{"id":84126,"date":"2020-10-01T12:29:55","date_gmt":"2020-10-01T12:29:55","guid":{"rendered":"http:\/\/staging.expatinfodesk.com\/?page_id=84126"},"modified":"2024-01-05T09:31:17","modified_gmt":"2024-01-05T09:31:17","slug":"banking","status":"publish","type":"page","link":"https:\/\/www.expatinfodesk.com\/banking\/","title":{"rendered":"Banking"},"content":{"rendered":"

[vc_row type=”container” padding_top=”” padding_bottom=”” el_class=”three-top-tips” css=”.vc_custom_1599875304748{margin-left: 0px !important;border-right-width: 0px !important;padding-right: 0px !important;padding-left: 0px !important;border-right-color: #ffffff !important;}”][vc_column width=”2\/3″][vc_column_text]<\/p>\n

\n

Banking System<\/h3>\n

The banking system in Russia does not have a particularly good reputation, due to some major historical events in which people lost substantial sums of money and\/or lost access to their funds. For example, in 1998, during the Russian Financial Crisis, private accounts at several Russian banks were frozen for a period of one month. During that time, account holders were given the option to transfer their funds to the Sberbank. Although the freezing of personal accounts is infrequent, the possibility exists, particularly in times of national financial crisis.<\/p>\n

Debit cards (called\u00a0kreditky<\/em>) are common in Russia now, while credit cards are still very rare. Personal checks are not used.<\/p>\n

Internet banking is starting to make a breakthrough, especially at international banks. For most services, you will still need to visit a branch of your bank in person. It is not commonplace to transfer money between accounts online, even your own accounts. The exception are banks targeting international clientele, who even make wire transfers available through online banking with the use of authorization tokens.<\/p>\n

Typical banking hours are 9:00 to 18:00, but they may vary by bank, and many branches may have extended hours.<\/p>\n

Banks<\/h3>\n

Expatriates typically select international banks with branches in Moscow. Note that in most circumstances, your employer opens an account for you (see Opening an Account). But, if you are choosing your own bank, you can easily find branches of the most widely recognized international banks, such as Barclays Bank, Raiffeisen, and CitiBank.<\/p>\n

Most banks have Russian-speaking staff; although it\u2019s sometimes possible to find English-speaking employees at the banks listed here:<\/p>\n