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Question AlfaBank Russia

Outlander

Outlander

Active Member
Aug 24, 2019
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#1
I was offered the possibility of a multcurrency account in AlfaBank (Russia) for an offshore company. I understand the implications of banking in Russia, risks, etc. I don't need a lecture on any of this and if I seize on this opportunity it's mostly for fun and investigation.

Questions:
- Are there still open channels for transferring money (any currency) from US and EU to Russia?
- Has Russia been disconnected from SWIFT?
- Is it legal to cash out crypto to a Russian bank? Are there Russian crypto exchanges?
- Would a Russian debit card be VISA/Mastercard? Would it be accepted globally?
- Would you open a bank account in Russia? :)
 
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#2
Russia is currently connected via SWIFT. Expect some extra attention, but moving money in and out works.

The card you get might be Mir, but it can also be Visa or Mastercard. It depends on what the bank issues. I believe you normally have a choice which type of card, or you get a Mir and a Visa/Mastercard.

There are no crypto exchanges licensed in Russia. But crypto is popular and legal, so you probably won't run into issues moving to exchanges. It might not be direct but via wallets or intermediary steps.
 
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#3
Sols said:
There are no crypto exchanges licensed in Russia. But crypto is popular and legal, so you probably won't run into issues moving to exchanges. It might not be direct but via wallets or intermediary steps.
Click to expand...

If this is like in other jurisdictions, moving from the bank into an exchange is generally easier and has less scrutiny (because the bank believes the deposited money to be "clean") than the opposite. But I actually need the opposite - a legal, hassle free way to fund the account. Do you have any experience sending from crypto exchanges into a Russian bank account? Which exchanges would reportedly send funds there?

I can't rely on SWIFT because even though it works (barely) today, with everything that's going between US, Russia and Ukraine it could well be that there will be new sanctions and barriers in the near future. Wise has already stopped sending money to Russia in any shape or form.
 
#4
Outlander said:
I was offered the possibility of a multcurrency account in AlfaBank (Russia) for an offshore company. I understand the implications of banking in Russia, risks, etc. I don't need a lecture on any of this and if I seize on this opportunity it's mostly for fun and investigation.

Questions:
- Are there still open channels for transferring money (any currency) from US and EU to Russia?
- Has Russia been disconnected from SWIFT?
- Is it legal to cash out crypto to a Russian bank? Are there Russian crypto exchanges?
- Would a Russian debit card be VISA/Mastercard? Would it be accepted globally?
- Would you open a bank account in Russia? :)
Click to expand...
Who was the opportunity through?
 
#8
Yes, you can get money into your Russian accounts. They offer ruble, US$, and € accounts. You can get whatever card you like. I would not choose Mir or Maestro. Stick to Visa and MC and yes they work outside the country. Alfa’s online and mobile apps are good and useful but only in Russian, but after a few screenshots and translation or the use of another phone for the translation become easy to navigate without translation. The only thing to watch are the foreign outgoing wire fees are a bit expensive in my opinion, but they cap at a certain value, so just plan on withdrawing via wire in large chunks to make it worth the fee.
 
#9
Thank you @RedGeorge. However I still have not figured out how to fund this Russian account.

- Wise won't send wires there
- Sending from the US would potentially put my relationship with US banks in jeopardy
- I asked the lawyer if ALFA-BANK would accept deposis from crypto exchanges and he said 'yes'. Now I'm trying to find a reputable crypto exchange that will say 'yes' to sending fiat to Russia. So far only Kraken answered, and it was a no.
 
#11
I have transferred money from accounts in 5 or 6 other countries including the US without problem. Actually, I did have one of the US banks that I was working with tell me they don’t do business nor will transfer anything to Russia, so I transferred the funds to another US account and made the transfer.
 
#13
As long as Alfa Bank will stay out of US sanctions, you can move your money to US and vice versa. As for depositing or transferring money from crypto exchange to any Russian bank is not good idea. It could work out for you a couple of times, but then you will have an issues.
Its better to register some sort of e-wallet, for the "man in the middle" job, and then make a transfer from e-wallet to your bank account, so if there will be any issue from the bank side you could explain that the money is from your account in the electronic payment platform. Which is allowed in Russia.
It is also good, not to send more the 10k USD per transfer to stay in the shadow.
 
#14
luckyvexel said:
As long as Alfa Bank will stay out of US sanctions, you can move your money to US and vice versa. As for depositing or transferring money from crypto exchange to any Russian bank is not good idea. It could work out for you a couple of times, but then you will have an issues.
Its better to register some sort of e-wallet, for the "man in the middle" job, and then make a transfer from e-wallet to your bank account, so if there will be any issue from the bank side you could explain that the money is from your account in the electronic payment platform. Which is allowed in Russia.
It is also good, not to send more the 10k USD per transfer to stay in the shadow.
Click to expand...

Thank you. So are you suggesting the path crypto exchange - - > e-wallet - - > Alfa Bank? In such case, which e-wallet (and exchange which will send there)?

By the way, I got new email from Kraken stating they will send fiat to Russia, as long as it isn't USD.
 
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#15
Outlander said:
Thank you. So are you suggesting the path crypto exchange - - > e-wallet - - > Alfa Bank? In such case, which e-wallet (and exchange which will send there)?

By the way, I got new email from Kraken stating they will send fiat to Russia, as long as it isn't USD.
Click to expand...
Don't use any e wallets, there are not many Russian e wallets and they will def froze your account if you get big amounts of money.

You can use EMI to your bank, it will be fine.

But don't fck with crypto and Russian banks you will get in trouble
 
#16
yngmind said:
Don't use any e wallets, there are not many Russian e wallets and they will def froze your account if you get big amounts of money.

You can use EMI to your bank, it will be fine.

But don't fck with crypto and Russian banks you will get in trouble
Click to expand...

This is confusing. What difference are you making between an e-wallet and an EMI? I treat them as the same.
 
#17
Outlander said:
Thank you. So are you suggesting the path crypto exchange - - > e-wallet - - > Alfa Bank? In such case, which e-wallet (and exchange which will send there)?

By the way, I got new email from Kraken stating they will send fiat to Russia, as long as it isn't USD.
Click to expand...
Yes, its good idea to avoid transactions in USD, and the reason is not to get into a trouble with US authorities. Thats why Kraken offers this option. Thus EUR and RUB is good, but still if the Russian bank will identify it as a transaction from crypto exchange/market , you could have an issues. So its better to use e-wallet /EMI who are loyal more or less to trasactions from Kraken, Binance, etc... crypto exchange - - > e-wallet - - > Alfa Bank
Outlander said:
This is confusing. What difference are you making between an e-wallet and an EMI? I treat them as the same.
Click to expand...

Yes, more or less its the same. Just find a reputable one. And for sure I would not send a big amounts. For the big amounts its better to use a reputable OTC
 
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