The World's #1 Russian, Ukrainian & Eastern European Discussion & Information Forum - RUA!

This Is the Premier Discussion Forum on the Net for Information and Discussion about Russia, Ukraine, Eastern Europe and the Former Soviet Union. Discuss Culture, Politics, Travelling, Language, International Relationships and More. Chat with Travellers, Locals, Residents and Expats. Ask and Answer Questions about Travel, Culture, Relationships, Applying for Visas, Translators, Interpreters, and More. Give Advice, Read Trip Reports, Share Experiences and Make Friends.

Author Topic: Banking in Russia  (Read 638 times)

0 Members and 1 Guest are viewing this topic.

Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Banking in Russia
« on: August 10, 2018, 02:28:45 AM »

What I like to ask, because my wife has bank accounts with 2 banks; is it true that the banks don't accept £ British Pound Notes or open an account in foreign currency?

She has a small amount of Pounds with her and so far cannot find a bank to change it to Rubles and I wonder what is going on?



"If you enjoy eating healthy food, visit: www.greekcooking.uk


Online msmoby

  • Member
  • *
  • Posts: 6938
  • Country: gb
  • Gender: Male
  • Spouses Country: Russia
  • Status: Committed
  • Trips: 20+
Re: Banking in Russia
« Reply #1 on: August 10, 2018, 04:41:05 AM »


What I like to ask, because my wife has bank accounts with 2 banks; is it true that the banks don't accept £ British Pound Notes or open an account in foreign currency?

She has a small amount of Pounds with her and so far cannot find a bank to change it to Rubles and I wonder what is going on?

You are with the wrong bank

I WAS with Raiffeisen  - they are going to the dogs ... and I had a GBP account ...  It took a 24 hours to move from GBP to Roubles and they accepted UK notes


UFA clearly isn't Sochi as one can change GBP ...wouldn't change Thai Bhat, though :)

Online AvHdB

  • Member
  • *
  • Posts: 10522
  • Country: nl
  • Gender: Male
  • Spouses Country: Ukraine, Kiev
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #2 on: August 10, 2018, 05:49:16 AM »
What I like to ask, because my wife has bank accounts with 2 banks; is it true that the banks don't accept £ British Pound Notes or open an account in foreign currency?

She has a small amount of Pounds with her and so far cannot find a bank to change it to Rubles and I wonder what is going on?

I am speaking of Ukraine. Usually a better rate is given by those little kiosk's, and they can vary a fair bit. In Ukraine it is difficult to open an account with foreign currency but the banks will change this currency. One can still maintain an account in £ or €. I think like allot of banks it depends on your relationship with the person who you visit.

In a rather bizarre way we had a small loan with one bank Sverbank, Ukraine, all of a sudden the said amount being loaned went from less than 10,000 to over a 100,000 ₴. Only issue there never was a corresponding deposit on her account. It took several visits to correct this issue and she had to become shall we say bolshy with the management to have the matter corrected.
BTW I’m looking forward to the next Civil War in the USA
 


Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #3 on: August 10, 2018, 07:56:17 AM »
What I like to ask, because my wife has bank accounts with 2 banks; is it true that the banks don't accept £ British Pound Notes or open an account in foreign currency?

She has a small amount of Pounds with her and so far cannot find a bank to change it to Rubles and I wonder what is going on?

I am speaking of Ukraine. Usually a better rate is given by those little kiosk's, and they can vary a fair bit. In Ukraine it is difficult to open an account with foreign currency but the banks will change this currency. One can still maintain an account in £ or €. I think like allot of banks it depends on your relationship with the person who you visit.

In a rather bizarre way we had a small loan with one bank Sverbank, Ukraine, all of a sudden the said amount being loaned went from less than 10,000 to over a 100,000 ₴. Only issue there never was a corresponding deposit on her account. It took several visits to correct this issue and she had to become shall we say bolshy with the management to have the matter corrected.


Av

Thanks for the reply and it was the same when I was visiting Ukraine back in 1998 - 2006 but in this instant we talk about Russia where we have a flat with my wife, No outstanding Loan or any other debts apart from the usual monthly payments, paid from her personal account in Sberbank by direct debit.

We have been discussing various other plans and need to have a  currency account in £ Pounds and it appears that the big banks Sberbank, Gazprom etc..... have stopped dealing with £ pounds. They deal with Dollars and Euro. I made a call to Moscow and they told me that yes we can open an account in £ Pounds but there is only one branch in Ufa that does that. Wife is visiting the village.... so have to wait till Monday.

"If you enjoy eating healthy food, visit: www.greekcooking.uk


Offline Seasoned

  • Member
  • Posts: 211
  • Country: ru
  • Gender: Male
    • http://www.russian4bride.com
  • Status: In The Business
  • Trips: Resident
Re: Banking in Russia
« Reply #4 on: August 10, 2018, 08:03:49 AM »
Out of my 15+ experience of dealing with Putin's banks - if you have spare cash, drill a hole in your house/apartment, insert the bundle of cash there, carefully wrapped, pour cement on it, polish the surface after the cement cures, make it look nice and inconspicuous. Refer to the stash upon need.:) Alternatively, hide it in a forest after digging a deep hole under a tree.:)
Sberbank, VTB and other big state banks are running the risk of severe sanctions, Sber is under some meek sanctions even now as I understand. Their knee-jerk reaction, especially if the ruble crashes drastically again (and it will, at a certain point), will be to freeze all hard currency accounts of the population (the last time they did it was in 1998, not so long ago), maybe even they will ban hard currency altogether at a certain point. I actually hope they will, I am a man from the eighties-nineties, the black market is fun and offers a wonderful price tag. I remember the times when people were thrown to jail if some USD were found on them, lol.
https://www.russian4bride.com - Russian and Ukrainian dating

Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #5 on: August 10, 2018, 08:13:48 AM »
Out of my 15+ experience of dealing with Putin's banks - if you have spare cash, drill a hole in your house/apartment, insert the bundle of cash there, carefully wrapped, pour cement on it, polish the surface after the cement cures, make it look nice and inconspicuous. Refer to the stash upon need.:) Alternatively, hide it in a forest after digging a deep hole under a tree.:)
Sberbank, VTB and other big state banks are running the risk of severe sanctions, Sber is under some meek sanctions even now as I understand. Their knee-jerk reaction, especially if the ruble crashes drastically again (and it will, at a certain point), will be to freeze all hard currency accounts of the population, maybe even they will ban hard currency altogether at a certain point. I actually hope they will, I am a man from the nineties, the black market is fun and offers a wonderful price tag.

So why they are still dealing in EURO and Dollars but Not in British Pound?

Check currency rates on Line... and you will see it!

 (:)

When you make a bank to bank transfer to Russia ..... everything can be traced, I have done it in the past........several times and never lost any money.

If I pay a large amount of Cash into my bank account, I need to have evidence for its legality....

"If you enjoy eating healthy food, visit: www.greekcooking.uk


Offline Seasoned

  • Member
  • Posts: 211
  • Country: ru
  • Gender: Male
    • http://www.russian4bride.com
  • Status: In The Business
  • Trips: Resident
Re: Banking in Russia
« Reply #6 on: August 10, 2018, 08:16:28 AM »
Quote
  So why they are still dealing in EURO and Dollars but Not in British Pound?         

A good question, I don't really know. Maybe they have hated the Brits all this time, latently before, in earnest now.:) Sometimes it is really hard to grasp what is going on in the heads of our rulers.:)
https://www.russian4bride.com - Russian and Ukrainian dating

Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #7 on: August 10, 2018, 08:24:34 AM »
Quote
  So why they are still dealing in EURO and Dollars but Not in British Pound?         

A good question, I don't really know. Maybe they have hated the Brits all this time, latently before, in earnest now.:) Sometimes it is really hard to grasp what is going on in the heads of our rulers.:)

For your information Sberbank has a branch in London...... and I can use it for contacting any business.....but will not explain to me why they do not open currency account on the same branch we have the Ruble account in UFA.
"If you enjoy eating healthy food, visit: www.greekcooking.uk


Offline Seasoned

  • Member
  • Posts: 211
  • Country: ru
  • Gender: Male
    • http://www.russian4bride.com
  • Status: In The Business
  • Trips: Resident
Re: Banking in Russia
« Reply #8 on: August 10, 2018, 08:32:19 AM »
Quote
     For your information Sberbank has a branch in London...... and I can use it for contacting any business.         

As if I don't know it.:) Sber operates in many countries and offers way smaller mortgage % than here in Russia in many of them. I have never bought anything on mortgage, I hate owing money, be it people or the state.
In your case may be it is not a big problem - if you still want to roll the dice and have an account in a Russian bank with cash on it - just get a usd or euro account. When the ruble crashes again you will have way more rubles for one dollar or one euro - if your account (the account of your lady, that is) is still accessible by this time.:)
https://www.russian4bride.com - Russian and Ukrainian dating

Online msmoby

  • Member
  • *
  • Posts: 6938
  • Country: gb
  • Gender: Male
  • Spouses Country: Russia
  • Status: Committed
  • Trips: 20+
Re: Banking in Russia
« Reply #9 on: August 10, 2018, 08:47:49 AM »

So why they are still dealing in EURO and Dollars but Not in British Pound?



You re just with the wrong bank, Wiz ...

You  could try using Transferwise's new system - much cheaper to move money and withdraw local currency

Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #10 on: August 10, 2018, 10:09:11 AM »
Quote
     For your information Sberbank has a branch in London...... and I can use it for contacting any business.         

As if I don't know it.:) Sber operates in many countries and offers way smaller mortgage % than here in Russia in many of them. I have never bought anything on mortgage, I hate owing money, be it people or the state.
In your case may be it is not a big problem - if you still want to roll the dice and have an account in a Russian bank with cash on it - just get a usd or euro account. When the ruble crashes again you will have way more rubles for one dollar or one euro - if your account (the account of your lady, that is) is still accessible by this time.:)

Bear in mind that I don't know you personally neither I am aware of your knowledge and of what you may know.

When I was working and had my own travel business, I was making several millions of payments and transfers to USA and many other countries in Europe, including Ukraine but not Russia.

Just to give you an idea a single charter flight to Greece from Gatwick was costing minimum of $22.000 dollars and the last year of operation, before retiring, I had weekly, 15 such flights, from Gatwick, Manchester and NewCastle, so I had to make a lot of currency speculation and pay lots of money in these transactions and investments, to make sure I will have the money at the time I had to pay my bills. I don't remember any year, without looking my old accounts, that I ever lost any money in these investments.

What you suggest is opening an account in Euro or Dollars, it means 2 transaction from £ to $ or Euro, before finally I exchange the Dollars or Euro for Rubles to pay our bills in Russia, which makes it a very expensive.

As about the median exchange rate value of the Ruble, it appears its volatility to be extremely minimal % against the £=0.73%, $=0.79%, and Euro= 0.76%. The markets are still open and in the Wall street its only 11.30 am. It's Friday (pm in the UK) and let's wait to see what happens when they close and have to close/balance their options and settle their books.

It appears the $ its gaining against all above currencies but on Monday Morning.....when the Far East markets open... a lot can happen.

I think the speculators gamble on the announcement of new sanctions by the US, not official yet, which are illegal under international Law anyway.

Must also wait for Putins reply too.... and who knows. I read on the Guardian that Trump keeps silence on the twitter, regarding the sanctions..... and I wonder why?

 :coffeeread:

PS: Manny gave you some sage advice.....you paid no notice.
"If you enjoy eating healthy food, visit: www.greekcooking.uk


Offline Seasoned

  • Member
  • Posts: 211
  • Country: ru
  • Gender: Male
    • http://www.russian4bride.com
  • Status: In The Business
  • Trips: Resident
Re: Banking in Russia
« Reply #11 on: August 10, 2018, 10:36:05 AM »
Quote
     What you suggest is opening an account in Euro or Dollars, it means 2 transaction from £ to $ or Euro, before finally I exchange the Dollars or Euro for Rubles to pay our bills in Russia, which makes it a very expensive.       

Yes, it would be more expensive, but not by a large margin. It all depends what you need the cash for and how frequently.

Quote
      PS: Manny gave you some sage advice.....you paid no notice.       

The logic of this advice was "Hey, dude, I have more experience and more money and more cars and more responsibilities than you do, you gotta listen to what I say and to agree with it." I don't mind playing this game on this forum, but I would require a handsome weekly remuneration for this, starting tomorrow.:) Otherwise I don't feel obliged to agree with someone on every issue just because this someone allegedly has more money, experience, responsibilities, etc. Trump has more experience and responsibilities and more money than 10000 Mannies combined I am sure, it still doesn't mean that those Mannies (and me or you) need to sit there, gasping in awe and admiration, and to agree with whatever Trump is saying. Just an example to clarify things, you can insert Putin or Merkel or Miller or Rotenberg or Bill Gates there instead of Trump. If I agree with people I agree with them because they sound convincing and offer facts, not because they have (or claim they have) more money, more experience, more cars and a longer penis. :coffeeread:
https://www.russian4bride.com - Russian and Ukrainian dating

Online AvHdB

  • Member
  • *
  • Posts: 10522
  • Country: nl
  • Gender: Male
  • Spouses Country: Ukraine, Kiev
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #12 on: August 10, 2018, 05:11:25 PM »
Wiz,

My wife in Kiev has access to my money on an American based debit card. While she is frugal she takes funds as she needs in ₴ and uses as needed. There are no extra charges from my side. Try to find a bank in the UK perhaps will send or allow you to pick up a debit card and send it to Russia. So that it can be used by your relative in law in the Motherland. It might involve some searching but I think this is possible. Perhaps some UK based members with relations in Russia can assist you.

As a suggestion I would find a new bank that you trust and the art is for your wife and mother in law when in Russia. This way your wife can activate the card and bring or delver to your mother. You might ave to frame the question in a light that will paint a sympathetic situation to your benefit.

Bear in mind a Russian bank in the UK will most likely be a Commercial bank and be unable to help you. There are a numerous 'complaints but Raiffeisen Bank may they have personal banking services.

Av
BTW I’m looking forward to the next Civil War in the USA
 

Online msmoby

  • Member
  • *
  • Posts: 6938
  • Country: gb
  • Gender: Male
  • Spouses Country: Russia
  • Status: Committed
  • Trips: 20+
Re: Banking in Russia
« Reply #13 on: August 11, 2018, 12:03:28 AM »
Wiz,

. Try to find a bank in the UK perhaps will send or allow you to pick up a debit card and send it to Russia. So that it can be used by your relative in law in the Motherland.

That concept works fine in Russia - when drawing cash or paying at a pincode terminal - but my UK bank cards are USELESS ( again)  when trying to pay online for internet, phones,. etc.





Online Wiz

  • Member
  • *
  • Posts: 2286
  • Country: gb
  • Gender: Male
    • Greek Home Cookery
  • Spouses Country: Russia
  • Status: Married
  • Trips: 20+
Re: Banking in Russia
« Reply #14 on: August 11, 2018, 12:05:25 AM »
Av

Thanks for the advice but we have already discussed this matter in the past and have told (said) you that already have a second personal account for Baboushka and have supplied her with the Debit card and also trained her how to use it, without any help. Every 2 years has to be replaced.....and we time it to be the same time wife visit her. Only one time I had to post the card (special fast recorded delivery) and arrived after a month. ;D Now the Russian post office has a page to check your letter's progress and delivery.  :)

Wife has already an account in Rubles and also Baboushka and all bills are paid with a direct debit!

We just want to open a currency account in British Pounds, that simple, as I have one in Greece too, but then Russia it's not Greece, despite the debt problems there. :duh:

Moby

Thanks for the advise but Raiffeisen .... never paid back my wife a large amount in Rubles that she had in her savings account, when the USSR collapsed. (Long story...)

 :coffeeread:
"If you enjoy eating healthy food, visit: www.greekcooking.uk