How to open a bank account for an individual?
The assumption that you can come to the bank with a passport and leave after 10 minutes with an open account is partially correct. Bank employees will definitely ask for his appointment, ask him to write an application, provide a TIN, sometimes SNILS, and prepare an agreement.
And if it is an account abroad, the process of opening for an individual will become even more complicated. Although difficulties can be avoided. First things first.
Opening an account in Ukraine
This can be done in one or more financial institutions in the following way:
- Choose a banking institution.
- Determine the appropriate rate.
- Submit an application or the application form and the package of documents described above.
This can be done in two ways:
- in person, arriving at the bank branch with documents;
- remotely, through a personal account, mobile application, bank website, or by sending an application from an email address. Identity verification is simplified if you are a client of an institution.
Authorization is required on the service page using a mobile phone number and TIN.
- Determine the purpose of the account:
- current – allows you to store savings, pay for services rendered, transfer money to other accounts, buy currency, pay for goods, including online shops, use electronic banking. The same settlement for a legal entity.
Required for purchases worth more than 150 thousand UAH.
In all Ukrainian banks, the current account functions stably, the same, and the rates for opening and servicing are also similar;
- card – the same current one, but with the provision of a means of payment – a plastic card. Provides a round-the-clock opportunity to conduct operations;
- accumulative allows you to keep money in the account and receive interest for it;
- deposit keeps money, valuables, papers until the specified time. The possibility of use is limited. When closing the deposit, the accrued interest expires ahead of time.
The last two must be funded upon opening.
- We are waiting for the information to be verified by bank representatives with the approval of the opening. We sign the documents and become the owner of the account. When applying online to receive a bank card and sign documents, you can order courier delivery.
Opening an account abroad
Dreaming of having a Swiss bank account? Take action.
Why does an individual need an account abroad in 2022?
You can get by. If you trust Ukrainian banks 100%, you are not afraid to lose money and there is no other need to open with you personally.
For example, a Ukrainian bank refuses to open an account, an offshore/onshore company is owned, a bank blocks or cancels transactions, a need for a multi-currency account.
Even if such a need does not arise, experts advise having more than 1 bank account, and preferably several. After all, the economic crisis caused by the pandemic, the excessive debt burden of business, the trade war between the US and China, the rise in the cost of resources has overtaken humanity for a long time.
For those who want to save and grow capital, it is important to have several accounts in different currencies in different countries. And they should have been opened yesterday. After all, the prices for organizing the process are constantly growing.
What documents are required to open an account abroad for an individual?
Non-resident status automatically puts you on the list of untrustworthy clients. At this point, everything is important: from the presence of the necessary list of documents in the package, to their perfect design and translation. And it is doubly important if the account is opened remotely, without the visit of an individual in person.
Document package includes:
- personal documents: foreign passport (copy, original);
- proof of residence address: utility bill, registration in internal passport (copy, original);
- proof of the legality of funds: tax return, real estate purchase agreement, etc.;
- recommendations from bank specialists, lawyers, accountants;
At any time, the bank may request other evidence necessary for issuing prior consent.
All of them must be translated into English or another state, certified and apostilled. From the moment the document is issued, no more than 3-6 months should pass, depending on the conditions of each.
What do I need to do to open an account abroad for an individual?
Get ready for a long and voluminous procedure as the requirements for companies, jurisdictions, beneficiaries, and contributions have become tougher. You need experience in dealing with banking services, compliance with formalities, attention to detail.
To open an account abroad, you need:
- Determine the purpose of the invoice.
It may be needed to receive income from foreign sources, store funds, invest, live abroad, purchase real estate, or for other purposes.
- Select foreign bank.
To do this, in the profile of a financial institution, you need to find information about:
- specializations. Thus, Swiss banks specialize in servicing savings and investment accounts. A checking account is a rare service;
- availability of representative offices, Russian-speaking staff;
- entrance threshold;
- recommended minimum balance;
- customer requirements;
- opportunities for opening an account remotely or online cooperation;
- procedure time.
Research is painstaking and time consuming. The help of a relative, friend will facilitate the search, but you should not rely too much on it, since your incoming data and desires may not match.
- Prepare a package of documents.
- Apply with copies of documents. Expect prior approval. It is extremely important to stay in touch, answer questions and send additional information upon request. Considering the time difference.
- When the bank is ready to consider the application further, the original documents are sent there for analysis. Or the client travels personally.
- After the origin of the funds has been studied by the bank specialists, the client has been approved by the bank – sign the documents, receive an IBAN, make an activation deposit.
Who should I contact to open an account for an individual?
Due to the widespread refusal of European banks to work with non-residents, especially with people from the post-Soviet space, the benefits of cooperation with specialists become obvious.
Contact AK “Lawrange” if you mark at least one of the items below as necessary:
- need advice on choosing a bank abroad;
- I’m interested in the possibility of opening an account online or remotely;
- need help in preparing documents, including translation, apostille;
- interested in application services;
- complex approach required.
Lawrange specialists are ready to advise on the conditions for opening and maintaining an account in a foreign bank, as well as to choose the best solution for an individual client’s request. You are required to:
- request a consultation;
- information for bank selection;
- required and additional documents, if requested;
- activation deposit.
After the scandal with Latvian banks in 2017–2018, a number of European banks were liquidated, thousands of non-resident accounts were closed. How did this affect the cooperation of foreign banks with non-residents? That’s right, they are very careful.
Regulations and regulations are being developed by each bank to further the overall anti-money laundering trends. Business relations are established only after comprehensive checks, which we will help to pass.
Contact AK “Lawrange” to find out in detail which banks we work with, as well as the cost of opening an account, conditions, tariffs.
What is the difference between opening an account online and remotely?
An account is opened remotely without your personal participation, through a representative.
Approximate terms of opening an account abroad?
Approximately 1-2 weeks to several months from submission of documents.