Facts to Know Before You Send Money to Russia Prior to a Move
Facts to Know Before You Send Money to Russia Prior to a Move
Opening a bank account in Russia is not difficult. You may choose to stick with your current bank if they have a Russian branch, such as Citibank, or you can do business with Russian banks like Alfa Bank or Moscow International Bank. The latter is best if you are in a small city, but larger cities like St. Petersburg and Moscow are likely to have larger banks that are popular worldwide. You will likely open what is called a current account, which is similar to checking accounts in the U.S., and you will need anything from a letter to your employer to a simple passport, depending on the bank. Most banks will even let you link to your U.S. bank account, which makes the ability to send money to Russia easier than ever.
Compared to the U.S., checks are rarely used in Russia simply because they take so long to clear. To have a credit card through a bank, you must have excellent credit, but some banks do provide customers with a debit card. Note that bank hours in Russia are similar to those in the U.S., as they are open during regular business hours and closed on Sundays. ATMs around the country are open all the time.
Understanding the Russian currency is also important. $1 USD is equal to about 32 rubles. You can bring as much cash as you want in US dollars into Russia, but it will have to be declared once you enter the country. In fact, even traveler's checks have to be declared. You can then exchange your dollars for rubles at most banks, though some hotels, airports, and train stations also provide this service.
If you want to wait until you move to open a bank account in Russia, but do not want to carry cash and have to declare it, there are other options. You can send a prepaid debit card to your current location and take it with you to Russia. As long as you have Internet or phone access, you can add funds to it whenever you need to, and get money out in rubles at ATMs across the country. If you will live in a larger city, you can use a prepaid debit card to purchase items nearly anywhere. This means you can forgo the need to send money to Russia before you are ready to open an account.
Moving to Russia is a big change, and learning a new banking system can be difficult. Having an idea of how it works before you move can help. You can also find out how to save money in funds transfer fees this way.
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