“I need an account with a European bank, but I don’t want to travel to the country of its opening. And, well, I am a non-resident. Is the mission possible?”
Fortunately, it is, as the times of pandemic have changed the world greatly. However, it does not mean that it will be a piece of cake, especially if we are talking about a corporate account. In most cases, you will need a specialist’s help, but your effort justifies the goal: an account with a European bank gives you quite a lot of benefits, and we are surely going to talk about them.
European banking is widely known for its safety. It is true that fintech technologies have changed the game, but European banks are still a financial haven. A well-known principle of safety is diversification, and an account in Europe is best suited to become your safe airfield in case you need to keep your assets somewhere abroad. You can read more on European bank accounts for non-residents on our portal and even order a pre-approval service to see your chances of opening a European bank account online.
Mini guide 1: Personal bank accounts for non-residents
Prospective clients of European banks usually have some particular reason in mind to open an account, and their motivation typically falls within the following three categories:
- I need it for day-to-day activities in Europe
- I want to invest my capital to increase it
- I need reliable protection for my assets
The first category is basically about payment of utility bills, rent, kids’ tuition, or expenses while you are traveling. You can benefit from lower costs and rates, as well as a higher speed of transactions.
A European bank will also become your good partner if you are planning an investment to increase your wealth as the banks in Liechtenstein, Germany, or Switzerland offer ample opportunities for that. You can invest in stocks, bonds, objects of art, real estate, or jewelry. And if you need to make a major transaction, you will not be able to do that in cash due to restrictions imposed, so an account would be indispensable.
As regards your assets, we need to be very careful about choosing a particular jurisdiction as the economic stability and banking sector regulations differ from country to country. If you fall into this category, please seek expert advice to select the most predictable country to take advantage of.
Mini guide 2: Business accounts for non-residents
This is naturally a more difficult mission to complete since the amounts of money coming in and out differ a lot from personal accounts. Here are the things to pay special attention to:
- European banks set compliance matters as a very high priority. It practically means that the document which certifies the legal origin of your funds is the most important paper that should prove the legality without casting a shade of doubt on you.
- Another important thing is their adherence to the KYC (Know Your Client) principle, which means that you should be prepared to provide information on the company’s actual beneficial owner.
- An offshore company wishing to open a European account should have a website and keep financial records, otherwise, the online account opening procedure may take months to complete or even amount to nothing.
- And still, money talks. The larger amounts you are going to deposit with the bank, the easier is the account opening procedure.
Otherwise, the process is straightforward, and if your corporate documents are in order, you will get an operational account very shortly and will be able to manage it online.
The list includes a standard package of company documents plus personal documents of the account owner (manager), source of funds confirmation, a reference letter from a bank and/or business partner, and a CV of the account beneficial owner. However, you will have to check a current list with a particular bank or expert who will help you with account opening.
Three ways to open a European business account online:
1. You can visit a local office of the European bank in your country of residence
Local branches can sometimes open an account for you in another jurisdiction, and the bank used for this purpose in the most successful way is HSBC. This option is not always available, so you just need to find it out. However, if the answer is positive, all you have to do is to collect the required documents and take an in-person interview in your country.
2. You send the required documents by email and have an online interview with a bank representative
This option is not that easy, and you have to be well-prepared: the set of documents should be really convincing, and executed in strict compliance with the regulations. As we know this obstacle, our compliance experts can help you prepare the documents (and execute each particular document, such as a business plan, in the best way possible) to leave no room for the bank officers’ questions or doubts.
3. You can provide a power of attorney to an agent to open a business account for you
You execute the power of attorney and notarize it, following which we transfer it to a local lawyer from our network to visit the bank in person and open an account for you. However, this option is available in some jurisdictions only.
You can visit our portal (see the link above) to see which banks are available in Europe if you wish to open a bank account online – or to order a free consultation on bank account opening where we select the right jurisdiction and bank that will suit your needs in the best way. Each situation has its peculiarities, and there is no one-size-fits-all solution that we can offer.
Don’t miss a chance to join a reliable and well-maintained banking system that plays a major role in defining the concept of financial relations and the world economic framework. An account with a European bank is a step towards freedom, security, and convenience. The world’s top banks are located here, and you can be a part of this glorious community.
We wish you a pleasant banking experience with the best European banks!