European banks are known for their stability and reliability. However, in recent years, the process of opening accounts for foreigners and non-resident companies has become increasingly complex.
This trend is due to the heightened scrutiny and strict control imposed by regulatory authorities on financial institutions worldwide. Banks are reluctant to risk their licenses, reputations, and existing client bases by opening accounts for “questionable” clients.
As a result, all European banks adhere to the fundamental principle of “Know Your Client” (KYC) and conduct thorough due diligence to verify the information provided by prospective clients.
How to Open a Bank Account Abroad
The process of opening an account in a foreign bank involves several stages:
1. Selecting the Bank
Feod Group specialists provide personalized consultations to analyze and select the most suitable bank based on the client’s goals and plans.
When choosing a foreign bank, we recommend considering the following:
Political and economic stability of the bank’s jurisdiction.
The bank’s reliability and reputation.
The level of banking secrecy and confidentiality.
Client requirements, the complexity of the account-opening process, and due diligence procedures.
The range of services provided by the bank.
The bank’s profile and its alignment with the nature of the intended transactions.
Service fees and charges.
2. Obtaining Preliminary Approval from the Bank
At this stage, we prepare and submit the client’s personal and professional profile to the selected bank to secure preliminary approval for account opening.
3. Gathering and Preparing Required Documents
This is the most labor-intensive stage, as it’s crucial to provide all the information the bank requires, including any additional requests during the due diligence process. Feod Group meticulously reviews each document—from dates and signatures to proper certifications. Any errors or ambiguities can lead to a rejection of the account application.
4. Completing Bank Forms and Questionnaires
Every bank has its own forms and questionnaires that prospective clients must complete, such as Self-Assessment Forms.
In some European countries, like Switzerland, Germany, and Austria, banks may require a personal meeting between the account manager or beneficiary and a bank representative at the main office to sign the necessary forms.
5. Interview with the Bank Representative and Document Submission
As mentioned earlier, many European banks require direct contact with the client as a condition for opening an account. This often involves a personal meeting with the bank representative or, in some cases, a video conference prior to submitting documents.
In certain jurisdictions, such as Cyprus, Latvia, Lithuania, and Greece, accounts can be opened remotely without a personal visit. However, for most European banks, opening a non-resident personal or corporate account without an in-person visit is nearly impossible.
6. Bank Review and Decision
The decision to open an account depends on the nature of the client’s business and intended transactions. On average, the process takes around three weeks from the time the bank receives the signed forms and documents or after a personal meeting or video conference. Additional information or documentation may be requested, potentially extending the timeline.
Feod Group ensures smooth completion of all stages. We not only prepare and review the document package but also handle communication with the bank, addressing any additional queries until the account is successfully opened.
It is better to ask ones than to search 100 times
If you have any questions, please contact us.
Documents Required to Open a Bank Account
The list of required documents may vary depending on the specific case. At any stage of the account-opening process, the bank reserves the right to request additional documents or information.
For opening a personal account, the following documents are typically required:
Identification documents for the applicants (passport copies, proof of address, completed questionnaires, resumes).
Documents confirming the legality of the source of funds.
Income statements and tax returns proving tax payments in Ukraine.
Information about the intended use of the account.
Proof of employment or enrollment in education.
References from other banks where the applicant holds accounts.
Proof of property ownership.
Documents Required to Open a Corporate Bank Account Abroad
To open a corporate bank account, the following documents and information must typically be provided:
Identification documents for all related individuals (passport copies, proof of address, questionnaires, and resumes for account managers, private owners, beneficiaries, company executives, and shareholders).
Corporate documentation (original articles of association, charter, and director appointment orders).
Certificate of Incumbency and Certificate of Good Standing (if the company has been registered for more than one year).
Business information or business plan, including the intended use of the account, expected transaction volumes, and details about business partners.
Proof of tax payments.
Source of funds documentation.
Bank references for the company or beneficiaries, confirming accounts held with other banks.
Business and banking references, including letters from partners and other banks where the client maintains accounts.
Assistance with Opening a Bank Account in Europe
We recommend taking a comprehensive approach to achieve both personal and business goals by entrusting the process to professionals.
Feod Group specialists provide consultations and assistance with opening bank accounts in European countries, either remotely or through personal visits. We offer a full range of services to help you open both personal and corporate bank accounts in Europe for your business needs.
With our help, you can easily open an account in Austria, Italy, Spain, France, Portugal, Switzerland, Greece, Germany, Cyprus, and Malta.
If you’re interested in opening a bank account in Europe and want to determine which bank is best suited for you or your business, please contact our specialists for a professional consultation!
George Georghiou joined Feod Group in 2005 as a Managing Partner, bringing with him British legal education from King's College London, legal practice in London, and extensive experience in international real estate investment, including his own business in King’s Cross, London. His expertise, ...
George Georghiou joined Feod Group in 2005 as a Managing Partner, bringing with him British legal education from King's College London, legal practice in London, and extensive experience in international real estate investment, including his own business in King’s Cross, London. His expertise, global network of partners, and "one-stop-shop" concept became the foundation of Feod Group’s comprehensive legal and business services. Through mentorship, training, and strategic development, George played a key role in expanding Feod Group into an international company, delivering high-level legal and business solutions worldwide according to Western standards. Renowned for his professionalism and mastery in handling complex international transactions, George was highly respected by clients, partners, and colleagues. For 19 years, he served as Feod Group’s Ambassador on the international stage, leaving an unforgettable legacy. The Feod Group team extends its deepest gratitude to George Georghiou for his invaluable contributions and unwavering dedication to the company's growth and success.
