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temporary bank acct in moscow

Way to Russia Talk Lounge Forum Index -> Transport

Author	Message
brandalpayne11 Talk Show Host Joined: 09 Sep 2004 Posts: 245 Location: NC, US	Posted: Mon Sep 13, 2004 7:41 pm    Post subject: temporary bank acct in moscow i plan on going to moscow in january, does anyone know the best way to protect money. is it possivle to set up an acct at a russian bank, or would it serve me better to, if possible, to have my $ stored via checks @ the american express office? thank you in advance for any help. brandal
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waytorussia Frequent Guest Joined: 17 Mar 2010 Posts: 14	Posted: Mon Sep 13, 2004 8:37 pm    Post subject: I think you can easily open a bank account in Russia, but if you just want it for travel expenses, I would recommend to put money in AmEx or Travelex travel checks, you will be able to cash them at a 1% fee at any bank in Moscow.
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scholar Frequent Guest Joined: 08 Nov 2004 Posts: 18	Posted: Wed Nov 10, 2004 11:26 am    Post subject: Why pay the 1%? Just have an account outside of Russia, and withdraw money (depending on the bank, there may be no fee at all) from an ATM. Simple.
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AliceFromMoscow WayToRussified Joined: 10 Jul 2004 Posts: 411	Posted: Wed Nov 10, 2004 11:56 am    Post subject: do you think it'll be free?... even having a russian account you pay a fee if take money from another bank's "atm"
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uday WayToRussified Joined: 26 Jul 2004 Posts: 323	Posted: Wed Nov 10, 2004 7:42 pm    Post subject: It's always best to have two or three alternatives. ATM's are everywhere, it's cheaper to pay the $5 withdrawl fee (try to make as few withdrawls as you can) than it is to cash travellers cheques. I'd advise carrying $200 in travellers cheques just in case, but use your atm or credit card (best option if you can).
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scholar Frequent Guest Joined: 08 Nov 2004 Posts: 18	Posted: Mon Nov 15, 2004 9:40 am    Post subject: Yes, if you have a good bank in the US that charges no fees, then it is free to withdraw money in Russia. You won't be able to check the currency rate or check on your balance. But you can make a withdrawl. If you have online banking, you can check to see right away, and figure out which bank has the best rate, but that is probably too much trouble as they are all pretty much the same. What you will avoid, is any fees on currency exchange if you exchanged cash, and may get a better rate with your ATM card. The same goes for Russian travelers in the US, if you use a Russian ATM card, the US bank can not carge you a free for use of your foreign ATM to withdraw money. Why you would take travelers cheques is not clear, however, as they are accepted at only top of the line hotels and such, and then to cash them, you pay a fee. In other words: expensive and inconvenient. Better, take cash and ATM cards. Leave the credit cards and the cheques at home unless you are a high roller staying at luxury hotels. Apparently, there are rules governing such things on the ATM networks. This is not the case if you are making a cash advance from your credit card.
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