Open a bank account in Russia 

My name is Mutellib. I am the head of the PUR service at World Immigration Hub. Can a foreigner open a bank account, and what documents are required? Are nominee and escrow accounts available to migrants? We will cover the details in today’s news. Watch to stay informed.

For personal bank transactions not related to business in Russia, foreign citizens may need bank accounts. In 2025, biometric data verification will be required for this purpose. If a foreigner comes to our country for work, a bank account is necessary for salary deposits, rent payments, and personal transfers.

On what basis can a foreigner open a bank account? The basis for opening a bank account is the migrant's identification and the subsequent signing of an agreement. A foreigner may open multiple accounts under a single bank account agreement. If provided for in the agreement between the bank and the clients, accounts can be opened on online platforms. They are secure because they are regulated by the Central Bank of the Russian Federation.

Currently, 11 companies are listed in the special register, including the Finoslugi platform, a financial marketplace, Ravi Point, Banky Point through the marketplace, and Avita Finance. In practice, few banks are willing to allow foreigners to open an account in Russia online while they are still in their home countries. Remote account opening is often necessary for tourists and travelers who cannot use international bank cards in Russia. If they have undergone identification in their home country under a special agreement, Russian banks can open accounts without their personal presence. However, if there is suspicion that a foreigner could use the account for terrorist purposes, their application will be rejected.

How to choose a bank for opening an account? Non-residents should choose a bank that accepts foreigners. Examples include Bear Bank, Veteran, Alpha Bank, Raiffeisen Bank, Gazprombank, Rosbank, The Bank, and Softcom Bank. When choosing a bank, consider reliability, service level, account maintenance fees, and the convenience of online banking. You can visit the bank's office in person and receive advice on current rates. For example, if your monthly transfer amount does not exceed 30 million rubles, you can use the faster payment system and transfer funds between accounts at different banks without commission.

Typically, employers already have a salary program at a specific bank. If a foreigner comes to Russia for employment, they do not pay an annual bank maintenance fee. Participation in the salary program provides the migrant with certain privileges, various bonuses, and cashback.

What documents are required to conclude a bank account agreement? To open an account, a foreign citizen must submit an application using the bank's form and attach required documents. Starting in 2025, foreign citizens must submit biometric data for using a SIM card and banking services. This can be done at a bank, mobile operator stores, or multifunctional centers. You will need a passport with an authorized translation, your SNILS, an individual insurance account number, and a verified account on the government services portal. The addresses of banks where foreigners can submit biometric data can be found on the interactive map.

To open an account, you need an identity document. Typically, this is a foreign passport with an authorized translation of personal information, including full name, date of birth, series, number, country, and issuing authority. The bank does not require a passport if it has verified the client using the unified biometric system. A document confirming the foreigner’s right to legally reside in Russia, such as an immigration card or visa, will also be required. All documents must be valid at the time of submission. The foreigner must provide the bank with original or certified copies. The bank account agreement is then signed.

Are special bank accounts available to foreigners? Nominee accounts are available for foreigners for transactions involving funds belonging to another person, the beneficiary. An escrow account can also be opened if it is required for payments when purchasing apartments under a shared construction agreement. In this case, the bank will additionally request proof of the shared construction agreement.

Let’s summarize. Once an account is opened for a foreigner, they have the right to make transfers, payments, and cash withdrawals. However, Russian banks must comply with currency controls and anti-money laundering regulations. If a non-resident transfers a large sum abroad, the bank has the right to request an explanation and documentation for the transaction.