Best Banks in Russia
With large and well connected networks of ATMs around the country, divided between national and international banking conglomerates, lack of options and inconvenience should not be a problem when opening a bank account in Russia. It may be a good idea to see if your local bank has a branch in Russia as it may be possible to open an account there before your step foot in the country.
- Sberbank: As Russia’s largest you won’t have a hard time finding a branch or ATM of theirs anywhere in Russia as it has over 90 thousand locations. They have a full set of products available including accounts with debit cards, loans, insurance and investment accounts. You can get customer service over the phone or via the internet.
- Rosbank: Owned by the Société Générale Group, this is a bank with experience serving expats. You can even setup an appointment to discuss what are the best options for you. Mobile banking is included with all accounts and it is available in Russian, English and in French. Here are their ATMs and offices.
- Raiffeisen: As an international institution, this is also a bank with staff trained to cater to expats with products that cater to international clientele. Thus, they have a full set of service offers including accounts, cards, insurance and loans for everyone ranging from retirees and students to businesses. Another advantage is their international presence: if you travel abroad frequently, you may find this bank very convenient. See their network here.
- Gazprom: With about 3 million customers, this is a large bank that mixes everyday banking offers with private banking and wealth management. Their accounts have debit and credit card options, loans, insurance packages of various types.
It should be rather easy to open an account with one of the 4 banks above. When it comes to fees, we recommend you read the fine print and investigate about fees in general. See if you will be required to pay to close your account, of if you use your debit card abroad it will be a flat 10 euro fee or if you are required to pay to use ATMs after hours.
Also, look at multiple banks simply because there could be overcharges for expats and international accounts in general: look specially if you are moving money between accounts of different currencies as currency conversion is expensive.
Can I open a Russian bank account online?
With A foreigner can apply for a Russian bank account online from outside of Russia but not many banks offer this service. One bank offering this service is Alfa Bank.
Alternatively, you can also check with banks in your country that also operate in Russia. You may be able to open an account for use in Russia. In case of card loss, however, the bank will typically require the account holder to sign application documents and to furnish signature specimen for verification. In this scenario, a foreign national is required to register at a Russian address and should make a personal appearance at the bank.
