Nowadays, open bank account abroad in a state with a reputable and highly organized banking system is a necessary tool for both individuals and companies. Any company’s activity involves conducting ongoing transactions: debiting when paying for services, materials, utility bills; or crediting money to the account from customers and partners. The current account is designed specifically for everyday activities. Due to a bank account abroad, funds can be diversified significantly. Therefore, it is recommended to open at least two accounts in different currencies, thus reducing the dependence on one factor to a minimum.
Open a bank account
A safe bank is a consequence of the safe and reliable jurisdiction of the state, well-developed laws and sound policies of the institution itself. A reliable bank in such a state is obliged to act financially responsibly. Therefore, the strictest set of rules has been developed and implemented, which every year is becoming tougher and tougher. Non-observance of the rules leads to the loss of a banking license.
That’s why the financial institutions located in respectable countries and with the ability to open bank account abroad online are the most demanded ones.
Why open bank account abroad
Speaking about investments and capital gain, it’s necessary to note that European banks offer great possibilities. It’s possible to invest different amounts in Switzerland, Germany, Liechtenstein, and other states. The main advantage of a correctly selected foreign bank is reliability. It is supported by foreign currencies (USD, EUR) and the systemic work of foreign banks.
If your task is to maintain and increase capital, then a foreign bank account is a thoughtful decision for you. You can seek advice from our specialists in order to competently and quickly select a suitable financial institution for your company. In particular, we can help you to open a bank account in Europe for a risky business (crypto, forex, etc.) and you can open an account remotely.
When opening an account with a legal entity, European banks, usually, demand:
- a comprehensive set of company registration documents;
- the personal ID of the owner or account manager;
- occasionally, a local bank certificate.
Moreover, documents confirming the source of receipt of funds to the account, the beneficiary’s account biography and a letter of recommendation from the business partner may be required.
Banks require all these documents because they are obliged to combat money laundering under relevant international law, therefore the legality of the origin of funds is one of the essential aspects of opening a bank account abroad. In addition, European banks strictly adhere to Know Your Customer principle, consequently, they require full details about the actual owner of the company.
Benefits of bank accounts in Europe
Excellent opportunities for the passive growth of your well-being are delivered by financial instruments provided by professional market participants: banks, exchanges, payment systems. Moreover, the more such tools you have, the greater your opportunities. It is one thing if you use the capabilities of the national banking system and another if you have international opportunities. Even just deposits on your bank account abroad can bring not only additional income but also hedge your currency risks within one country.
Keeping your wealth in a basket of stable currencies seems even more reasonable. For example, in USD, Euro, JPN, GBP, etc. More developed financial markets in Europe, give you completely different opportunities to preserve and increase your well-being. Moreover, they are in the time zones closest to you and always have English speaking support.
Types of offshore bank accounts you can open in Europe
After you have chosen the ideal region and approximate banking direction, you will need to determine what type of account suits your needs. Most individual needs can be met with a simple private foreign account, but startups or companies may need an account with a uniquely individual approach to meet the needs of the business.
The requirements for both of them are slightly different, so it’s important to determine which option is best for your current and future financial needs. Of course, it is possible to have both a corporate and a personal bank account in Europe. Talk with a knowledgeable financial advisor in your environment to determine which type of account will be best suited to achieve your financial goals. We also provide similar services for the selection of foreign accounts opened with banks or payment systems. Regardless of the type of foreign account you choose, make sure that the bank offers good quality virtual bank account Europe remote management. This greatly simplifies money transfers or paying bills, especially if you live in another country.
How do we choose banks
The most important factor to consider when choosing the right bank is security. Therefore, before recommending any particular bank to our customers, we ask the following questions:
- Will the money of the client be safe?
- What methods of fraud prevention does bank use?
- If a client plans to open a deposit in a foreign bank, does the bank have a deposit insurance system?
- What security measures can the institution give the client in case of bankruptcy?
Another and perhaps the most relevant criterion at present is the availability of functional Internet banking. The current pandemic has forced all people, regardless of country of residence, to limit their stay in crowded places. Therefore, online payments are a priority. Using Internet banking, you exclude an unexpected stop in your online transactions.
How to open an international bank account
Without professional help, choosing a bank to open overseas bank account can turn into a process of finding a needle in a haystack.Atrium Business Solutions
The fact is that at first glance all banking institutions look the same and offer the same products. But such an opinion is not simply erroneous, but harmful. The modern banking system provides many tools that can both organize and optimize financial transactions, and vice versa, increase commission fees and cause a problem in payments.
Before you start comparing financial institutions, we recommend that you decide in advance which account type you need. Do you want to open a corporate bank account or a personal one? Or, do you need an account to store savings? Is functional internet banking important to you? Is it possible to open an account in a foreign bank via the Internet? What currencies will be available to you for use? Is there any English speaking technical support? There are many questions in choosing products and services, and before opening an account, check all the nuances that interest you.
Quick and easy bank account opening in Europe
Why should you contact us for help? It is important to understand that the situation is changing over time. Those banks that were popular last year turn out to be far from the most promising this year. Choosing a bank is not an easy task requiring considering lots of nuances, but with our help, the process is much faster and easier. And we are ready to find a solution for how to open an overseas bank account even for the most complex tasks.