Opening an account abroad

Opening an account abroad for individuals and businesses

Account opening requirements depend on the client’s status, tax residence, country, purpose for using the funds and the nature of future transactions. For a private client, the bank primarily reviews the source of income and wealth, while for a company it reviews the business model, ownership structure, counterparties and economic connection with the jurisdiction.

For private clients

For international businesses

Countries where we support account opening

We support the opening of personal and corporate accounts with banks and financial institutions in different countries around the world.

Important: the country and financial institution should not be selected solely based on the preferred jurisdiction. The bank assesses the client’s residence, sources of funds, business structure, geography of operations and the existence of an economic connection with the country.

What we need from the client to start work

What the bank checks before opening an account

Why banks refuse to open an account

A refusal does not always mean that the client is not entitled to an account. Often the bank does not receive sufficient explanations regarding the source of funds, business structure or economic rationale of future transactions. We examined the main reasons for refusal to open an account in detail in a separate article.

• unverified source of funds or wealth;
• complex or opaque ownership structure;
• mismatch between tax residence and the business model;
• negative AML, sanctions or adverse media screening results;
• insufficient substance in the company’s jurisdiction;
• transactions involving higher-risk countries, counterparties or industries;
• absence of agreements, website, financial model or verified activity;
• inconsistencies in the application form, documents and client explanations.

Source of Funds and Source of Wealth

Verification of the source of funds is one of the key stages of opening an account and carrying out large transactions. The bank needs to see a consistent link between the client’s income, accumulation of capital and the funds intended to be credited to the account. At the same time, Source of Funds and Source of Wealth serve different purposes and require different sets of evidence.

The package may include tax returns, bank statements, agreements, income documents, corporate reports, evidence of dividend payments, asset sales, inheritance or investments.

We do not simply collect documents; we prepare a structured explanation in which amounts, dates, sources of income and movement of funds are consistent with each other. Where required, we separately provide a service for preparing a POF, SOW and AML package for the bank.

Bank account or EMI: which is better?

A traditional bank and an EMI may provide similar payment functions, but they have different legal status, service ranges and mechanisms for protecting funds. Therefore, the choice should depend not only on account opening speed but also on how the account will be used. We compare these options in more detail in the article “Fintech solution or bank: which is better for an international company?”.

Accounts for higher-risk businesses

Fintech, crypto, iGaming and other regulated or high-risk industries undergo Enhanced Due Diligence. In such cases, a standard corporate package is insufficient.

How we help open an account abroad

What to do if an account is blocked

A bank or payment system may suspend a transaction, request additional documents, restrict use of the account or decide to terminate the relationship. The first 72 hours after an account or transfer is blocked are particularly important: it is necessary to preserve documents and correspondence, determine the reason for the review and avoid sending contradictory explanations to the bank.

If independent communication does not produce results or the bank requires complex substantiation of transactions, legal support for unblocking an account with a foreign bank may be required.

Why Prikhodko & Partners

Experience in international banking support
For more than 8 years, we have supported the opening of personal and corporate accounts with banks, EMIs and payment systems in different jurisdictions. We understand the requirements financial institutions impose on non-residents, international businesses and cross-border transactions.

Expertise in AML/KYC and source of funds
Our team includes certified AML/CFT specialists. We prepare a POF/SOW and AML package, explain the economic rationale of transactions and help clients pass compliance reviews.

Work with complex and high-risk cases
We support IT, fintech, crypto, iGaming and other high-risk businesses, as well as clients with complex ownership structures, transaction geographies or non-standard sources of income.