It is a normal practice to open an account in a European bank if an overseas business incorporates its representative office in another country and will be paying to and receiving money from international clients and suppliers. As for individuals, they open accounts in Europe in order to save money and increase their capital. Irrespective of your purpose, either corporate or personal, most European banks would offer your excellent terms and conditions with minimum drawbacks.
Apart from political and economic stability of European countries that would save your money from potential depreciation, we have made a list of other pluses of European banks.
Even the Sun has spots, therefore it would not be fair not to mention minuses of European banking system along with its pluses. Because there are minuses though they are not obvious and critical for honest clients. We can actually say that they are the other side of the same coin which banks use to maintain and enhance their image and reliability.
It might be a good idea to get in touch with a reliable legal firm that helps businessmen and other migrants open bank accounts in European banks.
Once you decide about a country and bank, there are three steps before an account is opened.
Most European banks have official websites where you can easily find their terms and conditions. Pay special attention to bank fees and charges and additional services.
Check what documents your bank requires and make sure they are all in English or any other language, if required.
After your application and documents are submitted and checked, the bank will email you a client agreement. It is normally possible to do everything remotely without travelling to Europe that would save you time and money. However, if it is necessary, you can sign all documents when attending a bank branch.
However, there is one huge shortcoming that cast shadows on all advantages; it looks like UK banks are not interested in clients from abroad. A foreign company stands no chance at all of opening a UK bank account. Non-resident individuals can apply in theory for a local account, but chances are almost non-existent.
On the other hand, Great Britain has been and is still one of global business hubs that is home to lot of subsidiaries of foreign companies. It means that a subsidiary of your company in the UK is able to have an account in a local retail bank.
Opening a bank account in the UK is different from opening one in Europe. Here are main requirements.
Want to save time and money? Our experts can help you open a business account for UK-registered companies as part of the Imperial package. Our qualified advisers can also give you advice for taxation, financial and other matters that can affect how you run a business in the UK.
An individual or a corporate client can open roughly the same bank accounts abroad as in their home country:
The purpose of a savings account, as the term suggests, is to safekeep your money and to multiply it. As a rule, you will not be able to withdraw your money for a certain period of time under a savings account agreement in order to get interest. If you break this rule, the bank will enforce the penalty clause against you which sometimes means the interest rate being reduced to a minimum.
An investment account is designed for trade in securities and financial assets, for example, company shares, government bonds, etc. Clients can make investment themselves or with the help of a trader provided by a bank, or by depositing funds to a bank investment foundation. Sometimes an investment account is opened for a different purpose rather than trading on a stock market – to participate in one of the EU or Caribbean citizenship by investment programmes, or a similar Asian programme.
The purpose of having a current account in Europe is to be able to transfer money in a safe, quick and cashless way all over the world. As a rule, this banking product does not allow you to earn any interest. It is usually vice versa: you will either have to pay to the financial institution for this service or to maintain a certain minimum amount of money on this account to get the servicing free of charge.
European financial institutions carry out Due Diligence checks where essentially they would be checking how trustworthy you are.
This check normally includes the following stages:
Due Diligence check helps a bank to achieve several things at the same time:
In other words, if you are a trustworthy person who abides by the law, you have no reason to be afraid of any check carried out by a bank, provided you have the support of qualified lawyers.
The first thing to do is to decide what is the purpose of opening a bank account and what services provided by foreign banks are therefore relevant.
Financial institutions in the Baltic states offer multi-language support, have a user-friendly online application process and charge reasonable fees. In the Balkans, for example in Montenegro or in Bulgaria, there are no foreign currency regulations; on top of that, banking services there are relatively inexpensive and there are deposit protection schemes. Poland, Hungary and the Czech Republic are well-known for their reliable banks, cheap loans and favourable conditions for investment accounts.
Book an appointment with our financial experts in order to find out which European bank meets your requirements fully.
If you want to open a current account for a subsidiary with a British retail bank in a hassle-free way, have a look at our Imperial package. The package comprises a wide range of services for newly established companies, from support with signing an agreement with one of the British financial institutions to assistance in negotiations with the bank. Your company will also get a business address which is required to open a corporate account in the UK.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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