Offshore bank account: Account Activation [#3]

As I wrote before in Part [#2], preparing documents for offshore bank in Russia is a bit frustrating excercise, but finally I have it done.

My account has been activated, my Internet Bank login and password were created. The Internet Bank looks a bit different from what I have seen in Russia.

Russian banks basically offer these services over the Internet:

  1. Account details, transaction logs
  2. Activate/block banking card, request a new card, open checking/savings accounts
  3. Payments to some service providers like utility, phone, Internet payments.

The Internet bank I’ve just logged into is somewhat different:

  1. It provides secure messaging (email-style) to contact your manager.
  2. It provides means for incoming and outgoing transfers
  3. Allows requesting cards in different currencies
  4. Allows opening multi-currency accounts (This is handy since transferring money is cheaper in USD, but you might want holding your funds in CAD/AUD/GBP/EUR/..)
  5. Gives access to brokerage services (trading securities via their brokerage services. Technically, the trading platform is provided by some certain European investment bank)
  6. Allows opening precious metals accounts (physical metal trading, stored in Australian Perth Mint vaults)
  7. Miscellaneous reporting

However, at this point, the account doesn’t allow outgoing transfers until I provide physical documents to the Bank. Sending them today via DHL.

Not a cheap mail message, but it is only 25% more expensive then sending Express Mail to the US (~5000 RUB).

Read: Part [#2] of the offshore bank account story

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