How to open a bank account in Canada or Europe remotely online. A quick step-by-step guide.
1. Contact drop services for cashing out and specify in which banks there are ready-made accounts or in which banks can open drop accounts for an individual order. We clarify all the conditions of the employee, how quickly they cash out, what percentage they pay for the transfer, the amount of compensation for blocking the account, how they pay it out (usually in cryptocurrency).
A list of verified cash out services can be found here:
2. Prepare a list of all the necessary banks for the necessary criteria and conditions (will be described in more detail below).
3. Go to the website of the bank you need, carefully study the list of all documents that must be provided to register a bank account.
We order the necessary set of documents from trusted services in this section:
Most often, only a scan of the passport and an extract for utility bills are required. You can draw yourself by reading the tutorials in the documents section or order about renderers for $ 5-10.
4. We fill in the necessary forms for the full registration of bank accounts.
Some banks may request video verification in order to bypass it before registering, we will clarify all the conditions for registration and verification in the bank's online chat, by e-mail or by the customer service hotline. If you do not want to go through such a check, then simply register with other banks in which this check is not required, this is quite logical.
Nevertheless, here is a way to successfully pass video verification using the face swap method:
It is advisable to carry out intra-bank transfers, it is fast and reliable, usually without limiting the limits, since banks trust such transfers more, since the money "moves" inside the bank itself.
How to open a bank account in Canada
Opening a bank account in Canada will not be difficult for you. Here's how you can do it.
What documents do I need?
If you are not a Canadian citizen, you will need the following documents to open a bank account:
Before traveling to Canada, you need to obtain at least a temporary residence permit or a work or study permit. Without this, you will not be allowed to enter the country.
Can I open a bank account outside of Canada?
You can open a bank account before arriving in Canada. To apply for a bank account, you must contact the bank via live chat, email or phone.
First, you will be asked to clarify your immigration status (whether you are a temporary resident with a work or study visa, or are in permanent resident status).
Then within a few days you will be contacted by the account opening department. Please note that all your immigration documents must be in order, otherwise you will be refused to open an account.
As you can see, the process will take at least a few days. In most cases, you will also need to visit a bank branch upon arrival in Canada.
The good news is that Canada's major banks provide services specifically tailored to newly arrived immigrants. And of course, it is much easier to settle all the issues in person. Therefore, given the limited choice of services and the waiting time, when opening an account remotely, it will still be more convenient to open an account upon arrival in Canada.
International bank account
You also have the option to open an international bank account. Several major international banks have branches in Canada, including
BNP Paribas,
Citibank, and
HSBC . If you have an account with one of these banks in your country, they can help you open a bank account remotely.
Often, such accounts are targeted at wealthy people, and therefore opening an international bank account, as well as paying a commission for its use, can cost you a pretty penny.
Many banks also offer Canadian dollar accounts. You can open such an account at your bank at home, so it will be quite easy to open such an account. However, since the account is not a local Canadian account, it is likely to be very expensive to use in Canada.
Multicurrency account from Wise. For people without borders.
Bank accounts in the usual sense work properly only in one country. Money for them can usually only be stored in one currency. And the cost of using them abroad is very high. Innovation from Wise - multicurrency account brings together the solution to all these problems.
Now you can send, receive and manage your money wherever you are without worrying about crazy fees and even sadder exchange rates. With us, you only pay a small, and most importantly, fair commission for currency conversion.
Which Canadian bank best suits my needs?
There are 5 major banks in Canada, each of which has special packages for new customers. These are Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal and Canadian Imperial Bank of Commerce. More on each of them below.
Royal Bank of Canada
Royal Bank of Canada is the largest bank in Canada with support in over 200 languages. At the bank, you can arrange a comprehensive package of services for those who have just arrived in Canada. If you have a temporary visa, you can open RBC Signature No Limit Banking Account (
http://www.rbcroyalbank.com/products/deposits/signature-no-limit-banking.html) or RBC VIP Banking Account (
http://www.rbcroyalbank.com/products/deposits/vip-banking.html) no package fee for 6 months. You will also receive a commission-free credit card.
Once you get a permanent residence permit, you can even apply for a loan or mortgage, even if you have no credit history. The RBC No Limit Banking Account For Students student package can be issued without a monthly commission and, in addition, receive Visa Gold or MasterCard credit cards. Last but not least, if you are a business owner or entrepreneur, you can enjoy all the benefits of the Canada Newcomer Package, plus $ 50 in your business account.
TD Bank
Toronto-Dominion (TD) Bank can arrange a package for newcomers to Canada (
https://www.tdcanadatrust.com/planning/life-events/new-to-canada/products-and-services/index.jsp ), which can be used free of charge for six months, receive a free credit card with a credit limit of up to CAD 1,000. You can also apply for a mortgage even if you have no credit history.
The bank also offers a student package, which includes a free bank account, as well as a paid and free credit card to choose from. By paying by credit card, you can accumulate bonuses for buying discounted air tickets or cover other travel expenses.
If you are planning to start your own business, then you can get a personalized service plan that includes overdraft protection and several free transactions every month.
Scotiabank
Scotiabank is the third largest bank in Canada and has over 4,000 ATMs across the country. The bank offers a huge number of [accounts] (
http://www.scotiabank.com/ca/en/0,,11,00.html) to choose from, each with its own advantages.
Even with the basic package, you can earn bonus points and exchange them for free movies. The invoice will cost you CAD $ 9.95 per month, but will be charged if you maintain a CAD $ 2,500 balance.
The Student Banking Advantage Plan does not include monthly fees, nor does it include transaction fees. And [business accounts] (
http://www.scotiabank.com/ca/en/0,,544,00.html) includes CAD $ 5,000 overdraft protection, a customized business plan, and a Visa credit card.
Bank of Montreal
The oldest bank in Canada, Bank of Montreal, offers a package for recently relocated to Canada that is suitable for workers, students and businessmen. You will receive a bank account with no monthly fees for one year, unlimited transactions, a free MasterCard credit card and even a free safe for up to one year. You can also apply for a mortgage even if you have no credit history.
With the [Student Banking Package] (
https://www.bmo.com/newstart/en/studying-in-canada.html) you will receive a monthly invoice and a free MasterCard. You will also receive a student card that entitles you to discounts at various stores throughout Canada. You can also choose the most suitable corporate bank account for you based on the size of your company.
Canadian Imperial Bank of Commerce
Like the rest of the major banks in Canada, CIBC offers a Newcomers to Canada Package (
https://www.cibc.com/en/personal-banking/bank-accounts/newcomers-banking-offers.html) that can be issued both permanent and temporary residents of Canada. The package includes a CIBC Everyday Checking Account with no monthly fees, unlimited transactions for the first year and a VISA debit card. If you are a permanent resident, you can also get cashback up to CAD $ 55 on your safe deposit box.
The terms of the Student Package (
https://www.cibc.com/en/personal-ba...v_id=MEGA-BankAccounts-StudentBankingOffers-E) are practical are the same as the Newcomer Package, the only difference is that there is no monthly fee while you are a full-time student.
The bank also offers a variety of business accounts. These include unlimited transactions, flexible payment systems based on the size of your business, and access to a line of credit at discounted rates.
Banking costs associated with opening a current account
In Canada, commissions and fees may vary from bank to bank, so it is better to check the rates for services on the website of the bank you are interested in. However, you can expect at least the following fees.
Monthly Fees
Banking services are free for students, and discounts are available for seniors over 60. For newcomers to Canada, the bank also provides its services free of charge, but only for a limited time. After a certain period, you may be charged a monthly fee of up to CAD $ 30. However, if you maintain a balance of a certain amount in your account, you will not be charged a monthly commission. In most cases, the minimum account balance should be CAD $ 3,500.
Transaction costs
For most accounts, you will only be offered a limited number of free transactions per month. All transactions over this limit will be charged a fee (about CAD1 $ per transaction). Some accounts offer unlimited free transactions. However, as a rule, such accounts have the highest monthly payments and require the maintenance of a large amount of account balance.
ATM withdrawal fee
You will be able to withdraw cash for free, provided that you withdraw money from your bank's ATM. Withdrawing money from an ATM of another bank will cost you CAD $ 1.50 per transaction.
Worse, it can cost you up to CAD $ 5 plus 2.5% in fees if you choose to withdraw money abroad.
Commission for international transfers
All major banks provide a limited number of free international transfers for the newcomer package owner.
Although such transactions are advertised as free, in most cases you will need to pay a commission, which you will receive back later. Other conditions may apply to the charging of such transactions, so you should carefully read what is written in the small print in your agreement before you decide to use the service.
Also, keep in mind that your bank may charge you a fee to complete the transfer.
You are also unlikely to get the best exchange rate. Therefore, always research the market and check the other options available before making an international transfer at your bank.
How to open a European bank account online
A foreign bank account may be needed by freelancers and labor migrants, it can be used to receive payments, store currency, withdraw money to accounts in Ukrainian banks.
British neobank
ELPASO opens accounts in euros for Ukrainian entrepreneurs and freelancers.
And also in ELPASO Ukrainian companies with branches in Europe, North America and Asia can open business accounts. We are talking about companies that sell digital products, SaaS platforms, electronics, goods through their branches and representative offices abroad.
Who needs a foreign bank account
Carders, drops-service, freelancers and sole proprietors who work on freelance exchanges and directly with customers. These are developers, designers and digital specialists.
Often, foreign currency accounts opened in Ukrainian banks are not suitable for accepting payments from customers and buyers. You have to use illegal methods of obtaining currency: payment wallets, intermediary services - and pay additional commissions. A European bank account in your name will solve this problem.
Online trading on marketplaces and in our own online stores in Europe .
Sale of online games, photos, videos.
Labor migrants. If you work for a European company, you need an IBAN account in a European bank to receive your salary: you transfer the account details to the employer, he transfers money to him.
Not all traditional European banks open accounts for non-residents, and even remotely. You may be asked for a dimensionless package of documents, asked to come to the bank's office in person, and in general the process of checks and approvals can take several days.
What ELPASO offers to FLPs and freelancers
Neobank "Elpaso" opens accounts for Ukrainians free of charge and online. Account currency - Euro.
For example, if you trade on Amazon or eBay, you can only use the EUR account with ELPASO for European Amazon, but not for amazon.com.
In the future, it will be possible to open dollar accounts as well.
You receive a European individual IBAN and can immediately accept incoming payments in euros through SEPA, SWIFT payments.
Commission for incoming payments - 1% of the amount.
But outgoing payments in the SEPA zone are free. If you need to pay a bill or transfer money within the European Union, this can be done only through SEPA payments, no commission.
Outgoing SWIFT payments are not available.
Money can be kept in an account or withdrawn to your account in a Ukrainian bank.
You can withdraw money to Ukraine free of charge through IBAN to the euro cards of an individual in
CONCORDBANK and
Monobank (Universal Bank JSC). Why exactly these two Ukrainian banks - only they have implemented the European IBAN.
If you are withdrawing your business income, you will soon be able to withdraw money by IBAN to your euro business account in CONCORDBANK.
Outgoing SWIFT payments for private entrepreneurs and freelancers for transfers to Ukraine are not yet available, but are available for legal entities.
ELPASO does not issue payment cards yet. But you can withdraw money without commission to any other neobank card (TransferWise, Revolut, etc.).
When the cards appear. ELPASO has become a principal member of the MasterCard payment system, and will start issuing cards to its customers from November 2020.
How the Ukrainian IBAN differs from the European one
Ukraine is not included in the single SEPA zone, which means that payments to the Ukrainian IBAN go only through SWIFT, which is expensive. The cost of a SWIFT payment is from 20 euros.
But with the European IBAN, you can pay to counterparties without commission.
Also, payments in the SEPA zone do not pass currency control. The same cannot be said about operations on Ukrainian IBAN accounts.
The currency of payments in the SEPA zone is euro.
Account opening documents
An account with ELPASO can be opened remotely. First you need
to create an account in the system, fill out and submit a questionnaire.
In addition to your data, you must attach scanned or photocopies of documents, prepare them in advance:
- scan or photo of a spread of a valid passport, ID-card;
- tax number (TIN);
- selfie with a spread of the passport;
- receipts for payment of utility bills, Internet bill, bank statement, insurance - these documents are needed to confirm the address.
If everything is in order with the documents, you can open an account in a day and immediately use it - receive currency, withdraw money to Ukraine.
When the turnover on the account exceeds 25 thousand euros per year, the bank may request additional documents confirming the sources of the origin of the money. What documents are we talking about: contracts with customers or with an employer. If you plan to receive such a payment immediately after opening an account, notify the bank.
A little about taxes
When an individual entrepreneur or an ordinary individual opens an account in a foreign bank, they are still subject to the legislation of Ukraine.
The tax office cannot track your operations abroad, but according to the law, if the source of income of an individual is abroad, you must report these amounts in the income tax return and pay 18% of personal income tax and 1.5% of the military tax from this money. You are in control of these taxes.
We, of course, advise you to register an individual entrepreneur and legalize income, but the decision is yours.
If you are already an entrepreneur, it is forbidden to use current accounts of individuals that are opened for your own needs (NBU Instruction No. 492), therefore, we recommend withdrawing funds to your sole proprietorship account.
The foreign exchange earnings of the sole proprietor are included in the income according to the usual scheme.
How to open a European bank account online?
Any foreigner, permanently or temporarily residing abroad, or a freelancer who works with foreign clients, sooner or later it becomes necessary to open a bank account in a foreign bank and how to do it correctly. Recently, we answered the question of opening a bank account in the UK and what difficulties you may face in doing so. In this article, we will answer you how to open an account with a European bank and whether it can be done online, while in Russia or Ukraine.
Review content:
- How to open a bank account in Europe while abroad?
- Opening a mobile bank account with TransferWise, Monese and N26
- TransferWise VS. Monese VS. N26 - Which is Better?
- N26 vs TransferWise vs Monese - rates and fees
- Opening a Euro account with TransferWise
- How Safe Are Mobile Banking?
Why would you need a European bank account? There can be quite a few reasons for opening an account of an individual in a foreign bank:
- you want to trade on one of the foreign marketplaces like Amazon, eBay, Etsy
- your customers from Europe or the USA (full withdrawal of funds from PayPal to an account in Ukraine is not available)
- you are a student and study abroad or temporarily reside in one of the European countries
- you travel frequently in Europe
In any of these cases, opening a bank account in Europe is an absolutely logical decision, but how realistic is it if you are a foreigner and not a resident? As for traditional banks in Europe, in order to open a regular bank debit account and receive a bank card, you must first of all confirm your legal status in the country (
residence permit, work visa ). For some banks, this will be quite enough, but you may also be asked to confirm your address of residence in the country (registration or utility bills), employment contract, etc. If you work or study in one of the European countries, such requirements will not cause difficulties. But what if otherwise? We can please you, as there is an opportunity
to open a bank account in a European bank... Moreover, you can open an account without leaving your home, i.e. complete the entire procedure online. And how to do it, read our guide.
Quick solution: Open a TransferWise Borderless account online and get your local bank details (personal accounts) in 5 currencies GBP, EURO, USD, AUD, NZD. You can store more than 50 currencies in one account and convert currencies at the real average market rate
How To Open A Bank Account In Europe While Abroad?
Yes, it's quite real. Time does not stand still and so-called neo-banks are replacing traditional banks - these are financial institutions that perform the same functions as a classic bank, but do not have physical branches, and you manage your account using an application on your mobile phone. The activities of neo-banks are controlled and licensed with the participation of the same authorities that supervise traditional banks, i.e. you can be sure of the safety of your funds, and the absence of physical offices significantly reduces the cost of their services. But this is not the most important thing. The main advantage of mobile banks is the ability to open a bank account remotely, without having to visit a branch. Among mobile banks, the most famous is
Revolut... However, unfortunately, at the moment Revolut services are not available for citizens of the CIS countries. But don't despair.
Opening A Mobile Bank Account With TransferWise, Monese And N26
We present to your attention three companies that have been successfully working in the field of mobile banking for a long time and provide the opportunity to open a bank account not only in Europe, but also in the UK and the USA -
TransferWise, Monese, N26 . Each of the companies received a license to conduct financial transactions issued by the
Financial Conduct Authority (FCA ) of Great Britain , so you can not worry about the safety of your funds - they are under reliable control. A
German bank N26- received a standard banking license in Germany, despite the fact that it operates as a mobile bank. The main advantage of working with neo-banks is that you can open a bank account from outside the country and you do not need a UK residence address to open an account. Opening an account
takes a few minutes and at the same time you do not pay any commissionsAnd finally, all operations on bank accounts will be several times cheaper in comparison with traditional banks, and currency conversion within the account will be carried out at the “real” average market rate.
TransferWise vs. Monese VS. N26 - Which Is Better?
Which of the neo-banks offers the most favorable tariffs and will be as simple and convenient as possible to work with? Which company should you choose in the end?
TransferWise This is the leader of our review. The service allows you to create 5 bank accounts in local currency within one account in different parts of the world: in the USA, Europe, Great Britain, Australia and New Zealand. To open an account, you just need to confirm your identity and the whole procedure will be performed online. Along with a bank account, you can get a multi-currency Mastercard bank card, which will allow you to store up to 50 different currencies in one account and instantly convert currencies at the average market rate. In addition, you can make transfers to almost any country in the world at a favorable rate. An account can be opened by a citizen of any country, but the card is not available for citizens of the CIS countries.
N26 is a German online bank that allows you to open a personal bank account in two currencies. Unlike other mobile banks, N26 is a mobile bank that has received a full banking license from the European Central Bank, but operates exclusively through a mobile application. Most importantly, this bank gives you the opportunity to issue a free bank card in Euros or British pounds. One of the main advantages of the service is its integration with the TransferWise service, the leader in the field of international online money transfers. Thanks to this option, you can send an instant transfer in one of more than 40 available currencies, while the conversion from the sending currency to the receiving currency will take place at the exchange rate.
Monese allows you to open a UK bank account almost instantly. The account can be opened for residents of the CIS countries, but the card is also delivered only in Europe. You do not need to verify your UK address to open an account. The basic account is free, and within this account you can cash out at ATMs (up to £ 200 no fees) and make currency transfers. Monese also offers Classic (£ 4.95) and Premium (£ 14.95) accounts.
N26 vs TransferWise vs Monese - rates and fees
| N26 card | TransferWise | Monese |
|---|
| Tariff plan name | Basic | Borderless Account | Simple |
| Service Fee | € 0 / £ 0 | € 0 / £ 0 | € 0 / £ 0 |
| Commissions when withdrawing cash from an ATM | 1.7% in any currency other than Euro | 0% for the first € 200 per month, 2% - for amounts over | 0% for the first € 200 per month, 2% - for amounts over |
| Foreign currency transaction fees | 0% | 0.35% -2.85% depending on currency | 0% for € 2,000 per month, then 2% of the amount |
| International money transfer fees | 0.35% -2.85% depending on currency | 0.35% -2.85% depending on currency | 2% (2 € min) |
| Card issuance and delivery | € 0 / £ 0 | € 0 / £ 0 | € 0 / £ 0 |
| Card delivery time | Up to 10 days | 2-4 weeks | Up to 14 days |
| Express delivery card | € 22 (2-3 days) | - | - |
| Order a card | Order N26 | TransferWise | Order Monese |
Based on the data in the table, the best solution is Transferwise's Borderless Account offer. However, there is one caveat -
Transferwise cards are not delivered to CIS countries. You can open an account with a European bank, get the details and all the banking services of the service will be available to you (you can accept payments, convert currency and send money transfers), except for a bank card.
If a bank card is a decisive factor for you, you should pay attention to Monese and N26, cards of these banks can be ordered to the address of any of your acquaintances living in Europe.
Opening A Euro Account With TransferWise
The process of opening a bank account at any of the online banks looks pretty much the same. Therefore, let's look at how you can do this using the example of TransferWise.
- Go to the official TransferWise page and create your account. Or you can immediately install the TransferWise application on your mobile phone (available for Android and IOS devices)
- To create an account, you must provide your name, residential address and contact information
- you may need to go through identity verification (for this you need to upload a scan of your photo ID into the system)
- Create your personal bank account in any of 5 currencies. TransferWise provides the ability to create local bank accounts in the US, UK, Europe, Australia or New Zealand
- After opening an account, you can order a multicurrency bank card that will be linked to your account
Important! An account can be opened by a citizen of any country, but the card is available only for residents of the EU, UK and USA. You can find a complete list of countries where TransferWise ships its cards here.
This is how your personal bank account and
UK bank details from TransferWise will look like:
Pros And Cons Of Neo-Banks
What is the advantage of modern mobile banks over traditional banks?
- Opening a bank account in a mobile bank does not require any additional documents other than an identity card and the whole process will take a few minutes
- To open a local UK bank account, you do not need to prove your permanent residence address or UK registration
- The cost of opening and maintaining an account (if this is not a premium rate) is usually 0
- no hidden fees and commissions when converting currencies - TransferWise and Revolut convert currencies at the average market rate
Disadvantages Of Online Banking Accounts
Of course, using neo-banking services like TransferWise, Monzo or Monese also has its drawbacks:
- No physical branches and branches of the bank - all issues are resolved exclusively online or by phone
- Only TransferWise and Revolut services are available in Russian, Monese and Monzo - only in English
- All companies deliver cards only in Europe, sending to the CIS countries is not available. However, residents of the CIS countries can fully use a TransferWise account without a plastic card.
How Safe Are Mobile Banking?
And one of the most important questions that a potential client may be interested in is how safe is it to use a mobile bank and can they be trusted with their money? We will answer in one word - undoubtedly! The companies listed in our review operate in the financial services market and have already managed to “make a name for themselves” and gain the trust of customers. For example, the number of active TransferWise customers has passed the 6 million mark, and the total volume of transfers over the past year amounted to more than $ 8 billion. The fact that neo-banks operate exclusively online does not exempt them from the need to take care of customer money. All companies have received a financial license from the UK
Financial Conduct Authority (FCA)), just like regular banks. In addition, client funds are kept in segregated accounts and are insured. For example, Monzo's compensation system is £ 85,000!
How to open an account in Europe remotely
An account in Europe has been and remains a popular tool for carders, cash out services, individuals and businesses. Although opening it, especially remotely, is extremely difficult. We will tell you how this can still be done, what to consider and in which countries there is still a chance to open an account remotely.
Why do businesses and individuals seek to open an account in Europe? Let's highlight a few points:
- Confidence in the banking system of Europe is higher than in the Russian, Ukrainian, Belarusian and others;
- Having an account in Europe is a plus for your reputation;
- An account in Europe allows you to reduce costs when working with European clients and partners;
- It is easier for individuals to buy real estate and other property;
- Access to cheaper loans;
- In the EU, there is insurance for deposits up to100,000 euros;
- Direct access to currency.
The account is opened with a personal visit and remotely. Remote discovery is required when there is no time for a personal visit. Or when borders are closed, as is the case with the coronavirus.
How to open a European account remotely: ways to open an account
There are two main ways to open an account remotely:
- Through a branch of a foreign bank in your country - you need to open an account not in a branch, but abroad. You need to ask employees about this separately.
- Through the Internet, in most cases with the help of experts providing such services - both the recommendation of a new client to the bank and professional assistance in preparing documents and submitting an application work here.
The third method, which has not become more widespread among banks, but is quite available in payment systems, is to open an account directly through the institution's website.
Types of accounts abroad
When opening an account abroad, you should remember that there are at least three types of them:
- Current account for standing transactions;
- Savings or deposit accounts - for medium and long-term savings;
- Investment account - for the purchase of various assets and investments in general (except for the deposit).
Also, accounts can have specific tasks, for example, a transaction account - they are opened for specific tasks and usually do not exist for long.
Differences between the European account for individuals and legal entities
Both individuals and legal entities can open an account abroad, including in Europe. Moreover, you can open an account for any purpose: for settlements, investments or savings.
The main difference is that many more transactions can go through the company's current account. Individuals in most cases cannot use their foreign account for commercial activities. A large number of transactions will raise suspicion, especially if the bank has not been warned about it in advance.
The next difference is documents.
Individuals are required to provide:
- A certified copy of your passport;
- Proof of residential address (utility bill);
- Proof of the legality of the origin of funds (tax return, property purchase and sale agreements, etc.);
- In some cases, banks ask for recommendations from other banks, from professionals, a resume of the applicant.
Companies can open an account if they provide:
- Statutory documents (memorandum, charter, etc.);
- Personal documents of the owners and directors of the company;
- Business plan and reporting (if any);
- Description of the company's activities;
- The presence of local clients and contractors - in some countries, it is generally impossible to open an account without this;
- Documentary confirmation of the presence in the country of registration (substens) - many European banks require a lease agreement, agreements with employees, etc.;
- Information about the future activity of the account: turnover, average transaction size; also interested in major partners, contractors and large clients.
In both cases, the documents must be translated into English or into the language of the country in which you open the account. In principle, the English translation is sufficient, and it is universal. Some documents need to be certified and / or apostilled.
Both corporate (business) and personal accounts can be opened remotely or with a personal visit. It largely depends on the bank you choose.
For example, there are banks that are ready to open accounts remotely only for companies. And there are those who are ready to work remotely with everyone - after a thorough check, of course.
When opening an account remotely in Europe, you need to understand: it will not be easy to open an account and the more complex the income structure and the higher the risks, the higher the chance of refusal.
The number of banks that are ready to open accounts for non-residents remotely is falling. Unless the coronavirus epidemic reversed this process somewhat: some banks agreed to accept customers if additional documentary requirements were met. For example, put an apostille on almost everything that you send to the bank for consideration.
But this depends on the specific financial institution.
There are payment systems and we will talk about their differences a little below.
Pre-approval for opening accounts in Europe
The risk of refusal when opening an account in Europe is quite high. Especially if we are talking about a remote procedure. Verifiers can "catch" on any typo, inconsistency and, instead of trying to figure it out, simply refuse to open an account.
To reduce the risk (as well as the costs of sending documents and processing new ones that have expired while you were waiting for a decision), the pre-approval service is used.
The bottom line is that you first send documents in electronic form (photographs, scanned copies), a bank specialist checks them and gives a preliminary decision. Usually, documents are considered in a relatively short time: from a couple of days to a couple of weeks. The cost of the service is several times lower than for an application for opening an account.
As a result, if a refusal, you saved time and applied to the next bank. If the answer is yes, then you send the originals and continue working. The risk of refusal still remains, but after pre-approval it drops several times (in our experience, after a positive pre-approval, they may refuse due to the unpredictable behavior of the client and obvious errors in the documents).
Pre-approval is also used to open an account with a personal visit: before going to the bank, you receive a preliminary response from the bank, recommendations for additional documents, and already set off with a complete set.
Professional intermediaries also provide a pre-approval service: they communicate with the bank, check your documents, find out all inaccuracies and help correct them at the stage of preparation. Plus, they can immediately apply to two or three banks to increase the chance of success.
Foreign Account Notice
According to the existing rules, CIS citizens are required to notify the tax service about opening a foreign account within 30 days. Otherwise, you will have to pay a fine: 50 euro for the first violation and 300 euro for the second one.
Also, annually before June 1, it is required to submit a statement of the movement of funds on the account. Since 2020, new rules are in effect and now you do NOT need to report if the following conditions are met:
- The account is located in a country that is part of the OECD or FATF;
- Savings abroad do not exceed 800 euro;
- A bilateral agreement on the exchange of banking information in automatic mode (CRS) was signed.
Banks and payment systems in Europe for opening accounts remotely
As mentioned earlier, it is possible to open an account in a European bank remotely, but the choice is limited and the process is not easy. Payment systems are much more loyal to foreigners.
Payment systems are financial services that offer banking services: account opening, transfers, currency conversion, and the like. These are fintech projects with special licenses.
Such systems allow you to get practically the same service as in banks, but faster and at more affordable prices.
To open an account, essentially the same set of documents is required, often scans are enough. The client is studied using the same algorithms. Therefore, they can refuse to open an account, as in a bank.
Payment systems are of different profiles: some are aimed at a wide range of clients, while others prefer to work with IT projects or only with trading companies. There are even those who are ready to cooperate with offshore companies.
Choosing the right system (as well as a bank) will allow you to open an account faster and keep it in the long term - at least because the institution will understand your business and your transactions.
Opening an account in payment systems takes from 1 day for individuals to a couple of weeks for legal entities. Sometimes it takes 10 working days, sometimes less, but in general, the terms are much more predictable than those of banks, which can consider an application for 2-4-6 months and even after sending additional documents, they are able to refuse.
By the way, it is for this reason that they resort to the services of professionals - they help to remove 90% of standard errors and find the remaining 10% that prevent opening an account in Europe - both in a bank and in a payment system.
European account for an offshore company?
Account for an offshore company has been a difficult issue in the past few years. It is often impossible to open an account for offshore in Europe: the bank at the entrance warns that it does not work with offshore companies or can open an account only for a certain one currency.
However, there are some banks, for example, in Macedonia or Luxembourg, which are ready to cooperate. In some cases, an account in Europe can be opened if the first deposit to the account is 100,000 euros or more. But in general, banking in Europe is a difficult task for offshore companies.
This is where the payment systems mentioned come to the rescue. Again, not all of them accept tax haven companies, but there are those that are willing to consider applications from risky clients.
If you are interested in banking specifically, then we recommend that you explore the Caribbean banks. Firstly, it is possible to open a company and an account in one country and this will remove a large amount of headache. Secondly, they have extensive experience with this type of company. A little later, when you have a payment history, reporting and trust, you can try and open an account in Europe. Perhaps even remotely.
In the Caribbean, an account can definitely be opened remotely.
Where to open a European account remotely?
Despite all the difficulties, it is possible to open an account in Europe. Below are a few countries with a brief explanation.
Open a European account in Latvia
It has been easy to open bank accounts in Latvia since the early 90s. It could even be done directly over the Internet. However, since 2018, it has become much more difficult to open an account for non-residents, in particular for immigrants and owners of foreign companies from the CIS. They are considered risky clients.
Way out? Large deposits, painstaking preparation, as well as opening a local company or representative office - this simplifies the issue of opening an account in any country.
Open a European account in Cyprus
Cyprus is another popular jurisdiction for opening accounts. And again, until recently. After the audit by American specialists, the banks of Cyprus began to actively close existing accounts and make it difficult to open new ones.
Cyprus has interesting payment systems for IT projects, but in general it is worth opening an account here if you are focused on a local business (company).
Open a European account in the UK
Opening a UK bank account for a foreign company that does not plan to operate in the UK is difficult. But there are good, reliable and highly demanded payment systems. Accounts are opened quite quickly, they work stably.
Open a European account in Portugal
If you want to open an account and work in peace, then you should think about Portugal. The account opening procedure may seem overwhelming, but after that you can focus on your business.
At the same time, there is an opportunity to open an account for offshore companies, although the main contingent of companies from the EU and those that plan to work in one way or another in Portugal.
Open a European account in Serbia
Serbia is not a member of the EU, but offers deposit insurance, and so far there is no CRS exchange, developed banking and the ability to open accounts remotely for local companies and branches. A particularly interesting structure with branches: you can open it for a foreign, including an offshore company, open an account for a branch, and all this will take from a couple of weeks with proper preparation.
Open a European account in the Czech Republic
In the Czech Republic, they do not like to open accounts remotely, even local companies must have a local director so that there are no questions. But payment systems come to the rescue again - they work with companies around the world and offer high-quality service.
Open a European account in Switzerland
Switzerland is a primordial banking jurisdiction. Neutrality, quality service and banking secrecy have created an unshakable reputation. Today, there are some changes, in particular, tax services received access to bank data within the framework of automatic exchange. However, the service remained the same.
It is possible to open an account in Switzerland remotely, roughly speaking, in two cases: if a particular bank supports remote opening of an account (and there are not many of them, in fact, there is only one) and if you plan to invest large amounts - from 500,000 euros. Then there is a chance that the banker will come to visit you himself. If the border is not closed.
But only companies that have a physical presence in the country of registration and keep reporting can apply to open an account in Switzerland.
In general, Switzerland is an extremely interesting destination for opening an account, at least because of the vast experience, as well as access to a wide range of services and opportunities.
Open a European account in Luxembourg
This jurisdiction, which is popular primarily with wealthy individuals. Here you can open an account for personal and corporate purposes. It is more expensive than elsewhere, but the quality of service, privacy protection and banking expertise are gaining the attention of wealth holders from around the world.
Open a European account in Liechtenstein
And one more European country where you can open a corporate account. Companies from the UK, Gibraltar and other jurisdictions can count on the opportunity to open an account here, taking into account the fact that, as in other European banks, documentary presence in the country of registration is required.
Of course, careful preparation will be required, but at least the local banks do not immediately say no.
So how to open an account with Europe remotely?
To open an account in the EU, you need to consider:
- Where is your business located, what it does, what is its turnover;
- Choose a bank or payment system that, in principle, open accounts remotely and that suit your tasks. You can search for them yourself or immediately contact a specialist;
- Preparing documents is the most important stage. Any mistakes here can instantly lead to failure;
- Actively cooperate with a financial institution, answer questions;
- After gaining access, act within the framework of the rules and, if something in your business changes or an atypical transaction is planned, warn about it in advance so that the account is not frozen and closed.
Have you opened accounts in Europe? What banks are going to meet non-resident businesses? What difficulties did you face? Write in the comments.
How to open an account in a European bank remotely using the Internet
The corona virus pandemic has dealt a severe blow to the travel, air and land transport industries. Many countries have introduced quarantines, and air traffic has become irregular.
How in such conditions it is possible to open an account in a European bank for clients living in Ukraine, Russia or Kazakhstan. Fortunately, this can still be done, because some European banks have been able to create all the conditions for remote account opening for private clients.
Of course, no one has canceled the identification of the client and the confirmation of the authenticity of the copy of documents (passport, etc.), but it can still be done (certified copies) at the local notary and translation agency.
How foreign banks are implementing remote client identification via the Internet
Switzerland has become one of the leaders in the implementation of modern banking technologies among European countries.
Thanks to the new regulatory circular of the Swiss financial regulator FINMA, online identification of a potential client via video communication becomes possible.
Some Swiss banks are already implementing this model in the process of opening an account, while the client will only have to download a special banking application, with which the financial institution can conduct initial identification and verify the authenticity of identity documents.
The first pioneers in this area were banks, which, in addition to traditional banking services, offer online access to global financial platforms through electronic trading systems.
More traditional European banks so far offer online bank account opening to European clients only. For example, the state bank of Liechtenstein LLB AG offers this service only to residents of Austria, Germany, Switzerland and of course Liechtenstein.
And Swiss giants UBS and Crédit Suisse have implemented online identification only for local customers.
However, it should be noted that remote opening of an account in a European bank for clients from other countries like Ukraine, Russia and Kazakhstan is also possible!
So far, this is only possible for clients who are ready to invest at least USD 500,000, or, in other words, potential clients of the private banking division.
The entire process of opening an account takes place through correspondence, and contracts are sent by courier mail. Of course, clients will need to certify copies of their passports with a local notary and translate the accompanying documents into English.
The whole process of opening an account on average can take about 2-3 weeks, but at the same time the client saves significant money, so he does not need to fly to the country where the bank is located.
Benefits of opening an account with a European bank
European banks undoubtedly have an advantage over the same CIS banks. First of all, this is reliability, thanks to the higher financial stability of European banks, as well as a higher amount of guarantee on deposits (up to 100,000 euros).
And of course, access to a wider range of financial products and lower cost of credit instruments. For example, mortgage rates in Europe have long fallen below one percent per annum in local currency, subject to the purchase of real estate in the country where the bank is located. At the same time, even a foreign client of the bank can get a mortgage.
In addition, neither Ukraine, Russia is included in the SEPA single payment area, which means that payments to any account in a non-European bank are made only through SWIFT, which is expensive. The cost of a SWIFT payment order usually costs the sender from 20 euros.
But from a European bank account, customers can pay with a commission of only 5 euros per payment, and sometimes even free.
Another subtle point is currency control in Russia and Ukraine, the legislation imposes a number of restrictions on currency transactions and payments.
50 Most Reliable Banks in Europe - Global Finance 2021
Credit ratings 2021. All rights reserved by Global Finance. Assets in millions of US dollars.
| A place | Bank | The country | Fitch | Moody's | S&P | Assets |
| one | KfW | Germany | AAA | Aaa | AAA | 568,486 |
| 2 | Zuercher Kantonalbank | Switzerland | AAA | Aaa | AAA | 172,514 |
| 3 | BNG Bank | Netherlands | AAA | Aaa | AAA | 168,162 |
| 4 | Landwirtschaftliche Rentenbank | Germany | AAA | Aaa | AAA | 101,969 |
| 5 | Nederlandse Waterschapsbank | Netherlands | NR | Aaa | AAA | 93,559 |
| 6 | Landeskreditbank Baden-Wuerttemberg (L-Bank) | Germany | AAA | Aaa | AA + | 87,175 |
| 7 | Kommunalbanken | Norway | NR | Aaa | AAA | 51,118 |
| 8 | NRW.BANK | Germany | AAA | Aa1 | AA | 166,206 |
| 9 | Swedish Export Credit Corporation | Sweden | NR | Aa1 | AA + | 31,543 |
| 10 | Caisse Des Depots et Consignations | France | AA | Aa2 | AA | 202,754 |
| 11 | DZ BANK | Germany | AA– | Aa1 | AA– | 628.41 |
| 12 | Svanska Handelsbanken | Sweden | AA | Aa2 | AA– | 329,363 |
| thirteen | Banque et Caisse d'Epargne de l'Etat | Luxembourg | NR | Aa3 | AA + | 53,743 |
| 14 | Banque cantonale vaudoise | Switzerland | NR | Aa2 | AA | 49,926 |
| 15 | Deutsche Apotheker- und Aerztebank | Germany | AA— | Aa2 | AA– | 55,384 |
| 16 | DNB Bank | Norway | NR | Aa2 | AA– | 270.614 |
| 17 | SFIL | France | NR | Aa3 | AA | 76.246 |
| eighteen | Banque pictet & cie | Switzerland | AA– | Aa2 | NR | 37.932 |
| 19 | Nordea Bank | Finland | AA– | Aa3 | AA– | 623.32 |
| 20 | SEB | Sweden | AA– | Aa2 | A + | 306,507 |
| 21 | Sparkassen-Finanzgruppe | Germany | A + | Aa2 | NR | 1,423,277 |
| 22 | UBS | Switzerland | AA– | Aa3 | A + | 971,916 |
| 23 | Rabobank | Netherlands | AA– | Aa3 | A + | 663,481 |
| 24 | HSBC France | France | AA– | Aa3 | A + | 267,011 |
| 25 | OP Corporate Bank | Finland | NR | Aa3 | AA– | 73,481 |
| 26 | BNP Paribas | France | A + | Aa3 | A + | 2,431,852 |
| 27 | Credit Agricole | France | A + | Aa3 | A + | 2,259,132 |
| 28 | Swedbank | Sweden | A + | Aa3 | A + | 258,394 |
| 29 | LGT Bank | Lichtenstein | NR | Aa3 | A + | 35.089 |
| thirty | Groupe BPCE | France | A + | A1 | A + | 1,503,189 |
| 31 | Banque Federative du Credit Mutuel | France | A + | Aa3 | A | 640,282 |
| 32 | Natixis | France | A + | A1 | A + | 576,498 |
| 33 | ABN AMRO Bank | Netherlands | A + | A1 | A | 420,997 |
| 34 | BNP Paribas Fortis | Belgium | A + | A2 | A + | 351,845 |
| 35 | BGL BNP Paribas | Luxembourg | A + | A2 | A + | 63.509 |
| 36 | Nationwide Building Society | United Kingdom | A | A1 | A | 304.334 |
| 37 | Komercni Banka | Czech Republic | A | A1 | A | 47.341 |
| 38 | SBAB Bank | Sweden | NR | A1 | A | 49,358 |
| 39 | EFG International | Switzerland | A | A1 | NR | 50,793 |
| 40 | ING Bank Slaski | Poland | A + | A2 | NR | 41,722 |
| 41 | Lansforsakringar Bank | Sweden | NR | A1 | A | 39,961 |
| 42 | AXA Banque | France | A | NR | A + | 17.46 |
| 43 | HSBC Holdings | United Kingdom | A + | A2 | A– | 2,715,152 |
| 44 | Societe Generale | France | A– | A1 | A | 1,523,679 |
| 45 | Erste Group Bank | Austria | A | A2 | A | 276,013 |
| 46 | Nykredit Realkredit | Denmark | A | A3 | A + | 241,216 |
| 47 | Banco santander | Spain | A– | A2 | A | 1,709,222 |
| 48 | Danske bank | Denmark | A | A3 | A | 563,377 |
| 49 | Belfius Bank | Belgium | A– | A1 | A– | 193.72 |
| fifty | Jyske bank | Denmark | NR | A2 | A | 93.64 |
If you need a European bank account, we will help! Submit your application online
Our team will be happy to help you remotely open an account in a European bank (located in Switzerland), if you have a deposit of $ 250,000 or more and are a citizen and resident of the EU, Russia, Ukraine, Kazakhstan. Unfortunately, citizens of other post-Soviet countries must pay a more significant amount, which is discussed separately in each specific case.
Each bank has a different minimum deposit amount depending on the client's tax residency. The cost of opening an account in Switzerland is negotiable, but there is also a free option, read on.
A total of 10 leading Swiss banks with assets ranging from $ 2 billion to $ 2 trillion and credit ratings from BBB + above.
Is it possible to open an account in a foreign bank for free
Despite the fact that the process of opening an account in a foreign bank is a costly and time-consuming process, we can offer free opening of an account in a foreign bank. A prerequisite is the availability of investment capital of at least USD 1,000,000 and the signing of a trust management agreement with a Swiss Licensed Investment Company. The company offers trust management, in 2021 the yield on the conservative portfolio (only bonds with investment grade) was 16% per annum. We will be happy to send a full presentation upon request. Customer accounts are opened with investment grade Swiss banks or banks founded by cantonal (state) financial institutions.
Conclusion:
There are a large number of banks with online access all over the world. It is always necessary to study the detailed current conditions for registering and maintaining accounts on the official websites of banks.
Do not forget that in trusted stores there are always a lot of ready-made accounts for sale for any purpose and task with or without balance.
Thanks a lot for reading. I hope the information turned out to be at least a little useful and you will be able to successfully open accounts in any necessary banks. Please ask any questions, I will try to answer.
