How can a non-resident open an account in Europe without visiting a bank?
Today, a foreign bank account in a country with a reliable and well-organized banking system is an indispensable tool for both private and corporate individuals. Problems in the banking sector and crises in the home country, the risk of loss of assets due to criminal or legal prosecution, currency depreciation – these and other reasons make many people think about withdrawing money to a safer place.
The banking system of many European countries is well developed, reliable and well organized. Most banks in Europe are in the top 10 rankings of global financial institutions. Today, the European banking system has a significant impact on the concept of modern financial relations and the entire global economy.
As a rule, people try to choose the most profitable and convenient in all respects bank for carrying out current operations or other purposes. Therefore, the choice, as a rule, falls on financial institutions located in respectable countries and with the possibility of remote opening and management of the account.
Opening a personal account in Europe without visiting a bank for non-residents
Owners of personal bank accounts in Europe have very specific goals. Conventionally, they can be divided into 3 groups:
Providing everyday life in Europe;
Increase capital with investments;
If the task of a person is to pay daily bills in a European country, then without a bank account it will be difficult. The account allows you to reduce the cost of commission, reduce the time required for the operation.
A bank account is useful for paying utility bills, renting housing, educating children, and your own travel.
True, if your life is so strongly connected with a particular country, then you will be able to personally visit the bank and open an account. If you are just planning to move, then remote services may be useful, although it will take time.
If we are talking about investments and capital increase, here European banks offer ample opportunities. You can invest large and not so much money in Switzerland, Germany, Liechtenstein and other countries.
You can use a European account, both for the purchase of stocks and bonds, and for the purchase of real estate, works of art and jewelry. A bank account is also useful in order to legally conduct large transactions. In Europe, almost universally, the law limits the maximum amount for cash transactions.
And last but not least, the reason for opening an account in Europe is asset protection. The banking system and the economic situation in some European countries are much more stable and predictable than in the CIS countries. If your task is not to allow fraudsters to rob you, to the state – not to take everything away for a far-fetched reason, then a foreign bank account is a smart decision for you. Moreover, in the EU, according to the law, 100,000 euros is guaranteed to the depositor even in the event of a bank crash.
Remote opening of a personal account in an Austrian bank
Remote account opening with external asset management at Bank Alpinum in Liechtenstein
Remote account opening with external asset management at Banque de Luxembourg in Luxembourg
Private account in Germany remotely at Varengold Bank AG
Opening a corporate account in Europe without visiting non-residents
Usually, non-residents decide to open an account in Europe without a visit in order to conduct full business in European countries or for international business. When opening an account for a legal entity, European banks, as a rule, request a complete set of company registration documents, as well as personal documents of the owner or manager of the account, sometimes a certificate from a local bank. In addition, documents may be required confirming the source of funds to the account, the biography of the beneficiary of the account and a letter of recommendation from a business partner.
All these documents are required by banks as they are obliged to fight money laundering under international law, therefore the legality of the origin of money is one of the most important aspects for opening an account in Europe. In addition, European banks are very strict on the principle of “know your customer”, therefore they require full disclosure of information about the actual owner of the company.
Almost all European banks provide the ability to manage your account using online banking. In some, you can open an account remotely, without leaving the country where the bank is located.
It is worth noting that opening an account in Europe without a visit to an offshore company in 2018 is very long (up to 9 months) or impossible if the offshore company does not have accounting and a website. It is much more realistic to open an account in Europe without visiting a bank for a Singaporean or Hong Kong company.