How to open an account in Europe – professional advice

European banking is in the top lines of popularity in the rating of Russians. The interest towards the opportunity of opening an account in Europe is increasing with each year. The main reasons for that are high risks of loss and depreciation of savings in Russia.

It is possible to open an account in Europe for various purposes:

• multiplication;
• preservation of funds;
• everyday expenses;
• investments;
• purchase of securities;
• legal conduct of sale and purchase transactions.

The advantages of the European sector are obvious even to those inexperienced in such matters:

• high reliability;
• economic and political stability;
• good organization;
• clarity and transparency of the legal framework;
• absence of double taxation;
• wide selection of products;
• favorable tariff rates;
• guaranteed return of deposits of up to 100,000 euros;
• easy access to EU markets;
• increasing the company's prestige among partners and competitors;
• availability of all payment systems and services and not only.

Moreover, for those who have managed to open an account in a European bank, it is easier to draw up a loan agreement at a preferential rate. Mortgage offers are actual for them, as well.

There are two ways of opening an account in Europe for a non-resident:

• Personally;
• Remotely.

But that is in theory. In practice, an applicant faces a number of obstacles. They will have to go though a long list of legal and judicial aspects to fully understand how the financial sector functions.
The hardest one for Russian citizens and other foreigners is the multi-step verification. It is carried out in several stages, at which information is requested about:

• The clients themselves;
• Their credit history;
• The origin of the money;
• Their solvency and so on.

During the process, managers even have a right to request for letters of recommendation from the banks at the client's home country. Thus, if the procedure is implemented remotely, it takes a lot of months, during which a non-resident will have to conduct business correspondence in an unfamiliar language and regularly pay for the sending of new papers.
In order to open an account in Europe, a private individual should prepare the following documents:

• both identity cards (foreign and regular);
• information about the source of funding;
• address of residence (a receipt for payment of utility bills will do);
• TIN;
• complete information about the place of work and position.

For legal entities, the list will be longer:

• a set of registration documents;
• constituent set;
• passport of the owner of the company;
• information about beneficiaries, shareholders and partners;
• confirmation of the legality of the origin of money;
• letter of recommendation from an EU business partner;
• certificate from a credit institution at home.

All the documents should be translated into the foreign language in a specialized bureau and certified by a notary.
But even in this case, there might be unforeseen situations and declines. That is why, it is worth trusting specialists.

Our team offers to open a "turn-key" bank account in Europe. We will take care of all the design issues, including onsite visits and customer representation.
We also provide information services and help in solving various issues:

• analysis of proposals of credit institutions;
• professional translation of documentation;
• affixing an apostille (if necessary);
• conducting correspondence and so on.

With us, the doors of all financial institutions of the European Union will open in front of you!