{"id":2435,"date":"2023-11-11T16:03:27","date_gmt":"2023-11-11T16:03:27","guid":{"rendered":"https:\/\/russiable.com\/?p=2435"},"modified":"2024-01-05T19:29:54","modified_gmt":"2024-01-05T19:29:54","slug":"open-bank-account-russia","status":"publish","type":"post","link":"https:\/\/russiable.com\/open-bank-account-russia\/","title":{"rendered":"How to open a bank account in Russia step by step"},"content":{"rendered":"\n

I’ll explain step by step how to open a bank account in Russia.<\/strong><\/em> Any foreigner who is legally in Russia for tourism, business, studies, or has a residence permit can open a bank account and have a Russian MIR card. The application can be done online. It’s also possible to open a Russian bank account remotely from some countries without the need to travel to Russia.<\/strong><\/em><\/p>\n\n\n\n

\"Abrir<\/a><\/figure>\n\n\n\n

1. The MIR payment system in Russia: the alternative to Visa and MasterCard<\/h2>\n\n\n\n

Due to international sanctions, Visa, MasterCard, JCB, or American Express cards haven’t been operational in Russia since March 2022.<\/p>\n\n\n\n

If you need to make payments in Russia<\/a>, you’ll need to carry cash or obtain a MIR card in Russia.<\/p>\n\n\n\n

Some Chinese UnionPay cards also work in some instances, though their usage is less widespread and may not function in many stores or ATMs. Currently, they operate for cash withdrawals at ATMs in some banks like Gazprombank<\/a>.<\/p>\n\n\n\n

The MIR card is usable everywhere: in stores, the metro, transportation, Russian websites (e.g., Rzd, Ozon, Yandex Travel, Aeroflot, S7 Airlines, etc.). Additionally, the MIR card is accepted in other former Soviet republics (like Armenia, Belarus, Kazakhstan, Kyrgyzstan, or Tajikistan) and in countries that have begun to accept them due to the rise in Russian tourists (Turkey, Egypt, Cuba, or Venezuela, among others).<\/p>\n\n\n\n

The MIR system<\/a> (in Russian: \u041c\u0418\u0420) is a Russian payment system created in 2015 by the Central Bank of Russia following Western sanctions after the annexation of Crimea. Following the suspension of Visa and MasterCard operations in Russia in 2022 due to the conflict in Ukraine, MIR has become the primary card payment system in Russia.<\/p>\n\n\n\n

\"Tarjeta<\/a><\/figure>\n\n\n\n

If you’re taking a long trip to Russia or planning an extended stay in Russia, you’ll likely want to open a Russian bank account to have an MIR card for convenient payments. Similarly, if you want to shop at Russian online stores, you’ll likely need an MIR card. Even if you’re a tourist, having an MIR card might be beneficial to avoid carrying all your money in cash.<\/p>\n\n\n\n

2. Can I open a bank account in Russia if I’m a foreigner?<\/h2>\n\n\n\n

Absolutely.<\/p>\n\n\n\n

Any foreigner can open a bank account in Russia; you don’t need Russian citizenship. You just need to be legally in Russia, whether for tourism, business, studies, or with a temporary residence permit.<\/p>\n\n\n\n

Moreover, as of October 2023, citizens of some countries can also open a bank account in Russia from their home country.<\/p>\n\n\n\n

3. Can I open a bank account in Russia online from abroad, or is physical presence mandatory?<\/h2>\n\n\n\n

There are two ways to open a bank account anywhere in the world: online or in person, either in your home country or in Russia.<\/p>\n\n\n\n

Method 1. Opening a bank account online<\/h3>\n\n\n\n

Opening an account online is the most convenient and straightforward way. Neobanks were the first to offer online account openings (such as N26 or Revolut). They ask for your details, digital photo, scanned ID or passport, digital signature, and within minutes, you have access to your bank account and an e-card on your mobile for transactions. Later, they send your physical card to your address anywhere in the world.<\/p>\n\n\n\n

Currently, opening a bank account online in Russia is not possible.<\/p>\n\n\n\n

Method 2. Opening a bank account in person from your home country<\/h3>\n\n\n\n

To encourage foreign tourism in Russia and foreign investments, in July 2023, the Russian Parliament processed a law<\/a> that opens the possibility of not requiring the client’s physical presence in Russia to open a bank account if the client has been identified by a foreign financial institution on behalf of a Russian credit institution.<\/p>\n\n\n\n

In this regard, in October 2023, the Russian Government approved a list<\/a> of 25 countries whose banks can identify their citizens and companies to open accounts in Russian banks and conduct transactions in Russia.<\/p>\n\n\n\n

This list includes the following “friendly” countries:<\/p>\n\n\n\n