Bank Accounts for Migrants: Specifics of Opening in Russia
Migration to another country is often associated with the need to open a bank account. This is an important part of life since an account helps to store money, receive a salary, and pay for services. In Russia, migrants can open a bank account, but there are specific rules and requirements they should know about.
Opening a bank account for migrants in Russia underwent significant changes in 2025. Now, foreign citizens must comply with a number of new requirements and procedures related to tighter control and digitalization.
What Changed in 2025
Starting in early 2025, Russia introduced a new system for recording and monitoring foreign citizens. A registry of controlled persons was established, which includes foreigners without legal grounds to stay in the country. Banks are now prohibited from opening accounts for individuals listed in this registry. Transactions for such individuals are also limited — for example, transfers and cash withdrawals are capped at 30,000 rubles per month.
Additionally, as of September 1, 2025, Moscow and the Moscow region have introduced digital registration of migrants through special applications. This new system simplifies the submission of documents, speeds up registration, and reduces bureaucracy. The digital migrant profile consolidates information about work permits, biometrics, and medical examinations and will become the main identifier.
Also, since September 2025, government fees have been introduced for migration registration and other services that were previously free. For example, initial migration registration now costs 500 rubles, while renewal costs 1,000 rubles.
What a Migrant Must Do Before Visiting a Bank
If a foreigner is visiting Russia for the first time and wants to open a bank account, they must complete several mandatory steps:
- Register at their place of residence in Russia through migration registration.
- Obtain a work permit or patent if required.
- Create a digital migrant profile through an official app, such as ruID.
- Submit biometric data and confirm registration in digital format.
- Prepare all required documents: passport, migration card, work permit, or patent.
- Check for restrictions in the registry of controlled persons (on the Ministry of Internal Affairs website and the Gosuslugi portal).
Only after completing these steps can one apply to a bank to open an account. The bank is obliged to verify the migrant’s data in state systems to ensure their legal status in Russia.
Types of Accounts Available
Foreign citizens in Russia can open different types of accounts: current, savings, or foreign currency accounts. A current account is convenient for everyday operations such as receiving salaries and making payments. A savings account helps accumulate money and earn small interest. A foreign currency account is useful if you want to store funds in foreign currencies.
| Account Type | Purpose | Features |
|---|---|---|
| Current Account | Payments and transfers | Quick opening, online access |
| Savings | Money accumulation | Earns interest on balance |
| Foreign Currency | Holding foreign currency | Income depends on exchange rates |
Conclusion
Opening a bank account for migrants in 2025 has become a stricter and more transparent process. Russia has strengthened migrant control through digital technologies and regulatory changes. Before visiting a bank, it is important to prepare a complete set of documents, register properly, and undergo digital registration. This helps avoid refusals and ensures legal and safe financial operations.
Source:
Federal Law “On Banks and Banking Activities” dated 02.12.1990 No. 395-1