Do you need a bank account in Europe but cannot travel there because of COVID19 travel disruptions or other temporary restrictions? Your intentions and concerns are quite justified, and you are not alone in this boat.
Europe has traditionally been a safe haven for banking. With modern fintech businesses, a lot has changed, but Europe’s reputation for banking safety is still second-to-none.
Crypto investors, foreign businesspeople, and others all fear losing assets due to factors like biased new laws, politically motivated persecution, currency depreciation, serial recessions caused by the pandemic, new high taxation, and banking risks in the home country – these and other reasons prompt many to think about keeping assets in a safer place abroad.
A foreign bank account in a country with a reliable and well-organized banking system is a necessary vehicle for any moderately wealthy individual, trust or corporation. The banking systems of many European countries are well-developed, reliable, and well-organized. Major banks in the region are among the top 10 global financial and credit institutions. Today, the European banking system has a significant impact on the concept of modern financial relations and the entire global economy. Anyone holding a bank account in Europe feels more secure.
Finally, people search for the most profitable, robust bank offering 360-degree conveniences for regular transactions and other purposes. Therefore, the choice, as a rule, falls on solid financial institutions located in reputable countries where it is possible to open and manage an account remotely.
In this article, we will look at how non-residents can open accounts in Europe without visiting a bank.
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of personal bank accounts abroad for persons depositing €5000+. Expert services based on 7+ years of experience in banking.
Opening PERSONAL accounts for non-residents in Europe without visiting a bank
Those choosing to open personal bank accounts in Europe typically have very specific goals. Which is yours? Conventionally, such goals can be clustered into 3 categories:
- to be used in everyday life in Europe
- to grow capital through investments
- to protect assets.
If a person has to pay everyday bills in a European country, it will not be easy without a bank account. If you pay utilities, rent, children’s tuition, and your trips within Europe, a bank account in the region allows you to save on the lower costs, rates, and benefit from faster transactions.
If your life is strongly tied to a particular European country, you can visit the bank and open an account in person. If you are outside Europe, just planning your resettlement, remote banking services are also possible, although they will take some time.
If we are talking about investments and capital growth, then European banks offer a wide range of opportunities. You can invest large and small amounts in Switzerland, Germany, Liechtenstein, and other countries.
You can use a European account to buy stocks and bonds, as well as to buy real estate, art, and jewelry. A bank account will also be useful in large transactions, as the law limits the maximum amount for transactions in cash almost everywhere in Europe.
And last on the list, but not least, is the intention to open an account in Europe to protect assets. The banking system and economic situation in some European countries are much more stable and predictable than in others. If your concern is not to be robbed by swindlers, or the state under some allegedly noble pretext, then a foreign bank account for you is a smart solution.
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Opening CORPORATE accounts for non-residents in Europe without visiting a bank
Usually, non-residents decide to open accounts in Europe without a visit when they are going to launch business operations in European countries or to conduct international business. When opening an account for a legal entity, European banks usually ask for a standard set of your corporate documents, as well as personal documents of the owner or account manager, sometimes a reference from a local bank. In addition, documents confirming the source of wealth and source of funds in the account, a CV of the beneficial owner of the account, and a letter of recommendation from a business partner may be required.
All these documents are requested by banks because they are obliged to maintain due diligence and fight against money laundering under international law. That is why you should take it for granted that the proof of the legal origin of your assets is one of the most important documents for opening an account in Europe. Moreover, European banks are very strict about the Know Your Client principle, so they require full disclosure of the actual beneficial owner of the company.
Almost all European banks provide opportunities for account management through online banking. In some financial institutions, it is possible to open a corporate account remotely without having to travel to the country where the bank is located.
Please note that opening a corporate account for an offshore company in Europe without visiting the bank will take a very long time (calculated in months) or is nigh on impossible if the offshore company does not keep accounting records and has no website. Of course, money talks – so the larger the balance you will be depositing, the easier it is to open a European bank account for an offshore company.
How to open accounts for non-residents in Europe without visiting a bank?
Non-residents can open an account in Europe without a personal visit by one of the following methods:
- Through a local office of a foreign bank in your home country. In this case, you will need to visit the bank branch in your country and request to open an account in another jurisdiction. HSBC is one of the best banks in which to arrange this. This option is not always available: some banks do not even accept documents from their branches, so you need to find out about the existence of such a service. If possible, you will need to prepare a package of documents and be interviewed in person in your own country. Sometimes representatives of a foreign bank visit other countries to meet potential clients, but these services are available exclusively to depositors of huge sums.
- By online application of a package of documents for opening an account plus an online interview. Opening an account by non-residents remotely is quite difficult. In any case, it is recommended to prepare an impressive package of documents, which must be in perfect compliance with the rules. In some cases, bank officers arrange a web conference to interview the client online. As part of our service, our compliance experts will help you put together the necessary documents, and can give you advice on preparing business plans, cash flow forecasts etc in the format the bankers will want to see.
- Some jurisdictions allow you to open a corporate account by Power of Attorney. In this case, we will help you prepare the necessary Power of Attorney. One of our network of lawyers can visit the bank in person on your behalf and manage the account opening. You just need to sign the power of attorney and have it notarized. The good news is that these days notarization can also be arranged by video-conferencing using services such as notarycam.com
The rule of thumb used to be that personal and non-resident corporate accounts cannot be opened in most banks in Europe without a personal visit. With many bank staff now working full time from home, however, this paradigm has recently changed. You can overcome this barrier with the help of experts who know the peculiarities of banks. By working together with them you improve the chance and expedite the process of opening an account with a European bank.
You are welcome to contact our Q Wealth team for help in opening an account in Europe remotely. We will help you assemble and prepare all necessary documents, send them to the bank, and we will fully support you during the whole process of opening an account with a European bank. Dealing with professionals will significantly speed up the process of opening a bank account and help you avoid unnecessary disappointments and futile efforts.
In which European bank can non-residents open accounts without a visit?
If your task is to open an account in Europe for personal purposes remotely, then your choice is limited. If your intentions are serious, then you should be guided by the objectives you need to achieve with the bank’s help.
Whenever you need a personal account for investments – Switzerland is the right place for you. If you want to study in Germany, it is worth considering an account in Germany.
As for a corporate account, a lot depends on your business goals relevant to the types of goods, services, e-commerce, and the geography of your contractors and customers.
Please remember to pay attention to the internet-based banking solutions available at the financial institution, the speed of transactions, the schedule of fees, the cards issued, etc. Does the bank work with companies like yours? What is the minimum deposit requirement, can you afford it? There must be some other questions to consider too.
Even a brief analysis will give you useful prompts about which bank in Europe to choose. Expert advice is always reliable support.
We can help you open accounts all over Europe, both without and with a personal visit. You can open an account in Andorra, Austria, Czech Republic, Estonia, Germany, Hungary, Liechtenstein, Luxembourg, Poland, Slovakia, and Switzerland. We’ll discuss with you all options that interest you during an initial consultation.
Here are some of our winning offers that we recommended this year: Open a Corporate Bank Account and a Personal Bank Account in Switzerland Remotely, Corporate Account in Northern Cyprus: Open Remotely, Open a Corporate Account in Portugal Remotely, Corporate Account Opening with a German Bank in Cologne Remotely, and may other.
An important thing to understand is that the situation keeps changing. The banks that were popular last year are not the most promising today. A striking example is banks in Latvia, Estonia, and Cyprus – once the leading players in the non-resident banking business, today they are some of the least flexible. That’s why we always recommend that you consult with an expert first and only then proceed to open a bank account.
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If you have already chosen a certain bank, you can check your chances of opening an account with this bank by using our PRE-APPROVAL service.
The PRE-APPROVAL service is your unique opportunity to obtain with our help preliminary consent (or refusal) from the bank before you need to send the full package of documents.
Account opening in Europe for foreigners without visiting the bank is a sophisticated yet quite feasible service, which we recommend to anyone who needs to move their funds to a safer place or has some other interests in Europe.
For our professional detailed advice on how to open an account in Europe without visiting the bank and where to find a bank that would best suit you or your business, we offer our FREE consultation on the selection of a foreign bank for opening an account. To book a session with our seasoned expert, please send us your questions to info@qwealthreport.com or contact us on the phone and messengers given on this page.
Can non-residents open an account in Europe?
Non-residents/ clients from outside Europe can open an account with European banks. Not all credit institutions welcome foreigners, as the attitude towards non-residents has changed a lot in recent years. However, there are still banks that are willing to work with international customers, open accounts for foreign companies and non-resident private persons. We can recommend banks that will open accounts remotely, without a personal visit. Our advice is tailored to your needs, so we invite you to start by booking from us a FREE private consultation with our expert.
Is it possible to open a European account for foreigners without a personal visit?
Remote account opening is available, but not in many banks. European banks are very sensitive to foreign clients and carefully screen them. In most cases, your thorough preparation of application documents is half the battle, the size of your tentative deposit is also a key to success. Depending on the bank, the minimum mandatory deposit may be from a couple of thousand euros to several million euros.
What are the advantages of opening an account in Europe?
An account with a European bank provides you with the feeling of security, reliable flawless banking, a wide range of services and investment offers, a well-earned reputation, an opportunity to work more flexibly with foreign partners and clients across Europe and beyond. Also, in most European countries customer deposits are insured (in the EU the amount of up to €100,000 is guaranteed) even in the case of bank failure. So, it is worth opening a personal or corporate account in Europe. Do not hesitate to request our professional assistance whenever you feel you need an experienced consultant or advocate to help you out with remote bank account opening.
