How to open a bank account in Russia

By Habiba Gaber

As an international student in Russia, one of the first essential tasks you’ll need to do is setting up a bank account. Whether you are planning to receive money from home or manage your day-to-day expenses or make online transactions, having a local bank account will make your life much easier.

But which bank offers the easiest and cheapest way to open an account, and what do you need to know before making this decision?

In this guide, we will cover the process of opening a bank account in Russia for international students, including an overview of the Russian banking system, popular banks, types of accounts, fees, and required documents.

Let’s dive in and know more about each ☺

Overview of the Banking System in Russia: What You Need to Know as a student

When it comes to banking in Russia, it’s not as complicated as it looks, trust me!

The system is well developed and regulated by the Central Bank of Russia (CBR), which keeps everything running smoothly and makes sure the economy stays stable.

Most banks in Russia are private but the two biggest names are state owned: Sberbank and VTB.

Those banks have the most branches and are trusted by a lot of our locals. But, if you prefer something more international, there are also foreign banks like Raiffeisen Bank (from Austria) and Citibank (from the U.S.) in Russia.

For international students, the factors in choosing a bank are first of all, ease of access, which means how easy it is to use their services (online or in person). Secondly, language support, do they offer help in English?. Thirdly, account fees, as some banks charge more than others, so it’s important to check. Finally, online banking, which goes for can you manage your account from your phone or computer?

Fortunately, most major banks in Russia now offer English-language services, like websites and mobile apps. So, even if you don’t speak Russian, you won’t have to struggle with forms or customer service.

The process is straightforward, and you’ll find plenty of options to suit your needs!

Types of Bank Accounts Available for International Students in Russia

When opening a bank account in Russia, you’ll generally be able to choose between two main types of accounts: current (checking) accounts and savings accounts.

Current accounts (checking accounts), are the most common type of account for managing day-to-day expenses. With a current account, you can receive payments, make transfers, withdraw money from ATMs, and pay bills.

While saving accounts are the best choice If you’re looking to save money and earn interest, you can open a savings account. However, international students typically go for current accounts for managing daily finances.

Some banks also offer special accounts for students, which can be a good choice if you are eligible. These accounts may offer lower fees and additional perks like discounted services!!!

Choosing the Right Bank: Which Banks Should International Students Consider in Russia?

Russia has numerous banks, but the following are some of the most popular and easy accessible for international students:

Sberbank

Sberbank is the largest and one of the oldest banks in Russia, with branches all over the country. It offers a wide range of services, from basic student accounts to advanced banking solutions.

Sberbank is known for its English language support and customer service too. They have specific accounts designed for students, and their banking app is available in A LOT of languages, including English.

Sberbank offers both basic accounts (with low fees) and premium accounts. As an international student, you will likely go for a basic checking account.

Sberbank’s online banking platform and mobile app are user-friendly & available in English.

VTB Bank

VTB is another major Russian bank, partly owned by the government. It has a solid reputation for offering reliable banking services.

Account Options: VTB offers student accounts with benefits such as low or no monthly fees. They also offer basic checking accounts, which are often the most suitable for international students.

VTB’s online banking is simple to use and available in English.

Click here for an easy sign-up guide: https://www.youtube.com/watch?app=desktop&v=hmAUgQ1gjPE

Raiffeisen Bank

Raiffeisen is a European bank with a strong presence in Russia, offering comprehensive services to both Russian nationals and foreigners.

Raiffeisen Bank is known for its English speaking staff and user-friendly digital platforms. It is one of the more popular choices for expatriates and international students.

Raiffeisen offers a variety of accounts, including options with low fees for students. While Raiffeisen doesn’t have specific “student accounts,” their basic checking accounts often fit the needs of international students.

Raiffeisen has an excellent mobile app and online banking options, making it easy to manage your finances remotely.

Tinkoff Bank

Tinkoff is an entirely online bank, meaning it does not have physical branches but offers all its services through its app and website. It’s popular for its modern, tech approach to banking!

Tinkoff supports English language users, and its app is available in English. Tinkoff offers no-fee online accounts, which are perfect for students. They also provide low-cost debit cards and online-only services, which is a huge benefit for students.

The Tinkoff app is highly rated for its ease of use and functionality. It is an ideal choice for students who prefer to handle their banking entirely online.

What documentation is required to open a bank account in Russia?

To open a bank account in Russia as an international student, you will need to provide certain documents.

While requirements may vary slightly depending on the bank, the following documents are generally required. First, you need the passport because an international passport is the most important document. Second, your visa/residence permit, as it’s proof of your legal status in Russia, such as a student visa or residence permit. In addition, your proof of enrollment is the letter or certificate from your university or educational institution confirming that you are a student. Thirdly, you need to prepare your proof of address. This could be a rental agreement, utility bill, or another official document showing your Russian address. Lastly, you need your taxpayer Identification Number (INN), some banks will ask for a Russian taxpayer identification number (INN), though this is not always required for student accounts.

If you do not speak Russian, it’s advisable to bring a Russian speaking friend or colleague with you when you visit the bank, as English-speaking staff might not be available at all branches.

Fees and Charges for International Students

Fees for bank accounts in Russia can vary greatly depending on the bank and the type of account. Here are some common fees to watch out for the monthly maintenance fees. Some banks charge monthly maintenance fees for current accounts, while others, especially those targeting students, may waive these fees or charge only a minimal amount. Also you need to know the ATM withdrawal comes with a fee, if you use an ATM outside of your bank’s network, you may be charged a fee. In addition, card issuance has fees. Some banks charge for the initial issue of a debit card, while others offer it for free. Finally, any foreign Transaction will have a fee as well. So, if you plan on making international transfers or using your card abroad, be sure to check for foreign transaction fees.

Most banks offer student accounts with lower fees or no monthly fees, making them an excellent choice for international students.

Opening an Account Online vs. In-Person

Many banks in Russia offer the option to open an account online. For example, Tinkoff and Sberbank allow you to open a basic account through their website or app, although you may still need to visit a branch to complete the process in some cases.

For in-person registration, you’ll need to visit a branch of the bank, where you’ll fill out forms and submit your documentation. Be sure to check if an appointment is necessary or if you can walk into the branch directly.

Here’s a Video of Daria explaining more: https://www.youtube.com/watch?app=desktop&v=YI5u0j9rG9c

Opening a bank account in Russia as an international student is easy, and there are plenty of affordable options available.

The most important considerations when choosing a bank are the ease of the application process, low fees, accessibility of online banking, and language support.

For most international students, Sberbank, VTB, and Raiffeisen Bank are great choices, but Tinkoff may also be the right option for students who prefer managing their accounts entirely online.

Once you’ve opened your account, you’ll be able to manage your finances with ease, receive payments from home, and make payments in Russia without the hassle of carrying large amounts of cash.

This story was written by a graduate student at NYU. Read stories about other 50 countries here