Job Discussion Forums

[Mnizzle]

What bank do people recommend that I use while in Russia? Also, in what form should I bring money to deposit into my newly opened checking account while in Russia?

[steven_gerrard]

Mnizzle if I am not wrong you're going to be working at Language Link so opening a bank account will not be necessary as they pay in cash. You can also draw on any existing accounts that you may have in your home country using ATMs, which are everywhere. Similarly, you can transfer money into that bank account through banks in Russia, though you don't need an account with them to do this and it won't save you any money- you'll still have to pay commission whatever.

If you really think you're going to need a Russian bank account then all deposits have to be made in roubles. If you bring dollars what you'll have to do is change the dollars into roubles then when they hit your account, they'll automatically be changed back into dollars (as most foreigners have dollar accounts). Of course you'll lose money at every stage of this so its perhaps best avoided.

Good luck!

[Katyusha]

Try English pages from these websites - http://www.raiffeisen.ru and http://www.citibank.ru

[canucktechie]

I've felt no need to open an bank account during the 2 years I've been in Russia for the simple reason that I don't save any money! Well I do save some money during "slow" weeks and then spend it all when I do something special.

Good advice from the previous posters if you really do want an account.

[Confederate]

I use Alfa Bank and had no trouble with them. When I applied for temporary residence I had to open an account in a Russian bank and deposite $1000.00 to prove that I could support myself until temporary residence was granted. I did this, have an ATM card, able to transfer money from and to my bank in the US, the only fee charged is for the exchange from dollors to rubles. But any way, this bank has never given me any trouble and I can withdraw money when ever I need to and transfer it to my account in the US. I choose this bank for this reason and everything has worked fine for me.
JD

[Katyusha]

You might not have any trouble with Alfa Bank, but they had some with the government a while ago. They almost closed! Go with a foreign bank. Raiffeisen is better than Citibank in reputation.

[Confederate]

Alfa bank had troubles like every other bank here awhile ago when people got scared and started withdrawing all their money. As far as the government trouble, I know nothing about that. I had to use a Russian bank because I was required to when I applied for temp. residence and I have had no trouble with this bank at all. I had to get a letter from the bank to give the government and I was granted temporary residence, so if they had trouble with the government, it did not cause me any problems getting temp. residence.
JD

[kazachka]

Banque Societe Generale Vostok www.bsgv.ru
If you get their Visa gold card, you get an additional discount card good at hundreds of businesses/services in Moscow and in Russia. It also includes travel/emergency insurance good within Russia and worldwide. Wire transfers are a flat 40 dollar charge on any amt up to 10,000. There is no commission on this end, but some US banks charge to receive wires. You can deposit in dollars, rubles or euros. Minimum deposit to open an acct is 300 dollars/300euros/or ruble equivalent. Also, beware as many banks charge various banking fees simply for having an acct with them. The fee at BSGV is just 10 bucks a yr. I get free withdrawals at their ATMs too whereas some banks charge 5 bucks for a simple withdrawal! Citibank here is not the same as in the US. They are a very expensive bank with high banking fees and many hidden fees. They also have a reputation for having God-awful customer service. My boss can't stand them. I did a lesson in one of my Business English classes and the topic was poor customer service. Half the class began to explain why they pulled out of Citibank! I kid you not! My boyfriend also said several of his colleagues pulled out of there as well because of the high fees and poor service. Raffeisen is also good, but check into their current fees. They are a bit more than BSGV, but MUCH BETTER than Citibank. The only plus to Citibank is if you have a US acct, you get free withdrawals at Citibank ATMs.