Is it possible to get a card in a foreign bank
Miscellaneous / / March 29, 2022
We tell you how and why to open a foreign account.
Why open an account in another country
From March 11 VisaVisa Suspends All Russia Operations And mastercardMastercard statement on suspension of Russian operations suspended work in the Russian Federation. Now it is difficult to renew subscriptions to foreign services, download paid applications, book hotels abroad and pay abroad. And while there's a map for everything else,Peace”, many of the payment options that fell into the ban, sometimes you want to keep. Therefore, an account in a foreign bank is an opportunity to receive Visa and Mastercard cards, which, unlike those issued in Russia, will work abroad.
Those who are not fond of online shopping and prefer to use cash even abroad should also consider a foreign bank card. Take out of the country more than 10 thousand dollars in banknotes forbiddenDecree of the President of the Russian Federation No. 81 dated March 1, 2022 “On additional temporary economic measures to ensure the financial stability of the Russian Federation”
, so handy storage doesn't hurt. Take offThe Bank of Russia introduces a temporary procedure for cash transactions / Bank of Russia more than this amount in dollars in Russia now will not come out either, and from accounts opened after March 9, withdraw succeedThe Bank of Russia introduces a temporary procedure for cash transactions / Bank of Russia only rubles.Is it legal to have an account abroad now?
Open accounts in foreign banks can notFederal Law "On the prohibition of certain categories of persons to open and have accounts (deposits), keep cash and valuables in foreign banks, located outside the territory of the Russian Federation, own and (or) use foreign financial instruments” / legalacts.ru only civil servants, as well as their minor children and spouses. For other citizens, there is no such ban. To avoid problems, don't forget notifyNotice of opening a bank account abroad about his decision to the tax office. This must be done within 30 days from the date of opening (as well as closing and changing the details) of an account in a foreign bank. notify tax it is possible online if there is an electronic signature, there is also an option to send documents by mail or hand them in person at the inspection.
In which country to issue a card
Most banks require the personal presence of foreign citizens when opening an account. To find out for sure, contact the specific institution and check the conditions. It must be remembered that transferring money in foreign currency to an account opened abroad from Russia is now also will not workDecree "On additional temporary economic measures to ensure the financial stability of the Russian Federation" / kremlin.ru. Therefore, the choice of a country largely depends on where you can physically get there. Almost the entire European Union is closed for direct flights from Russia, but tourist visas to EU countries are still available to Russians. For example, you can get to Italy and Greece with transfers. Serbia remains a relatively simple option: entry is open, a visa for the first 30 days need notEmbassy of the Russian Federation in the Republic of Serbia, and local banks accept transfers in rubles.
It is difficult to name the exact list of conditions - the rules differ not only by country, but also depend on the bank itself and even its branches. Here are a few options popular with Russians.
- Turkey. To apply for opening an account, you will need a local SIM card and a Turkish TIN (it can be issued online). An important plus: there are ATMs in Turkey that accept Mir cards, which is convenient for transferring funds from Russian accounts. It should be borne in mind that not all branches of the staff speak English.
- Kazakhstan. Non-residents also need to get a Kazakh phone number and get a local TIN.
- UAE. The country is chosen for stability, strict control of security and data confidentiality. Most banks in the UAE are likely to offer non-residents only a savings account that does not provide for daily use of funds. In this case, the minimum balance can be from 3,000 dirhams - about 91 thousand rubles at the current rate. To open a current account and gain access to more loyal conditions, you will need a resident visa or residence permit.
- Georgia. Not all Georgian banks are now ready to cooperate with the Russians, but if you look for options, open an account with this country will be done with a minimum package of documents.
- Armenia. On average, it takes four days or more to complete. So it is better to book this time and not expect to open an account in Armenia for a quick trip. A local phone number and a Russian passport - in some banks such an ascetic set will be enough, in others the list of documents can be much wider. "Mir" is working in the country, so if the issuance of a local card is delayed, you will not be left without a virtual wallet.
- Kyrgyzstan. There is no language barrier, and you can open a card using a Russian passport. Without registration, Russians can stay in Kyrgyzstan for 30 days - during this period, you can open an account simply by using a border crossing stamp, after which you will need a certificate of registration. Another plus is that some banks have well-developed Russian-language applications.
- Uzbekistan. You can live in Uzbekistan without a visa for up to 90 days, Mir and UnionPay are accepted here, Visa and Mastercard are issued, and the familiar Beeline telecom operator works in Uzbekistan. There will be no problems with the language barrier either, but to open an account you need to register as a foreign citizen - you can do this online on the website with public services.
In some countries, opening a bank account may require an interview in English.
How to choose a bank
Before taking your savings to any bank, you should check its status with international rating agencies. For example, Standard & Poor's, Moody's Agency or Fitch Agency. The forecasts of these authorities will help you choose a creditworthy bank in which the risk of losing money will be minimal.
Next, you should study the conditions for opening an account for non-residents: some banks may not cooperate with those who pay taxes in another country. In addition, foreign citizens are sometimes exposed to fairly high amounts of minimum balances and annual card maintenance. So it is worthwhile to soberly assess your financial capabilities and determine whether you can afford an account abroad.
It is better to make a list of available options and immediately contact different banks at the same time. This will save time in case of failure of one or more options and will make it possible to immediately compare the proposed conditions. Do not forget to check where the deposit rates are higher and what bonus programs are offered to customers. Other selection criteria could be:
- the possibility of remote registration;
- support for transactions with cryptocurrency;
- possibility to open a multi-currency account;
- credit conditions;
- processing speed;
- privacy level.
What documents are needed to apply for a foreign card
Be sure to prepare:
- foreign and Russian passports;
- TIN;
- employment information;
- a document confirming registration;
- proof of income.
Among the latter may be standard forms from work and account statements. And somewhere else they may request letters of recommendation, a resume and a diploma of higher education. Further, documents on the legality of receiving funds will be required. It can be:
- tax return;
- form 2-NDFL;
- account statement for the last six months;
- papers on investment activity;
- certificate of receipt inheritance or winning the lottery;
- a contract for the sale of real estate, a car, a business and other valuable property;
- loan agreements.
Collecting such papers is a game of bingo: the more you collect, the less questions the financial institution will have about the origin of your money. The phrase "personal savings" is unlikely to convince foreign banks. It is advisable to translate the documents into the language of the country in which you want to open an account, and notarize the copies of the translations.
What are the alternatives to cards of foreign banks
If for some reason you cannot issue a card, then in order to continue to buy calmly ice cream on vacation or business trip, you can issue a card of the Chinese payment system UnionPay - such already workUnionPay in 180 countries. This option is also suitable for entrepreneurs and freelancers who have clients in other countries. You can issue such a card in Russian banks cooperating with UnionPay.
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