Banking in Russia: the best banks for expats

The Russian banking system includes 350 banks supervised by the Bank of Russia, with cash transactions decreasing from 76% (2012) to 31% (2019) as digital banking expands. Understanding your banking options helps you manage finances effectively while living in Russia.

Quick Comparison: Best Banks for Expats in Russia

Banking System Overview

The Bank of Russia supervises 350 banks. Cash use decreased from 76% (2012) to 31% (2019) of transactions, with 68% of cashless transactions now made with cards. The six largest banks include SberBank (state owned), VTB, Gazprombank, VTB24, Bank Otkritie, and Bank of Moscow.

Major Banks and Services

Russian banks offer current accounts, credit cards, loans, savings accounts, and mortgages. SberBank is the largest state-owned bank with the most extensive network. VTB and Gazprombank are also major players with comprehensive services for expats and residents.

Payment Methods

Debit cards are widely used including Visa, Mastercard, and Russia's Mir network. Online and mobile banking allow transfers, bill payments, and account management. Most banks offer mobile apps with English language support for international customers.

Opening a Bank Account

To open an account, you typically need your passport, proof of address in Russia, work permit or visa, and Russian tax identification number (INN). Visit a branch with required documents or check if online applications are available for your bank of choice.

Next Steps

Research bank options, gather required documents, and visit a branch or apply online. Set up online banking for convenient access to manage your finances.

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