Eternity Law International — News — Opening an account in a foreign bank

Opening an account in a foreign bank

Published:
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.

SAVINGS AND INVESTMENT TYPE ACCOUNTS

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.

CAPITAL MANAGEMENT NUES

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.

IT IS MANDATORY TO VISIT THE BANK INSTITUTION

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.

FEATURES OF OPENING AN ACCOUNT IN BANK INSTITUTION

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.

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