How to open a bank account in Russia

This article was written by Yue Lan

Russia is a country with a strong historical background, which attracts different visitors and students from different countries to visit and study every year. This article will explain how to open a personal bank account in Russia as a national or permanent resident of Russia, or as a student or tourist studying in Russia.

Different type of target audience

l For a National or Permanent Resident of Russia: References

1. Residence Permit

2. Registration at a Russian Address (usually a recent utility bill with your address)

3. Proof of Employment

l For a Student Studying in Russia: References References

1. A valid passport

2. valid student visa

3. Immigration card

4. Proof of residence: If you live in a dorm, you might need to get a proof of residency from the institution.

5. School admission letter/any proof document

6. Most 18-year-olds may lack certain proofs of residence like a lease.

l For a visitor in Russia: References References

1. Valid Passport

2. Valid Russian visa

3. Immigration card

4. Proof of residence: This might be a rental agreement or a proof of accommodations from the hotel.

5. Registration certificate: In Russia, all foreigners are required to register with the immigration office within seven working days after their arrival. Your hotel or renter will usually handle this process for you and provide a registration certificate.

6. Application form: an application form filled out under the guidance of bank staff.

7. Other possible documents: Additional documentation, such as an employment certificate, an invitation letter, or a bank customer survey form, may be required, depending on the bank.

How to choose the bank in Russia（*Rank according to recommended order）

The name of bank

Pros

Cons

There are many bank outlets, wide application scope and many ATMs, which are convenient for withdrawing money. There is Chinese customer service

single transaction limit

Intra-bank transfers are free of charge, inter-bank transfer fees are low. General cards have no annual fee

Business services is relatively monotonous, and the offline processing speed is slow

Russia’s largest private bank, basic cards with no annual fee, high interest rates on deposits

Unable to download the app

The mobile app is easy to used. Provides English services

No offlines services, low interest rates on deposits.

The process to open bank account in Russia (Use Сбербанк (SBERBANK) bank as example)

1. Find an office near the bank.

2. Show to the bank employee the сбербанкмир (Sberbank Mir) debit card with no name.

3. Bring your passport and phone card, and don’t forget to show the address of the hotel/homestay.

4. It is convenient and safe to bring some cash and deposit some rubles directly on the card at the card office.

5. If you can download SBERBANK’s app in advance, it will be more convenient, and the bank staff will directly help you bind your bank card.

6. The normal procedure should not exceed 15 minutes.

7. At present, this debit card generates a handling fee of 1,800 rubles (in fact, it is a one-year service fee charged by the bank).

Recommendation

Due to their online banking capabilities and simplicity of use for foreigners, Alfa Bank and Sberbank are commonly suggested for visitors to Russia, especially those who may not have permanent residence but visit regularly or are thinking about relocating there. International customers of Alfa Bank may conveniently create bank accounts online while traveling, making it ideal for individuals who wish to finalize arrangements prior to traveling to Russia. References