Eternity Law International News Open a bank account in Slovakia

Open a bank account in Slovakia

October 7, 2020

If you need to open a bank account abroad, but you are not sure what country to choose, pay attention to Slovakia. It is a small country, situated in Eastern Europe, and its economy is growing rapidly.

The bank account will help you to travel across the country and enjoy all the tourist attractions. Also, Slovakia provides great advantages for business and investments.

Slovakia does not conduct foreign exchange controls. Local banks are in search of opportunities to attract new capital and develop the market, so they propose benefits for the foreigners.

The pack of documents

The procedure is quite simple – you need to submit only your passport or ID card. Some banks can ask you to prove that you have an address in Slovakia. In case, you have a resident card, that is the only document you need to show in the bank.

In some banks you need to submit an application form, but it is possible to file it in the department. By the way, there are always English-speaking employees. It is better to come in person, but you can open an account in the basis of the power of attorney.

Opening of the account for non-residents

No legal restrictions are regulating or prohibiting opening an account for foreigners.

The procedure is practically similar and you need to submit the same documents. The only difference is connected with the legacy of your stay in Slovakia. Some banks can ask you to show permission for staying in the country.

Other restrictions are connected with the account opening for legal entities. Some banks in Slovakia just do not provide services for non-resident companies. It is always better to negotiate with each bank separately and consider their conditions.

Virtual bank alternative

Virtual bank is an option for business with connections all across Europe. In case, you need to transfer money outside Slovakia and this procedure will happen rather often, pay attention to this alternative.

Virtual banks have lower commissions for money transfers. It is due to the limited staff and lack of office to be serviced. So, the virtual account will save your money.

In any case, each bank provides an Internet banking service, which helps to make payments online and carry out all services, except for cash withdrawals. So your bank experience in Slovakia will be easy and pleasant.

Our specialists will help you to choose an appropriate bank and to gather the required documents. Please, feel free to contact us for help or additional information.

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