It is possible for Russians residing in Europe for various reasons and traveling frequently to open a bank account to meet their needs and deficiencies. In the past it was difficult and somewhat complicated to open a bank account for foreigners. However, with the development of technology today, it has become easy and practical for foreigners to open a bank account for Russians in Europe. People who complete the required documents and documents to open a bank account can open a bank account in a short time. It is possible to perform many transactions such as utilizing lucrative savings interest rates, receiving money from abroad, making bill payments in the bank accounts opened.
What International Banks Are There in Russia?
There are six major international banks in Russia
- Sberbank (state-owned)
- Bank Otkritie Finance Company.
- Moscow Bank.
How Can Russians Open a Bank Account in Europe? Application and Required Documents
The issue of Russians opening a bank account in Europe is resolved with a dual distinction. There is a distinction between opening a bank account by foreign real persons and opening a bank account for foreign companies. First of all, we will talk about how real people can open a bank account. When banks in Europe open an account with Russians, they request some information and documents. Russians who want to open a bank account in Europeshould first prepare them. Accordingly, Russians who want to open a bank account in Europe should perform the following processes:
- Russians who are interested must first provide a delivery address. It is challenging for Russians to open a bank account in Europe without this.
- He then need a possible tax identification number, which will be provided to him once the relevant Russians submit an application to the tax office along with his passport.
- A passport is another crucial component, along with the dwelling address and tax identification number. Russians seeking to open a bank account in Europe are required to carry their passports on them at all times.
- In actuality, some banks could also ask for a Russian phone number or an invoice in the foreigner’s name. It is necessary to get a number in this manner if a bank with such a request is to be applied.
When Russians open bank accounts in Europe, they have access to their money whenever they want and have more affordable options for money transfers. Russians can use this bank account card to make purchases in Europe. This card is also functional for internet purchases.
How Long Does It Take for Russia to Open a Bank Account in Europe?
The time for Russians to open a bank account in Europe is essentially just a few hours at the bank. However, it may take time to meet the prerequisites mentioned above. In particular, the process of applying to banks, obtaining pre-approval and completing additional documents, and the issue of residence address in some cases become a bit complicated and can take a little longer in time. One of the main factors affecting the duration of opening a bank account for Russians in Europe is undoubtedly the legal assistance of an experienced foreigners lawyer. The foreigners law attorney provides a positive effect in time by following the process quickly and effectively.
What are the steps for Russia who don’t travel to Europe to open a bank account?
Create a customer profile in internet banking at banks with European branches in order to open a bank account for Russia in Europe. Then, choose the “creating an account with foreign usage” choice. The information required by the bank should be uploaded after completing the account opening application form in this area, and the “create account” approval should be given. These procedures must be followed to complete an online registration.
A complete account is formed when you visit a European country and sign independently at the bank offices. Another way for Russia to open a bank account in Europe is to send the required document and a completed application with a phone number to the email address of the European bank they have chosen. In this situation, the bank gives the client a refund and starts the opening of an account that is usable as soon as it reaches Russia . After arriving in Russia , the visitor can easily sign the document forms and acquire account cards from the local branches of the relevant bank. In this situation, using a credit card to make the payment eliminates the need to bring cash on the trip.
The Advantages of Opening a Russia Account in Europe
• Tax regulations are the main advantage of opening an account in a foreign bank.
• Your account depends on the level of security and privacy provided by European banks and all other banks.
• If carrying cash while visiting a country is a hassle, if you have an account while traveling around Europe, you can decrease your risk of being robbed by not doing so.