Eternity Law International News Opening an account in a foreign bank

Opening an account in a foreign bank

April 10, 2020

Opening an account with a foreign bank is an urgent issue for those involved in entrepreneurial activities. Since the services of banking organizations have become familiar to us, their role is practically not recognized.

Modern banks and financial institutions offer their customers a wide range of services and products specifically designed for individuals and business representatives.

Despite this, the most popular type of banking services is still the placement of financial assets in the accounts and the management of them.

There are many purposes for opening and using accounts in banking organizations.

Some customers want to keep their finances in a safe place, while others have as their main goal the increase in available capital, and for others, the ability to make various kinds of settlement transactions plays an important role.


Individuals mainly have the opportunity to open current, savings and investment accounts.

But you need to consider that when deciding to open a savings type account in a bank located in another country, one should not count on fabulous interest.

For example, in banking organizations that are registered in offshore, interest on deposits of individuals rarely exceed 4% per year.

Moreover, in most banks in Europe, interest is not provided in principle, or they have a rather symbolic size, for example, 0.3% per year.

For this reason, if your goal is to increase your own funds, the best solution would be to open an investment account.


Today, the main specialization of most banking institutions, especially those located in Western Europe, is the management of private funds.

These services are publicly available only to wealthy individuals who are able to deposit more than 500 thousand euros or dollars into their bank account.

Having a documented order from the client, the banking organization manages the capital in the account. The institution seeks to increase profitability indicators, which fully meets the strategy previously agreed with clients.

The best solution would be to open such accounts only in specialized financial institutions, which for many years have specialized in this type of service. This is the key to the financial security of the client.

Another advantage when opening such accounts with a bank is the availability of a service, which involves issuing a residence permit not only to the account holder, but to his family members in the country where the banking institution is officially registered.


In order to open a current account for legal entities, it is necessary for the director or authorized manager of this account to visit a banking organization for the purpose of identification.

Despite this, in certain banks, a visit to a banking institution is not a prerequisite.

It is perfectly acceptable to communicate with representatives of a banking institution over the telephone or via video conferencing using modern communication methods.


There is a possibility of opening a corporate bank account of the company both independently and through law firms. The second option has undeniable advantages:

1) The best solution would be to open an account with the help of law firms. The reason is that banking organizations with such firms conclude cooperation agreements. Therefore, intermediaries have the right to certify documents and identify customers.

2) There are more than a thousand foreign banking organizations. For this reason, it is quite difficult to decide on your own in which financial institution it will be more profitable to open an account.

Specialists of Eternity Law International will provide you with professional services in full legal support, selection of documents and we will provide advice on this issue.

You could be interested

Ready-made company in Estonia 2023

Plenty of businesspersons intending to realize plans and begin operating in the chosen market niche, consider ready-made company in Estonia convenient and quite profitable option, because commercials are certified and new owners may instantly begin working. Characteristics of ready made/shelf companies in Estonia Businesspersons intending to open Estonian company need to understand such organization doesn’t...

Restoration of Ukrainian citizenship

On the basis of the Law “About Citizenship” Article 10, restoration of civil relations with Ukraine is carried out when: a person who has withdrawn from the legal position. Who does not have any other citizenship, submits an application for restoration. Then he becomes a citizen of Ukraine, even if he is not within the...

Antigua and Barbuda's gaming license

With several prestigious financial institutions holding offices on the island, Antigua is a global centre of the economic sector. Under the international Act for businesses, the island offers a unique corporate structure that grants exemptions to businesses who have registered with the Act. Additionally, Antigua offers a variety of additional advantageous corporation formations. Also, it...

International financial decisions

International financial decisions are a modern need to stabilize asset security and living standards. This is the possession of foreign accounts in banks and non-banking enterprises. Through them, daily settlements, payment acceptance for entrepreneurs and individuals are carried out. WHAT IT IS NECESSARY TO PAY ATTENTION WHEN OPENING ACCOUNTS IN 2020 IN WORLD FINANCIAL ENTERPRISES...

Company formation for non-residents in Canada. Ontario General Partnership registration

 Ontario General Partnership registration with the participation of Non-Resident Partners. The Ontario General Partnership is a form of business registration in Canada that combines the reputational benefits of Canadian jurisdiction with the offshore component, making it beneficial to Non-Resident Partners. The main aspects of this business structure include: Canada’s authoritative onshore jurisdiction, whitelisted by the...

Why You Should Obtain Labuan Money Broking License?

An excellent option for those who want to expand or start their own business in the Asia-Pacific region in a brokerage or foreign exchange direction, since the Labuan jurisdiction offers remarkably preferential tax regime for such activities. New rules for conducting brokerage business have been in force in Labuan since the beginning of 2018. The...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52

New York

1178 Broadway, 3rd Floor #3353 New York, NY 10001


Gediminas Avenue, 44A


Kesklinna linnaosa, Tuukri 19


Lochrin Square, 1


Jacovides Tower, 5 floor


Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


Level 42, Suntec Tower Three, 8 Temasek Boulevard


20 Martin Place


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7