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Expat Advice: Financial Issues in Moscow, Russia

Submitted by Chuckles

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What is the name of the city or town that you are reporting on?

Moscow

Did you switch to a new expat-focused bank when you moved abroad? What types of special services do they offer?

Yes, Raiffeisen

Foreign currency accounts offered including Dollars, Euro, Sterling. No charge for transferring funds between accounts when using internet banking services. Full internet banking service available.

What advice would you offer others about banking abroad?

Get an introduction from a colleague who knows someone within the bank before trying to go in & open and account.

What sort of challenges or frustrations have you encountered as an investor?

Expect to spend 2 - 3 hours setting the account up.

Joint accounts require power of attorney, legal translations of the paperwork (you are expected to sign a document in russian to say you understand russian!)

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Make sure you receive your salary nett of taxes.

Get your relocation allowance upfront (you'll be amazed how much you spend in the first two weeks) or you will incur overdraft charges on your home account.

This is still a mainly cash society, so expect to spend a lot of time at cashpoints!

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

Employer handles personal tax issues.

AGS Worldwide Movers

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