Expat guide: Banking in Moscow
If you're living in Moscow, here's a brief guide to banking and investments in Moscow.
If you're an expat, you'll need to open a bank account abroad. The paperwork associated with expat banking can be a hassle at first, but it often eliminates the fees associated with withdrawing cash from back home. Overseas savings accounts also give you quick access to cash and a face-to-face relationship with local financial advisers who can help you with international mortgages and other loans.
Different countries have different rules on foreigners' accounts, so check out Banking in Moscow to learn more.
Choosing a local bank
Before you open an expat bank account, make sure that you know who owns the bank, its credit worthiness and which jurisdiction it falls under. As one of our experts advises, “In light of recent turbulence in the banking sector, you need to know if your bank deposits are protected by any government scheme.
Each jurisdiction has a different position on this, and offshore accounts in particular should be checked.” And, as our article ‘Depositors, beware!’ points out, be sure to diversify your assets.
Expatica’s banking channel keeps you up-to-date with news from the financial world. Articles cover everything from the local and worldwide economic climate to mergers and acquisitions in the banking sector to the benefits of Islamic banking.
Ask the expert
Expert articles include the most cost-effective ways of transferring money abroad and choosing a bank . Make use of our Ask the Expert section to pose your questions to Sulivan Ung on your specific needs as an expat.
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