Question by WhoShotYa: What is the best way to access my money as a student in Russia?
I’m moving to Russia for a year and don’t know the best way to use my money abroad. I currently have a debit account in the UK and will be using my money in Russia. i don’t want to incur ridiculous charges for withdrawing cash and using my card abroad. Should I an account with a Russian bank, buy a prepaid travel card, use travelers cheques or what? Any help would be much appreciated.
Answers and Views:
Answer by joe.attaboy
If you’re going to be there for a year, you should probably open an account in a local bank and get an ATM card to use while you’re there. You can make an initial deposit and pay the exchange rates on at the beginning and when you leave. If you use a UK bank and an ATM card (which you can do), you’ll have to deal with the exchange rate every time you made a withdrawal.
What do you think? Answer below!
Jarmen Kell (GLA) says
Well as long as all your money is saved in your UK bank account there really isn't much you need to know. Only call your bank and explain your travel plans to avoid any problems (Nigeria and Russia are at the top of the list for location of origin for flagged charges). Also it is nice your parents can easily deposit money if you need it in an emergency and you'll have access to it.
Your visa debit card will work anywhere in the world. To be safe, use your credit card sparingly and only get cash from an ATM as needed. I myself did this once a week, but that can be risky if you are traveling at night alone walking around, you could be a target. If you keep normal hours and are in a safe group then you should be fine.
I suggest keeping to your weekly budget and even getting some kind of money belt to store excess money for the week. Good luck, and have fun. Maybe I'll see you there!
Mark Lodge says
I studied abroad for a year in Moscow, so I know the situation you are in. Don't take out a Russian bank account, which was the advicehanded down to me my my university before I went there for a year. It is a huge hassle to get it and doesn't give you much of an advantage.
The best thing to do is to visit your bank in the UK and they will give you the best advice. In my case they told me what the charges would be to take money out abraod, so I chose an account with them that I could take my money out abroad for free and other benefits for a small monthly charge.
This worked out fine and I was able to take money out at pretty much all Russian cash machines (and they usually always let you do it in english as well).
Edward N. says
Get yourself CitiBank or HSBC bank card. There are many machines across Moscow and St. Petersburg that allow you to withdraw money through these banks without any fees. Also, the protection on these cards are better than any Russian card. If you card is stolen or you lose it, just call the customer service and they will block it.
F T says
I've tried every method and found Visa debit card to be the cheapest. Inform your bank in the UK that you are going to Russia or they will panic and block it after the first withdrawal. To make it cost effective, withdraw your daily maximum amount in one go.
There's no point opening a bank account in Russia unless you are working there. Even the cheapest accounts have maintenance and transaction charges.