Open a bank account for a non-resident in Ukraine

The most common reason explaining the need for foreign citizens to open an account with a banking institution is the acquisition of real estate in the state or the opening of business activities. Although there are a number of other reasons.

How an account is opened for business in Ukraine, you will learn about all the nuances of implementing the procedure for investors with foreign citizenship.

Here we will take a closer look at the methods for opening an account in a financial institution with individuals of a physical order who are not residents of the country, and we will show in stages the procedure for contacting a financial institution in Ukraine.

Non-residents of the country are provided with the service of opening a bank account in a state and foreign currency unit. The main foreign currencies used by Ukrainian banks are dollars, rubles and euros.

In this case, it is worth considering the fact that the choice of the desired type of bank account will depend on the purpose. The following types of accounts are offered to customers of banks: card, current and deposit.

The first 2 types of accounts differ from the last in that the user can withdraw cash at any time. When choosing a bank account of a card type or current, the user has the right to make a money transfer between his own open accounts, as well as to the account number of the third person.

A distinctive feature of the first two types of accounts is a different type of access. In the first case, the client is given the opportunity to conduct transactions through an ATM, in the second – only with a personal visit to a financial institution.

A deposit account is special in that the funds often must remain in the user’s account for the period specified in the contract. Manipulations of settlement before the end of this period are not provided for by more than one financial institution.

Bank selection

On the territory of Ukraine there are banks of state significance and private. The latter often own a share of foreign capital and are the property of major international financial institutions.

Partly in the country’s banks are managers who speak spoken English. Additionally, such institutions have at their disposal English-language versions of Internet banking sites and services.

Documents

This stage is the key for citizens who are not residents of the country and want to stay for a short period in the state (up to 10 days).

A complete list of documentation can be compiled without prior contact. This can be realized with a framed and notarized power of attorney, allowing you to perform the necessary actions from the person of the principal.

To open a bank account to a citizen who is a non-resident of the country, you must provide:

• international passport (original sample);

It is worth considering the fact – the stay of a foreign person in the territory of the state must have legal grounds. You can prove the fact of a legitimate visit to the country by providing a visa or an entry-exit mark.

The sum of days allowed for staying on the territory of the Ukrainian state is 90 days / year and cannot exceed this indicator.

• a document indicating the place of residence or temporary stay of a non-resident in the country;

This information can be written by the managers of the financial organization according to the client, however, specialists can request an official document confirming the words. For example, if a foreign citizen resides in a hotel, he can provide a receipt for payment for accommodation.

• a document confirming the origin of cash from a non-resident;

The service of opening an account with a financial institution is paid. When closing an account, they may be asked to pay an annual service charge.

At the same time, a foreign citizen is required to have documents in his hands that are able to confirm the legality of the origin of the money used as payment for the banking services provided or to replenish an open account.

In order to avoid problems at this stage, it is recommended that when entering the country indicate in the declaration the necessary amount of funds for various kinds of money transactions.

• notarized translation of a foreign passport into the national language of the country (optional measure);

Although financial institutions in the country do not require a translated sample of passport data in the state language, we still recommend that you perform this operation before the client uses the service to open an account.

This is necessary provided that the non-resident plans to open an account for active use in the implementation of key transactions (acquisition of real estate, transfer of money for the purchase of goods, etc.).

The presence of a finished translation is necessary, because when transliterating, the name and surname of the client must fully comply with other documents of the Ukrainian sample (agreement, IIN of an individual, etc.).

Without it, managers at the bank can use their own transliteration of data, and it may not correspond to official papers. This can cause a number of troubles.

• a card with the IIN number from the State Register of individuals-payers (TIN of individuals).

It is not a binding document. It is worth considering that the period of issue of the number varies within 7–10 days from the moment of contacting the tax organization. For this reason, it is worth planning the time spent in the country taking into account this period.

Open a personal account

Having decided on the type of necessary account and the bank, having collected the necessary documents, a non-resident can contact the bank to open an account. Before this, it is recommended that you familiarize yourself with the tariff plans and conditions of banks in Ukraine.

Non-residents of the country should know:

1. on the territory of the Ukrainian state, cash can only be withdrawn from an ATM in the national currency, the hryvnia, however, if a foreigner opened an account in dollars and credited it to a bank account, then he can withdraw cash in foreign currency by contacting the institution’s cash desk;
2. the bank’s client is given the opportunity to conduct transactions and find out the balance on his own account through the use of his personal account (Internet banking), even if he is located outside the country;
3. tariff plans and service conditions are fundamentally different from each other, in other words, in the 1st institution there may be a commission charged for opening an account, and in the 2nd – absent;
4. in case of bank transfer between the user’s own funds a transfer fee may be charged;
5. in the absence of the necessary amount to pay the commission, the bank can complete the transaction by providing the user with an overdraft (loan) at a high interest rate (up to 100% per year).

The specialists of Eternity Law International will provide you with expert advice on opening a bank account in Ukraine.
If you have any questions or need advice on opening a bank account, call us at the numbers on the website or write to the form located at the bottom of the page.