Opening an account in a foreign bank

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Sirenko Mykola

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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Opening an account in a foreign bank

In the modern world of globalization processes, access to financial services outside the country is becoming more and more accessible.

Opening an account in a foreign bank can be a good solution for people who travel or work abroad, as well as for those who are looking for additional opportunities to invest and start their own business.

Before initiating the procedure for opening an account in a foreign bank, it is important to orient yourself, firstly, by the real requirements of a specific bank to a foreign client, and secondly, by the process of preparing documents for opening such an account.

This procedure also provides for a number of consistent and mandatory steps for its successful implementation.

Let’s look at them all and analyze the key aspects:

  • Step 1 – Selection of a banking institution. When the client already knows exactly which country he plans to visit or settle there for a certain period, it is important to take a responsible approach to choosing a bank for opening an account. We draw attention to the fact that each bank has its policy, which provides for different requirements for the identity of the client, confirmation of his status of stay in the territory of the country, documents that are mandatory for opening, as well as different policies regarding the cost of servicing non-residents, commission costs, tax burden, etc.
  • Step 2 – Analysis of requirements and collection of appropriate documentation. Be prepared for possible obstacles that may stand in the way of opening an account in a foreign bank. For example, in some cases, foreign banks may require a permanent address of residence in the country where the bank is located, or a certificate confirming receipt of income in this country. At most, among some banks, the practice of introducing financial requirements already after opening an account, such as the requirement of the first minimum contribution to an account of a certain size, is quite common.
  • Step 3 – Fill out the application and confirm some data. After collecting the necessary documents, the bank will ask the client to fill out an application for opening an account in the selected bank, where he provides his data and other necessary information about his financial situation (if necessary and at the request of a specific bank). After applying, the bank may contact the client to confirm the provided data, after which documents will be sent for signing and completing the account opening procedure, namely, the account opening agreement and other documents according to the bank’s policy.

Let’s dwell in more detail on the list of documents that the client must have to open an account in a foreign bank.

Therefore, the person must have a passport (international passport) or another document confirming the identity (for example, a driver’s license in the country of residence), proof of residential address (for example, a utility bill), documents confirming the source of income (for example, a certificate from the employer from the place of work).

Some banks may also require additional documents, such as a tax identification number in the country of residence of the banking institution and others.

The list of documents described above is only the absolute minimum that may be needed (especially the first two items) when opening an account in a foreign bank.

We also recommend contacting the bank directly for proper and detailed information regarding specific requirements and instructions.

At the client’s request, the lawyers of Prikhodko and Partners JSC can provide one of the following services:

  • Advice on as many different aspects of this process as possible;
  • Legal analysis and preparation of documents to open an account;
  • Legal support of a specialist on-site to open an account in a bank.

Conclusions.

Opening an account in a foreign bank can be a time-consuming procedure due to the difficulties associated with the requirements regarding the identity of the bank’s client and a number of necessary documents.

To protect yourself from the excessive length of this process, we recommend that you contact our lawyers for guidance in the main aspects of opening an account in a foreign bank of a specific country.

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Do you need advice on choosing a bank (at your request)?

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A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

Contact now
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