How to open an account in a foreign bank for a legal entity?

In recent years, many international financial institutions have revised their approach to the provision of services. In particular, they have significantly tightened the requirements for potential customers, who want to open an account with a foreign bank.

Now, in accordance with the AML/CFT policies, each submitted application is carefully analyzed individually, and the probability of a successful opening of an account abroad is not always high.

In this article, we will conduct a detailed review of how a legal entity can open an account with a foreign bank.

Who should open an account with the international bank?

Opening an account for a company abroad may be required not only for large business owners. Recently, had increased the number of such requests as:

• Opening an account for a freelancer in Europe without a visit;
• Opening non-resident accounts for a private enterprise, as well as small and medium enterprises;
• An account opening for a tax-free company in the UK or USA remotely.

For some, such a solution provides an opportunity to cooperate with foreign business and pay for services in freely convertible currencies, for others it is the ability to safely store and manage their assets without visiting a selected bank.

In addition, opening an account in a foreign bank for a legal entity from the CIS countries is a necessity in such cases as, for example, launching a startup with the aim of attracting foreign investment.

Based on this, it can be concluded, that opening an account for a company abroad, in some cases, is a forced decision.

What account can be opened with a foreign bank?

When applying to various international institutions, you will be able to open a current account for a legal entity abroad. This type of account is suitable for performing a standard set of banking operations around the world. Also, its advantages include the relatively low cost of maintenance.

You can learn more about how quickly open a current account in Asia or in the EU countries from our experts.

Terms of opening an account with a foreign bank

First of all, it is worth noting, that a number of foreign banks willing to cooperate with companies, registered outside the European Union, is relatively small.

In addition, if you decide to open an account for a non-resident company abroad remotely, keep in mind, that many institutions request a large package of documents, as well as set a number of certain requirements. These requirements include:

• Higher tariff rates;
• A possible storage of large amounts of money in deposit accounts;
• The acquisition of certain banking products, and more.

However, as practice shows, not all customers need a full range of those services and products, for which they need to pay a monthly fee.

For those, who intend to open an account for a company from the CIS countries in Australia, Asia and other regions of the world, we are ready to provide a list of relevant solutions, that do not require a personal visit of the client to a bank.

A procedure for opening an account for a company abroad

Those, who decide to open a corporate account with a foreign bank without a visit, should understand, that a consideration of an application by a bank institution is almost always a long and laborious process, because banks want to be 100% confident in their customers.

As a rule, each institution indicates a list of necessary documentation and specific dates for their submission. However, due to the volume of required documents, many entrepreneurs may have difficulty meeting these deadlines, which is a frequent reason for refusing to open an account for a legal entity in the USA, Europe and other regions of the world.

In other words, a best option would be to entrust the solution of this issue to experienced professionals, who will help you successfully open an account for a foreign company with a European bank, as well as with banks in other regions of the world.

Terms for opening business accounts WITH foreign banks

Opening of an account for a legal entity abroad remotely may require an average from 2 weeks to 2 months. However, there are banking institutions, in which the approval period for an application for opening an account can take up to several months or more.

Do not forget about situations, when an entrepreneur urgently needs to open an account abroad without a personal visit. If a quick solution is needed, banks can do little to help. In this case, various payment institutions come to replace them.

Also, if you focus on the Asian region, we are ready to assist you in open an account for a foreign company in a payment system in Hong Kong. A term for opening an account is from 2 days. You can specify the details with our experts.

How to keep your account with an international bank?

When deciding to open an account for a legal entity in Asia or America, keep in mind, that a first time your transactions will be given special attention from the selected institution.

For this reason, all payment documents must be correctly executed and have a clear purpose, in accordance with the declared activities of your company. Be especially careful, if you want to avoid conflicts with a bank and the threat of account closure.

If you are interested how to open an account abroad inexpensively, we recommend you contacting our experts for qualified assistance.

Opening an account with a foreign bank in 2020

One of the advantages of opening a corporate account with a bank in Europe, as well as with banks in certain Asian, African and island jurisdictions, is the use of the IBAN format.

Among the key advantages of opening an account abroad in this format, it is worth highlighting:

• A high level of asset protection;
• A convenient way to manage personal funds;
• Favorable tariffs and interest rates on the account balance;
• The presence of Russian-speaking staff;
• 24 hour service;
• A competent preparation of payment documents.