When you come to Russia to study MBBS, the first thing you will have to do after landing in this country is to open a bank account. The presence of a local bank account simplifies keeping your money, paying the accommodation, getting money at home, and regular expenses with low currency conversion expenses.
For MBBS in Russia students, particularly from India and other nations, the banking process can improve their transition. This pocket guide will take you through reasons why you should open a bank account in Russia, what you will need, the forms of accounts, and hassle-free banking.
Why MBBS Students Need a Bank Account in Russia
Studying abroad means that you need to deal with financial resources in another currency, usually not in your hometown. This is why MBBS students should open a local account:
- Ease of use: Pay rent, utilities, and tuition with ease.
- Reduced Expenses: Save on multiple foreign transactions and currency conversion charges.
- Receive Payments: Accept scholarships, stipends, or revenue earned through part-time jobs directly into your account.
- Safe Money Handling: Do not carry money around.
- Online Access: Online banking and mobile apps to manage funds.
Types of Bank Accounts for Students in Russia
Mostly, to open bank account in Russia, you have a choice of two broad categories:
Checking (Current) Account
- Used for daily transactions like paying bills, shopping, sending, and receiving money.
- Comes with a debit card
- Perfect to cover everyday spending in Russia in your MBBS.
Savings Account
- It was utilised to save money in the long term and benefit from interest.
- It may not be necessary immediately, but it can be useful for long-term savings.
The most feasible option for most MBBS students in Russia is a current account with a debit card.
Popular Banks for MBBS in Russia Students
Here are some famous foreign-student-friendly banks:
- Sberbank: It is the largest bank operating in all parts of Russia.
- VTB Bank: The bank has fairly good online banking facilities.
- Gazprombank: Reliable and wide ATM network.
- Alfa-Bank: The Alfa-Bank is famous because of its convenient mobile application.
Documents Required to Open a Bank Account in Russia
It is easy to open a bank account, but with the help of the right documents. As a rule, you will require some documents for a bank account in Russia:
- Passport – The original, valid Russian entry visa passport.
- Migration Card – It is issued upon your entry to Russia.
- Registration Certificate – Evidence of your local address (this is normally arranged by your university).
- Student ID or Admission letter – To apply for your student status.
- Taxpayer Identification Number (INN) – It is a potential requirement of some banks at the time of opening an account.
Tip: Always remember to carry your original documents and a couple of photocopies when visiting the bank.
Step-by-Step Process to Open a Bank Account in Russia
Here is the step-by-step process you need to consider for opening a bank account in Russia for students:
Choose the Bank
Search for the banks that are nearest to your university or hostel. Think of such aspects as the availability of ATM, mobile banking services, and English support.
Go to the Bank Branch
Take your documents to the nearest branch. Online applications might be possible in some banks, although first-time accounts are often opened in person.
Complete the Application Form
You will be assisted by a bank official in filling out the requisite forms. In case you cannot speak Russian, consult a university coordinator or your friend.
Submit Your Papers
Submit the documents for identification.
Sign the Agreement
Read and sign the account agreement. Be sure to know how to get charged and/or the minimum balance requirements.
Get Your Debit Card
A majority of banks provide a debit card in two or three days. You can use it to withdraw cash, make online payments, and purchase.
Banking Tips for MBBS in Russia Students
Here are some banking tips that every MBBS Russia bank account holder should know:
Master Basic Russian Banking Terms in Russian
While many staff members in big cities may speak English, it is reasonable not to get confused with some common Russian banking terms.
Protect Your Papers
Misplacing the passport or migration card may slow down the banking processes. Originals should always be kept under lock and key.
Check Fees and Charges
The policies on account maintenance, ATM withdrawals, and international transfers are different in different banks.
Use Online and Mobile Banking
This saves you from long queues and helps you manage funds anytime.
Be Aware of ATM Networks
Withdrawing from the ATMs of your own bank will save additional withdrawal fees.
On the Whole!
As students pursuing MBBS in Russia, possessing a local bank account is not merely convenient but a must to be financially stable and to live comfortably on a day-to-day basis. Opening an account in a good bank, carrying relevant documents, and having the amenity of online banking will make your stay in Russia easier and less stressful.
In case you are planning to do MBBS in Russia and are in need of consulting power on banking, stay, and overall life in Russia, you have Rus Education that will guide you all through your way, from admission to settling in your new home abroad.
FAQs: Opening a Bank Account in Russia
Q.1. Can foreign students open a bank account in Russia?
Answer – Yes, the majority of banks in Russia accept foreign students to open accounts if they have the documents: a passport, a migration card, and an address confirmation.
Q.2. Do I need to know Russian to open a bank account?
Answer – Not always, but it is useful. English is a common language among numerous workers in the banks.
Q.3. Can I receive money from India in my Russian bank account?
Answer – Yes, you can get an international transfer. See your bank about transfer charges and exchange rates.
Q.4. How long does it take to open a bank account?
Answer – The procedure typically takes only one day, but getting your debit card may take up to a few days.
