News: Which bank to choose for opening an account abroad?

Every entrepreneur must have a business account with a bank registered for a company. This condition is not an official requirement, but it is considered a more convenient way to conduct and monitor financial transactions.

Lack of awareness about the conditions and principles of cooperation with foreign clients may be regarded as negative effect for a business founder abroad, when choosing a bank. 

When choosing a bank where to open a bank account as a non-resident, pay attention to the following:

1. Does the business line of a bank coincide with the purpose of an account.

You need to primarily solve the issue whether to register an account with a commercial bank or an investment bank.

Pros of commercial institutions:

• low cost of services;
• no requirements for a minimum deposit;
• ability to conduct multiple transactions

Investment, or savings, ones are chosen by those who need to save and multiply assets. A transaction limit is usually set. Pros corresponds to high ratings of personalized service. It is advisable to open accounts with the foregoing institutions if passive profit and accumulation of capital are of interest. 

2. Do I need to personally be present at a bank in order to open an account.

Which bank to choose if you do not want to visit it to open an account? You can familiarize yourself with institutions in Cyprus, Bosnia and Herzegovina, the Baltic countries, Georgia, as well as in other jurisdictions.

3. How much information should be provided.

It is advisable to be cautious if a bank does not require the provision of information. To date, most institutions are requesting data of a client. 

4. What is the cost of servicing.

Commercial financial institutions can offer lower prices. 

5. Does the principle of bank secrecy operate. 

To understand which bank to choose, if the answer is positive, it is worth:

• looking attentively at the countries where strict laws on disclosure of information are in force and there are high standards of bank secrecy;
• familiarizing yourself with international agreements on mutual assistance and information transfer.

Singapore, Panama and Austria have a high rating among jurisdictions that adhere to the principle of bank secrecy.

6. What banking products and conditions of cooperation are needed.

Certain banks can issue anonymous cards (which do not put on the name of an owner). Percentage for the cash withdrawal procedure can differ significantly, as well as the interest in non-cash settlement. Take into account, what operations with an account are necessary, whether Internet banking is necessary and whether the presence of bank employees who speak Russian is a prerequisite.

There are many other nuances of choosing a financial and credit organization for opening a corporate account, so it is better to contact a competent specialist who will select the most suitable institution, taking into account all the intends of a client.