Placement of funds for Ukrainians abroad in a European bank: Poland

Ukrainians increasingly show interest in investing and placing their funds abroad, including in bank accounts.

One of the most popular countries for this is Poland, primarily due to the stability of economic growth in this country, which affects the level of trust in Polish banks and financial institutions on the part of our citizens.

The biggest advantages of placing funds for Ukrainians abroad in a Polish bank are:

• Stable banking system. Poland has a reliable banking system that is developed at the level of Western European countries. This provides confidence, for example, to Ukrainian investors regarding the safety of their financial assets, in the case of their placement in an account in a Polish bank;
• Availability of financial services. Polish banks offer a wide range of financial services that meet the needs of different customers. At most, the possibility of opening a bank account and placing funds there is the same for both Polish residents and non-residents;
• High-security threshold and guarantee of saving funds. Poland, as a member of the European Union, guarantees a high level of financial stability and protection of consumer rights. Moreover, Poland has several advantages for Ukrainian citizens, including geographical proximity, similar culture, and language, which facilitates the convenience of interaction with Polish banks. It is needless to note that leading banks have also introduced the possibility of using a hotline, where service is provided in the Ukrainian language.

To place funds in an account in a Polish bank, Ukrainians must first go through all the necessary verification steps to open an account there and submit the necessary documents.

Qualified lawyers of “Prikhodko and Partners” JSC offer their legal support services for opening an account in a Polish bank and placing funds there, which includes all the necessary verification steps.

The procedure for opening a bank account for placing funds there is as follows:

• The first step is to choose a banking institution. Depending on the client’s request, which consists of the possibility of personal presence at the opening of the account, the availability of relevant documents, and the purpose of opening the account, the appropriate bank is selected. Today, most Polish banks offer online account opening processes, which allows our citizens to conveniently and quickly carry out this operation;
• The second step is the preparation of the necessary documents. Polish banks tend to require a different list of documents from the client to open an account. Quite often, this operation requires the submission of an identity document, residence permit, or identification code (PESEL) on the territory of Poland. In some banks, which are more open to foreigners, it is sufficient to present a foreign passport;
• The third step is to open an account and place funds there. After opening an account, you can place funds there without any obstacles. However it is worth keeping in mind that the placement of funds in the account for more than 10,000 euros will be subject to supervision by banks to promote the policy of financial monitoring on the territory of Poland.

When placing funds in an account in a Polish bank, clients are often faced with the requirement to confirm the origin of these funds.

To avoid claims from Polish banks, it will be important to take care in advance of preparing documents that will confirm the legality of the origin of the funds.

Such documents can be: declarations about the income of an individual, contracts for the sale of real estate, etc.; and a Polish declaration on the transportation of cash (over 10,000 euros) across the Polish border.

As for the latter, the branches of some foreign banks located in Poland offer Ukrainians the opportunity to place funds in an account there without confirming their origin, for the period of temporary protection (if it is available in person).

Conclusions.

Polish banks are attractive for the placement of funds for Ukrainian citizens due to their economic stability, and variability of financial instruments and services.

Placing funds in Polish banks can be an effective way to preserve and grow income.

The process of checking the requirements of the respective bank and ensuring the proper preparation of documents for opening an account and placing funds in it is an important step for obtaining a positive result.