Over the years, a huge number of foreigners have decided to make Russia their home in search of European life and its vibrant cultural and historical landscapes, particularly in places such as Moscow and St. Petersburg. Russia is a good alternative for many other reasons, including its robust economy, the prospect of substantial gains in wealth, outstanding English-speaking schools, and Russians’ friendliness toward outsiders.
In most cases, Russian employers will create a payment account with the bank that handles the company’s money for each new employee. This is often a non-negotiable component of your job contract, with your income being automatically deposited into the specified account without your knowledge. Some companies may be more accommodating than others if you want to bank with a bank different from the one they use. If you desire, you can move your profits from one account to another.
Can I open a bank account in Russia as a non-resident?
Yes, as a non-resident, you may open a bank account in Russia. The procedure is simple and quick, and there are foreign currency accounts and other services designed specifically for foreigners.
Documents required to open a bank account in Russia
With so many account choices to select from, each with its own set of requirements, opening the most basic account may be as simple as holding a passport. If you want a bank account with a comprehensive range of services, you must have at least the following:
- Valid Passport
- Residence permit
- Proof of address in Russia such as utility bill
- Reference from the employer
In Russia, there are hundreds of banks, so you’ll have to decide which ones give the greatest service, value for money, and convenience.
Banking with a large provider or multi-national institution gives you the assurance that you’ll be able to access your money more quickly and choose the bank account that best suits your needs – whether it’s for preferential rates on additional products like credit cards or mortgages, or for the cost of sending money locally and internationally.