How to Open a Bank Account in Russia

Russia is an interesting country to visit. Not only that but it is also a suitable country to start a new job or business. Therefore, Russia becomes one of the visited countries by many foreigners every year. However, starting a new life here will need suitable preparation.

Including the need for a bank account in Russia. Therefore, it is necessary to make sure that anyone who plans to stay in the country must get an overview related to the steps to open a bank account in Russia.

Read Also: How to Send Money Easily to Russia?

To help with these needs, some information below is provided. So that anyone who plans to open a new bank account in Russia can refer to this article. For further brief and explanation, see the following paragraphs.

Steps to Open a Bank Account in Russia

Once all documentation above is provided, the next thing to perform is visiting the bank. So that you can start to apply for a new bank account. To open a bank account in Russia, specifically follow the below process step by step.

• Spare your time in the morning and then visit the bank office early in the morning. Coming to the bank in the early morning will help you to get the service as soon as possible. Therefore, if you want to open a bank account in Italy, make sure to have some hours in the morning to do this activity. Otherwise, most banks usually will close their office shortly after lunchtime.

See Video How To Easily Send Money Overseas

• Once you get into the bank, meet the customer service to request opening a bank account. So that you will be given a suitable form to fill in. After receiving the form, then you have to fill the form according to your documentation. Make sure you write everything exactly the same with your documentation. Such as your complete name, address, contact number, etc. So that it can ease the bank officer to validate your data and process your new account.

• After finish filling out the form, you can give all the needed documentation for validation. Wait until your data is validated and the bank officer will process the account.

• If your account is successfully made, then the bank officer will offer you a bank book and debit card. Put some amount of money to activate the debit card. Whenever you finish activating the card, then your new bank account is ready to use anytime.

Type of Bank Services

Commonly, each bank will provide similar services. The same way for most banks in Russia. The bank offers some services related to the daily financial transaction of their customer. Some of these services include the following.

• A saving account is a suitable selection to save money for daily transactions. Customers will be able to withdraw money from this account and also manage money transfers and payments.

• A deposit account is an account to allows the customer to save some amount of money for various purposes. Usually, this account gives a higher rate compared with a saving account.

• An ATM card is a card that can use to withdraw money from an ATM. This is also able to use as a debit card for electronic payment.

• Credit cards, the most customer will need to deal with this service. Since this card will be able to use for payment and withdraw a certain amount of money during an emergency.

• Bank loans, which will benefit to use for various purposes such as education, housing, business, and many more.

Various Fees Applicable in Banking

To perform financial activities in any bank, usually, you will need to pay some charges. The difference between using a local bank or not is that the number of fees and the charges can be less. Therefore, it is one of the reasons why many foreigners decide to get a new bank account.

With a local bank account, the common fee and charges apply will be as follow:

• Transaction fees, which will be applied in case you need to perform any payment through the bank.
• Withdrawal fees, but most of the local banks will charges for free withdrawal fee if you manage to withdraw money through its ATM. In case you withdraw money via ATM from another bank, then you will get charges.
• Interest fees, which are applied in case of the payment of any loan or credit card.
• Transfer fees, which are usually applied if you do a money transfer to another bank. If transferring money to a similar bank, this is normally free.
• Account handling fees, are the monthly charges for the administration of your account.

By having all the above information, now you can get a clear overview on open a bank account in Russia. So that you can manage accordingly and prepare to open your bank account soon.

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Remember to prepare all the required documentation, such as passport, VISA, working permit, and proof of residence. So that you will be able to get your bank account in fasten time without further issues. With an official new bank account, you will be able to conduct many financial activities in Russia including withdrawing some money or making a money transfer.