I actually had a basic account with sberbank that I stupidly closed (hindsight is 20/20  ) a while ago.

Does anyone have any recent experience on opening an account?

[Contrarian]

As it appears I am spending more and more time in Russia (usually Moscow) after meeting Alena, I am considering opening a Russian account as FX fees are slowly killing me on my UK cards.

I have looked online and I like Alfa-Bank Maximum+, Bank of Moscow's Height and Raiffeisen's Premium packages which all come with Mastercard World Elite & Visa Infinitie/Signature debit cards as well as other benefits from concierge to insurance from 1mil-3mil ruble deposit which is easy to hit.

However I am yet to ascertain if being a non-resident will bar me from opening an account with either of the aforementioned banks. I actually had a basic account with sberbank that I stupidly closed (hindsight is 20/20  ) a while ago.

Does anyone have any recent experience on opening an account?

http://www.expatica.com/ru/finance/Banking-in-Moscow_104119.html


https://www.ubs.com/ru/en/wealth_management.html

[Gipsy]

As it appears I am spending more and more time in Russia (usually Moscow) after meeting Alena, I am considering opening a Russian account as FX fees are slowly killing me on my UK cards.

I have looked online and I like Alfa-Bank Maximum+, Bank of Moscow's Height and Raiffeisen's Premium packages which all come with Mastercard World Elite & Visa Infinitie/Signature debit cards as well as other benefits from concierge to insurance from 1mil-3mil ruble deposit which is easy to hit.

However I am yet to ascertain if being a non-resident will bar me from opening an account with either of the aforementioned banks. I actually had a basic account with sberbank that I stupidly closed (hindsight is 20/20  ) a while ago.

Does anyone have any recent experience on opening an account?

I have accounts with both Alpha and Raiffeisen, no problems to date..

May I suggest that you open 2 online banking acc's with the latter, one Rouble, the other Dollar, it makes for the easiest transfer of funds, Dollars into your acc from the UK is quick and easy, then make a transfer of required amounts to your Rouble acc, rates are mostly good, and quick...
With both acc's you can be offered both debit, and credit cards.. (ALL of which work in Russia without any problem {Well, none yet nor in the past 8 years}).
If you have a UK Nationwide acc, with both cards, you should find them the cheapest to use, i.e. lowest cost/charges, to use in an emergency...
As long as you have a valid passport, visa, and registration at an address in Russia, you may open a bank acc.. with a Russian bank..

HTH..

[Manny]

May I suggest that you open 2 online banking acc's with the latter, one Rouble, the other Dollar, it makes for the easiest transfer of funds, Dollars into your acc from the UK is quick

The last thing any Brit wants to do is use dollars into Russia; this is 20 years out of date. Why on earth would you choose to lose out (as a Brit) by going through an alien currency first? The UK is the world's 5th largest economy. They are familiar with pounds in Russia. 

[Gipsy]

May I suggest that you open 2 online banking acc's with the latter, one Rouble, the other Dollar, it makes for the easiest transfer of funds, Dollars into your acc from the UK is quick

The last thing any Brit wants to do is use dollars into Russia; this is 20 years out of date. Why on earth would you choose to lose out (as a Brit) by going through an alien currency first? The UK is the world's 5th largest economy. They are familiar with pounds in Russia. 

Unfortunately, none of the banks that I use are able (for whatever reason) to offer a £ acc..
Fortunately I do not lose out, as my forex acc is normally well represented with $'s
There is also the problem of transferring £'s from the UK to Russia, its much easier transferring $'s..
Euro acc's are available also.. but again, probs when transferring..

[yankee]

The last time I transferred USD to Russia was five years ago.  My wife has a ruble account and a USD acount.

They both still exist so I hope they still work.  Next summer we are going to go back to Russia (Kirov). 

Does anyone have experience wiring USD from Russia to the USA?  If so how much? are there limits?

[sparky114]

May I suggest that you open 2 online banking acc's with the latter, one Rouble, the other Dollar, it makes for the easiest transfer of funds, Dollars into your acc from the UK is quick

The last thing any Brit wants to do is use dollars into Russia; this is 20 years out of date. Why on earth would you choose to lose out (as a Brit) by going through an alien currency first? The UK is the world's 5th largest economy. They are familiar with pounds in Russia. 

Very true in theory, But unfortunately the reality does not match

I have tried for years to be able to change Pound to Rouble in Country and very few and rare occasions only has it ever happened, the only bank i have found that will at times but depends which way the wind is blowing to accept Sterling is the Bank of Moscow, but the hassle far out weighs the effort

I too have a Raiffeisen Rouble /Euro account and also a Sberbank Rouble /Euro account of which i use to transfer if i need

Or i mostly just take a bunch with me and exchange at a better rate with a street guy i know 

[Manny]

I have tried for years to be able to change Pound to Rouble in Country and very few and rare occasions only has it ever happened, the only bank i have found that will at times but depends which way the wind is blowing to accept Sterling is the Bank of Moscow, but the hassle far out weighs the effort

My wife changes £ every year at the Sberbank with never an issue. I have done the same many times.

If we wire £ to the Sberbank it arrives in the account in Roubles.

[msmoby]

Unfortunately, none of the banks that I use are able (for whatever reason) to offer a £ acc..

Hmm

That is 'interesting' .. you stated that you have a Raiffeisen Bank account in Russia - I have, too - and a GBP account ...

[SuperPanda]

Confederate, I looked at that article before I posted but it didn't say regarding non-residents and UBS aren't suitable as they offer banking services in Swiss from what I recall also I need $10mil, at most I am worth $4mil [cash, property and investments] plus a further $250k from my dismissal settlement.

Gipsy, thank you for the advice, I won't open a USD account as I have no need for it but I shall look into the currency accounts offered.

I don't have an address where I am registered as I have used tourist visa and hotels, I like Alena a lot but her flat is dreadful. If I get a multiple entry business visa and use the address would that be okay? Ideally I wouldn't want to but if I have to, I shall. Do the same rules apply even if I am paying in a deposit of a couple of million rubles?

I don't bank with Nationwide, only Adam & Co (RBS) and HSBC Premier, both charge stupid fees for overseas use. I will look into them however if they are fee free.

Msmoby, do Raiffeisen offer GBP accounts? I didn't see that in the reading materials I looked at, I was leaning towards Bank of Moscow & Alfa on that basis but if Raiffeisen do, I would rather a European owned bank than Russian owned although I bet service is pretty much the same even with Premium or Private banking.

[Steveboy]

Confederate, I looked at that article before I posted but it didn't say regarding non-residents and UBS aren't suitable as they offer banking services in Swiss from what I recall also I need $10mil, at most I am worth $4mil [cash, property and investments] plus a further $250k from my dismissal settlement.

Gipsy, thank you for the advice, I won't open a USD account as I have no need for it but I shall look into the currency accounts offered.

I don't have an address where I am registered as I have used tourist visa and hotels, I like Alena a lot but her flat is dreadful. If I get a multiple entry business visa and use the address would that be okay? Ideally I wouldn't want to but if I have to, I shall. Do the same rules apply even if I am paying in a deposit of a couple of million rubles?

I don't bank with Nationwide, only Adam & Co (RBS) and HSBC Premier, both charge stupid fees for overseas use. I will look into them however if they are fee free.

Msmoby, do Raiffeisen offer GBP accounts? I didn't see that in the reading materials I looked at, I was leaning towards Bank of Moscow & Alfa on that basis but if Raiffeisen do, I would rather a European owned bank than Russian owned although I bet service is pretty much the same even with Premium or Private banking.

I think if I was worth $4 million I wouldn't be on this forum asking stupid questions, I wouldn't need to?

I mean if you have a net worth of $4million you probably would not be a stupid person ? Ok some farmers down in Dorset are worth a lot more and they are pretty stupid. But other than that why would you want to ask guys with just $1.50 for advice about bank accounts?

[SuperPanda]

Confederate, I looked at that article before I posted but it didn't say regarding non-residents and UBS aren't suitable as they offer banking services in Swiss from what I recall also I need $10mil, at most I am worth $4mil [cash, property and investments] plus a further $250k from my dismissal settlement.

Gipsy, thank you for the advice, I won't open a USD account as I have no need for it but I shall look into the currency accounts offered.

I don't have an address where I am registered as I have used tourist visa and hotels, I like Alena a lot but her flat is dreadful. If I get a multiple entry business visa and use the address would that be okay? Ideally I wouldn't want to but if I have to, I shall. Do the same rules apply even if I am paying in a deposit of a couple of million rubles?

I don't bank with Nationwide, only Adam & Co (RBS) and HSBC Premier, both charge stupid fees for overseas use. I will look into them however if they are fee free.

Msmoby, do Raiffeisen offer GBP accounts? I didn't see that in the reading materials I looked at, I was leaning towards Bank of Moscow & Alfa on that basis but if Raiffeisen do, I would rather a European owned bank than Russian owned although I bet service is pretty much the same even with Premium or Private banking.

I think if I was worth $4 million I wouldn't be on this forum asking stupid questions, I wouldn't need to?

I mean if you have a net worth of $4million you probably would not be a stupid person ? Ok some farmers down in Dorset are worth a lot more and they are pretty stupid. But other than that why would you want to ask guys with just $1.50 for advice about bank accounts?

A lot of people are worth $1mil+ admittedly I got mine through inheritance and Russia is still rather alien when it comes to certain things hence why I am askikg those that have been there and done that for advice although when it comes to it I will no doubt pay to sort it one way or another.

[msmoby]

.

Msmoby, do Raiffeisen offer GBP accounts? I didn't see that in the reading materials I looked at, I was leaning towards Bank of Moscow & Alfa on that basis but if Raiffeisen do, I would rather a European owned bank than Russian owned although I bet service is pretty much the same even with Premium or Private banking.

YES...

I have RUB, USD,EUR and GBP accounts .. no card attached to the GBP  account

[Steveboy]

Confederate, I looked at that article before I posted but it didn't say regarding non-residents and UBS aren't suitable as they offer banking services in Swiss from what I recall also I need $10mil, at most I am worth $4mil [cash, property and investments] plus a further $250k from my dismissal settlement.

Gipsy, thank you for the advice, I won't open a USD account as I have no need for it but I shall look into the currency accounts offered.

I don't have an address where I am registered as I have used tourist visa and hotels, I like Alena a lot but her flat is dreadful. If I get a multiple entry business visa and use the address would that be okay? Ideally I wouldn't want to but if I have to, I shall. Do the same rules apply even if I am paying in a deposit of a couple of million rubles?

I don't bank with Nationwide, only Adam & Co (RBS) and HSBC Premier, both charge stupid fees for overseas use. I will look into them however if they are fee free.

Msmoby, do Raiffeisen offer GBP accounts? I didn't see that in the reading materials I looked at, I was leaning towards Bank of Moscow & Alfa on that basis but if Raiffeisen do, I would rather a European owned bank than Russian owned although I bet service is pretty much the same even with Premium or Private banking.

I think if I was worth $4 million I wouldn't be on this forum asking stupid questions, I wouldn't need to?

I mean if you have a net worth of $4million you probably would not be a stupid person ? Ok some farmers down in Dorset are worth a lot more and they are pretty stupid. But other than that why would you want to ask guys with just $1.50 for advice about bank accounts?

A lot of people are worth $1mil+ admittedly I got mine through inheritance and Russia is still rather alien when it comes to certain things hence why I am askikg those that have been there and done that for advice although when it comes to it I will no doubt pay to sort it one way or another.

Better be careful what women you pick up then..

[Manny]

I think if I was worth $4 million I wouldn't be on this forum asking stupid questions, I wouldn't need to?

I mean if you have a net worth of $4million you probably would not be a stupid person ? Ok some farmers down in Dorset are worth a lot more and they are pretty stupid. But other than that why would you want to ask guys with just $1.50 for advice about bank accounts?

You might be surprised how many on here are worth that or more.

Successful people try not to do dumb things, they do that by asking questions of people who know about the given subject. 

[Steveboy]

I think if I was worth $4 million I wouldn't be on this forum asking stupid questions, I wouldn't need to?

I mean if you have a net worth of $4million you probably would not be a stupid person ? Ok some farmers down in Dorset are worth a lot more and they are pretty stupid. But other than that why would you want to ask guys with just $1.50 for advice about bank accounts?

You might be surprised how many on here are worth that or more.

Successful people try not to do dumb things, they do that by asking questions of people who know about the given subject. 

That makes me just a common peasant then..

[Ste]

I suspect most like UK plc and USA inc. have say $10m in assets and $18m in debt...

I've got nowhere near even a mill uk but I have a fair bit but no debt at all, personal or business.

In fact I just MVL'd my business, took the cash as ER and would need to add up later. Not much tho but good to donate to some Syrians

[SuperPanda]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

[Contrarian]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted. 

[SuperPanda]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for £150k (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

[Ste]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for £150k (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

Maybe it's the 20% mortgage rate over a two-year only term? That's all my better half's brother back in Russia could get, was 5 years or so ago though....

If it's a cash purchase it's different but I'd think twice about dumping £150k in a country ranked 119th in the corruption league, Denmark number one, the least corrupt BTW!

[yankee]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for   (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

Maybe it's the 20% mortgage rate over a two-year only term? That's all my better half's brother back in Russia could get, was 5 years or so ago though....

If it's a cash purchase it's different but I'd think twice about dumping £150k in a country ranked 119th in the corruption league, Denmark number one, the least corrupt BTW!

If one sold a flat for £150k how does one get the money out of Russia?

[Gipsy]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for £150k (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

Maybe it's the 20% mortgage rate over a two-year only term? That's all my better half's brother back in Russia could get, was 5 years or so ago though....

If it's a cash purchase it's different but I'd think twice about dumping £150k in a country ranked 119th in the corruption league, Denmark number one, the least corrupt BTW!

The mortgage rate during the past 8-9 years has not been that high, so there's something wrong here..
Most probably the person could not get a "Normal rated" mortgage for whatever reason, and was left with the alternative of taking a 20% personal loan...OR a high interest short term loan from some in-regulated source..

[Gipsy]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for   (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

Maybe it's the 20% mortgage rate over a two-year only term? That's all my better half's brother back in Russia could get, was 5 years or so ago though....

If it's a cash purchase it's different but I'd think twice about dumping £150k in a country ranked 119th in the corruption league, Denmark number one, the least corrupt BTW!

If one sold a flat for £150k how does one get the money out of Russia?

Bank transfer....

[Gipsy]

I finally spoke to VTB Bank of Moscow and they said that I am required to be a resident, I can't open an account as a tourist even if I have interests in Russia. Only work around (for them) was if I bought a flat which I didn't fancy although there are nice places at good money, I wouldn't know where to start and what is a good investment area for long term growth in property values.

Raiffeisen said similar and I presume other Russian banks will too?

This leads me to wonder if maybe a RUB account in the baltics would be a good move, I remember reading Estonia and Latvia offer such accounts with the added bonus of being in the EU. I guess at the same time I could combine my Euro accounts into one as well which would keep paperwork down!

why not purchase an inexpensive flat?  it could easily double or triple in value once sanctions are lifted.

I have looked at a couple while I was there and since online but I don't know the right areas to look But there are some seriously nice places for £150k (1 bed, open plan, modern), makes me wonder why Alena lives in a rundown block 

She may be unable to purchase anything more expensive, or may not have the required income for a large mortgage..