In which foreign bank you can open an account fast and inexpensively?
It is not easy to imagine doing business without a bank account. That is why many entrepreneurs are concerned with the question: In which foreign bank to open an account fast and inexpensively? Some entrepreneurs want to get an answer, at least partially. Where to open a bank account quickly or in a foreign bank to open an account for cheap?
To open an account in foreign bank fast
Every bank has its own review procedure (compliance in the bank), which is impossible to pass fast. For consideration of a company in a foreign bank, it is necessary to collect a full package of documents. Among the documents required for compliance in a foreign bank are director’s and beneficiary’s passports, company statutory documents and other documents. In order to open an account in a foreign bank relatively quickly, you need to provide the bank with all the necessary documents in a proper form at once, according to the requirements of the bank. Also, for a quick opening of a bank account, it is necessary to promptly answer all questions of compliance.
Who much time will it take to open an account in foreign bank?
It is worth to consider, that even if all the recommendations are followed, the procedure for opening a corporate account in a foreign bank will take two months or more. For prompt opening of a bank account, we advise you to contact our team of professionals. We will prepare all of the necessary documents and immediately provide the bank with all the information that it can request. Even if compliance will ask unusual questions, we will find answers to them.
Important! If you are offered to open an account within a few days or two weeks, this is a hoax. Usually such services are offered by dishonest lawyers or fictitious banks. In normal stable banks, an account is opened for at least a month, because only legal compliance takes at least 2 weeks.
To open an account in foreign bank for cheap
The cost of bank fees for opening an account depends on the policy of the bank. The commission for considering and opening an account in a foreign European bank can be 200-450 euros. But if you want to open a bank account for cheap, you should also pay attention to the minimum deposit, which can be several thousand euros/dollars, depending on the jurisdiction of the bank.
What is a minimum deposit on a bank account?
The minimum deposit is the minimum non-withdrawable balance on a bank account. It is deposited immediately after opening and is withdrawn only after the final closure of the account. You cannot use the minimum deposit for cash transactions.
Banks may not require a minimum deposit, but may require the client to keep a constant balance on the account not less than a certain amount. This may be about 10,000-30,000 euros, depending on the bank.
SBSB team of professionals always takes into account the wishes of clients regarding the minimum deposit and selects the most optimal banks.
In addition, in order to open a bank account cheaply, it is worth to take into account favorable rates of bank fees for transactions and account maintenance. We select bank fees for each specific client.
If you want to profitably open an account in a foreign bank with no extra cost, SBSB will be happy to help you with this. For over six years we have been advising our clients in the areas of corporate law, international tax planning, finance, international licensing and comprehensive business support in more than 40 countries.