Banking In Russia

As one of the most dynamic parts of Russia’s economy, international banking plays is a major player in Russia’s success today

There are ten major banks in Russia, most of them run by the state. In recent years they have come more inline with international expectations, but there are still widespread reports of outdated policies. Like the fact that Sberbank, the largest bank in Russia with more than 98,000 branches still grants pensioners booklets, rather than cards, and in some situations requires you to go to the branch in which you opened your account to perform certain operations.

As a result it is commonplace for foreigners to send their savings abroad, and have a small Russian account for day to day living. Most foreigners bank either with Raiffeisen or UniCredit.

Opening an Account in Russia

You can only open a bank account in Russia if you are a permanent resident, and proof of residence is needed when you open the account, you also need a copy of your passport and visa, a minimum cash deposit and some banks require a letter from your employer.

It is a wise choice to open at a bank you can access for the operations requiring you to return to the bank you initially opened the account at.

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