Expat Advice: Financial Issues in Moscow, Russia

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

Moscow

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

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.

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Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

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 living overseas? Please describe.

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.