Russia (RU)
The world's largest country, spanning Europe and Asia, with deep cultural institutions, large cities, strong public transport, complex bureaucracy, sanctions-affected banking, strict migration registration, and a demanding but sometimes affordable expat experience.
Banking in Russia
Recommended banks, payment culture and credit score basics.
Russia's domestic banking system is highly sophisticated — top-rated mobile apps, instant transfers via the SBP (Система быстрых платежей) QR/phone system, and wide Mir card acceptance make daily banking efficient. However, the 2022 sanctions regime has fundamentally altered the international banking landscape: Visa and Mastercard suspended Russian operations in March 2022; SWIFT was cut for most sanctioned banks; and international transfers are severely restricted or routed through third-country correspondents (UAE, Turkey, Armenia, Kazakhstan). Expats working legally in Russia require: a valid passport, migration card (миграционная карта), temporary registration (временная регистрация), and INN (tax number) to open a bank account. The currency is the Russian Ruble (RUB). All bank recommendations below carry sanctions caveats — check current UK/EU/US OFAC SDN and EU sanctions lists before opening an account, as compliance exposure for foreign nationals with accounts at sanctioned banks is real.
Recommended banks
Sber (Сбербанк)
Monthly fee: Free for basic Сберкарта debit card and current account; Sber Prime+ package ₽199/month
Requirements: Passport (foreign passport with notarised Russian translation for non-citizens), migration card, temporary registration (regproduction at place of stay), INN (tax number — can be obtained via the Federal Tax Service). In-person branch visit required. Russian phone number required for SberBank Online app.
- + Largest bank in Russia — most extensive branch and ATM network (15,000+ ATMs)
- + SberBank Online app is feature-rich for domestic payments: Mir card, SBP transfers, utilities
- + SBP (быстрые платежи) system — free instant RUB transfers by phone number between SBP-connected banks
- + Essential for salary receipt if employer uses Sber for payroll (most state employers)
- + Sber Ecosystem: SberMarket, SberZvuk, SberAutopay integrated into app
- - OFAC (US) and EU sanctions: Sber is on multiple international sanctions lists — operating an account carries compliance risk for foreign nationals from "unfriendly" states
- - No English app or interface
- - No international card network (Mir only after 2022) — card useless outside Russia and most former Soviet states
- - International transfers: highly restricted; routed via third-country intermediaries (UAE, Turkey, China)
T-Bank (formerly Tinkoff / Т-Банк)
Monthly fee: Free for basic Tinkoff Black debit card (0% if turnover > ₽3,000/month); Premium ₽1,990/month
Requirements: Foreign passport + temporary registration or residence permit. Onboarding via courier delivery of card to Russian address — no branch visit required. Russian phone number required. INN helpful but not always required at application.
- + Best mobile app in Russian retail banking — English-accessible interface partially available
- + Courier card delivery to Russian address — no branch queues
- + SBP instant transfers integrated
- + Cashback on card spending; competitive savings rates on Tinkoff deposits
- + Mir Mastercard co-badge (pre-2022 cards) — some residual international use via Mir network
- + T-Pay and Apple Pay/Google Pay integration for domestic contactless payments
- - T-Bank is on some sanctions lists — check current status before opening
- - Russian phone number required for verification — difficult without local SIM
- - Courier address must be in Russia — complicates onboarding if not yet registered
- - No physical branches — all issues resolved via app or phone
Raiffeisen Bank Russia (РайффайзенБанк)
EnglishMonthly fee: Free basic account; Optimal package ₽990/month; Premium ₽2,990/month
Requirements: Passport, migration card, temporary registration, INN, employment contract or source-of-funds documentation. More rigorous KYC than domestic banks. In-person branch visit at Raiffeisen offices (Moscow, St. Petersburg, major cities). Raiffeisen Bank International (Austria) has been under regulatory pressure to exit Russia since 2022 — confirm the bank is still operating retail services for non-residents before applying.
- + Austrian parent — historically most international and foreigner-friendly bank remaining in Russia
- + English-language service available at Moscow City and major branch offices
- + Multi-currency accounts (RUB, USD, EUR) — one of few banks still offering EUR accounts
- + Some retained SWIFT capabilities for certain currency corridors (check current availability)
- + Raiffeisen Online app available in English
- + Lower sanctions exposure than state-owned Russian banks (as of 2025 — status may change)
- - Raiffeisen Bank International has attempted multiple exits from Russia but all blocked by Russian authorities as of Oct 2025; bank continues operations; long-term presence uncertain — verify current retail service availability before opening
- - Strict KYC for foreign nationals — source-of-funds documentation always required
- - No guarantee of international transfer functionality — changes with sanctions developments
- - Significantly reduced branch network vs pre-2022
Alfa-Bank (Альфа-Банк)
Monthly fee: Free for basic Alfa Card debit; Next package ₽599/month
Requirements: Foreign passport, migration card, temporary registration, INN, Russian phone number. In-person branch visit required. Alfa-Bank is Russia's largest private (non-state-owned) bank by assets.
- + Largest private bank in Russia — good domestic network and ATM coverage
- + Strong mobile app (Alfa Online) — well-regarded for usability
- + SBP transfers and Mir card integration
- + Competitive deposit rates and cashback products
- + Business banking available for Russian-registered companies
- - Alfa-Bank Russia is on OFAC SDN sanctions list (US sanctions) and EU sanctions list — significant compliance risk for foreign nationals
- - No English interface
- - International transfers effectively impossible via conventional channels
- - Foreign-issued Visa/Mastercard cannot be linked to Alfa-Bank accounts
Gazprombank (Газпромбанк)
Monthly fee: Free for basic Mir debit card; packages from ₽299/month
Requirements: Passport, migration card, temporary registration, INN, Russian phone. In-person branch visit required. Gazprombank is the third-largest Russian bank by assets, majority-owned by Gazprom.
- + Large branch and ATM network in Russia
- + Widely used for salary accounts in energy and state-adjacent sectors
- + Gazprombank partially retained some international payment pathways longer than other state banks (energy trade routes)
- + RUB deposits and savings accounts with competitive rates
- - Gazprombank is on EU and UK sanctions lists; US OFAC status — check current SDN list before using
- - No English interface
- - Effectively no international card or transfer functionality post-2022
- - Closely tied to Gazprom state energy enterprise — sanctions exposure may expand
Payment culture
Russia's domestic payments are highly advanced. Mir cards (domestic payment system), SBP (Система быстрых платежей — instant transfers by phone number between all major banks, free), and bank apps dominate in cities. Apple Pay and Google Pay ceased operation in Russia in March 2022 — replaced by SberPay, T-Pay, and SBP-based NFC payments via bank apps. Cash (RUB) is still widely used and required for: markets (рынки), small shops, taxi drivers (increasingly cashless in cities), rural areas, and tipping. Foreign-issued Visa and Mastercard cards: do not work in Russia. Bring RUB cash from abroad (available at UAE, Turkey, Kazakhstan exchange offices) or withdraw at arrival. UnionPay (China) cards work at some Russian ATMs and merchants — check current acceptance before travelling.
Cash access
ATMs are widely available throughout Russian cities — Sber, T-Bank, Alfa-Bank, and VTB ATMs are on most urban blocks. Foreign-issued Visa/Mastercard cards: do not work at Russian ATMs post-March 2022. UnionPay (Chinese bank cards): accepted at some ATMs — coverage varies. Bring sufficient RUB cash from abroad via exchange offices in UAE, Turkey, Armenia, or Kazakhstan before arriving. Airport exchange offices at SVO/DME/LED have poor rates — avoid. Daily ATM withdrawal limits on Russian Mir cards: ₽100,000–500,000/day depending on card tier. Emergency cash: cryptocurrency P2P (LocalBitcoins, Binance P2P) is widely used among expat communities for RUB cash access.
Bureau of Credit Histories (Бюро кредитных историй — БКИ)
Russia has multiple credit bureaux — the main ones are НБКИ (Национальное бюро кредитных историй, nbki.ru), ОКБ (Объединённое кредитное бюро), and Equifax Russia. Access your credit history for free twice per year via Gosuslugi (gosuslugi.ru) — requires СНИЛС or INN. Foreign nationals may have limited access to Gosuslugi without a residence permit.
Free annual check: Two free credit history checks per year per bureau under Russian law. Available through Gosuslugi or direct bureau request.
Foreign nationals arriving without Russian credit history will not have a credit file. Banks assess creditworthiness through income documentation, employment contract, and banking tenure. Building a 6–12 month history of regular deposits at Sber or Alfa-Bank is the baseline for any loan application. International credit histories (EU, UK, US) are not recognised.
International transfers
International transfers from Russia are severely restricted by the 2022 sanctions regime. Options as of 2025–2026: (1) Raiffeisen Bank Russia: limited SWIFT capabilities remain for certain currency corridors — verify before using. (2) Third-country routing: transfers via banks in UAE (Dubai), Turkey, Armenia, Kazakhstan, and China that maintain Russian correspondent relationships. Fees: high (1–5% common). Processing: 2–7 days. (3) Cryptocurrency: widely used as a workaround — legal status in Russia is regulated; check current rules. (4) Western Union: suspended in Russia. (5) Wise/Revolut: do not operate in Russia. Expats from "friendly" countries (China, India, UAE, etc.) may have more transfer options than citizens of "unfriendly" states (EU, UK, US) — transfers from the latter face additional scrutiny and limits (typically $1,000/month for residents from "unfriendly" countries). Always carry documentation for any transfer over RUB 600,000.