Does anyone have any experience with opening non-resident accounts at any of Russia's major banks?? Is this still possible in 2021 or will many require you to be a resident etc? Would purchasing real estate and renting out give one the ability to open a bank account in Russia? Any input is appreciated from those of you who have any experience opening accounts at Moscow banks!
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Russian Bank Account
- Thread starter Vor
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It's relatively easy to open bank account for non-res if you're physically present in Russia for the account opening purpose. Passport + its notarized translation to Russian + migration card (issued on arrival) would be usually sufficient, if you find branch of the bank with English-speaking employees.
Remote account opening through power of attorney is not common. You may probably want to approach Russian subsidiaries of foreign banking conglomerates that are commonly used by expats, such as: Unicredit, Raiffeisen, Intesa, Rosbank (part of Societe Generale), Citibank (I've heard that they are doing phased exodus from Russia due to sanctions etc.) and some of the bigger Russian commercial, such as Alfa-bank, Tinkoff.
Remote account opening through power of attorney is not common. You may probably want to approach Russian subsidiaries of foreign banking conglomerates that are commonly used by expats, such as: Unicredit, Raiffeisen, Intesa, Rosbank (part of Societe Generale), Citibank (I've heard that they are doing phased exodus from Russia due to sanctions etc.) and some of the bigger Russian commercial, such as Alfa-bank, Tinkoff.
appreciate this and are Russian banks willing to open accounts for non-res physically present in Russia AMERICAN citizens? I know FATCA complicates things and what is true for many other nationalities isn't always true for mine since many banks do not want US customers understandably so.
An important information point that was missing :/ However, it's still possible with the banks I've mentioned...
Last questions for you in respect to a general account opening at a russian bank say Rosbank as a true non-resident with no residence permit what kind of opening deposit would one be looking at? What kind of deposits are needed for private banking within russia? Lastly is it possible for non residents to get an account at Sberbank?
From what I google it looks like they do but then I also read about some local Russian law that would prevent information exchange so I am not sure.
For CRS yes since 2018: CRS by jurisdiction - Organisation for Economic Co-operation and Development
Just a quick response…. Yes, as stated above it is quite simple if you are physically at the branch upon opening. Yes, Sberbank too. And yes, even for Americans.
Also opening deposit is minimal if any at all is required. Maybe 1000 rubles.. You can also get Euro, US$, and Ruble accounts. Online banking is pretty good with Alfa Bank and Sberbank (I haven’t tried the others), but some of the apps are only in Russian (it’s easy to figure out most things though based on symbols and simple translations if you can’t read Russian).
Also opening deposit is minimal if any at all is required. Maybe 1000 rubles.. You can also get Euro, US$, and Ruble accounts. Online banking is pretty good with Alfa Bank and Sberbank (I haven’t tried the others), but some of the apps are only in Russian (it’s easy to figure out most things though based on symbols and simple translations if you can’t read Russian).
In Russian annexed Crimea probably not. "Mainland" Russian banks do not operate there. Crimean Russian banks, such as GenBank, are sanctioned. International Visa cards for example do not work there.
Sanctions encourage money laundering in Crimea | GRI
Generally speaking, premier level banking starts at around 1 mil RUB (though there are usually no fixed requirements and you can just "buy-in" premium package for 2-3 k RUB per month - unless you hold around 1-1,5 mil rub combined or spend like 50-100 k monthly: you get free premium banking)Great insight! Do you know at what balance levels premier or private banking become available at say Sber or Alfa?? Appreciate the insight!
They were pretty much the first ones to join in, back in 2018. But this "some local Russian law overruling the international commitment" thing does not sound unrealistic
I would be very interested to learn more about this local law you're mentioning. Could you please link to it or where you read about it? (Even if the source is in russian)exactly what I was thinking, it's truly a very modest sum of money for premier banking in a country as large as Russia. I'm surprised it's so low. I guess the final question is while they will open accounts for non-residents and even an American like myself, how safe are the banks actually? Sberbank seems like the safest bet to me since it's state owned and the largest.That's only ~€11500 or ~$13700, not so much money for a "premium" account
I'm assuming(maybe wrongfully so) that only RUB deposits would be insured? Dollar and Euro accounts I'm guessing are not.
I think Russia has the potential to have a very bright future. They seem to be handling their economy quite well even with the fact the USA/EU seem to throw everything they have at them in terms of economic sanctions. Moscow is the biggest city in Europe and when you look at property prices in say London or Berlin when compared to Moscow I think for the adventurous investor Russia could be an interesting proposition. Russian tax rates are very appealing too being that their so low.
Will plan a trip to Moscow sometime next year and see what I think of things on the ground but looks like an awesome city with some great opportunities for those up for the adventure!
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