International banks

Bank accounts in Australia

Bank name Account type Account Opening Period Price
Bendigo Bank
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Corporate account 3-4 weeks 1700 USD
National Australia Bank
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Corporate account 3-4 weeks 1700 USD
Bank of Queensland
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Corporate account 3-4 weeks 1700 USD

Bank accounts in Austria

Bank name Account type Account Opening Period Price
Meinl Bank
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Corporate account 2-3 weeks 1 000 USD
Raiffeisen Bank
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Corporate account 3-4 weeks 2100 EUR
Erste Bank
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Corporate account 3-4 weeks 2100 EUR
Unicredit Bank Austria
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Corporate account 3-4 weeks 2100 EUR
LGT Group
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Investment Account 2 weeks 1000 USD
Euram Bank
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Investment Account 2 weeks 1000 USD
LLB, Liechtensteinische Landesbank
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Investment Account 2 weeks 1000 USD
Valartis Bank
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Investment Account from 2 weeks 1000 USD

Bank accounts in Bulgaria

Bank name Account type Account Opening Period Price
UniCredit Bulbank
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Corporate account 2-3 weeks 1000 EUR

Bank accounts in Cyprus

Bank name Account type Account Opening Period Price
Piraeus Bank
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Corporate account 3-4 weeks 700 EUR
Alpha Bank Cyprus Ltd
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Corporate account 3 weeks 700 EUR
Hellenic Bank
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Corporate account 3-4 weeks 700 EUR
Eurobank EFG Cyprus
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Corporate account 2-3 weeks 700 EUR
Bank of Cyprus
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Corporate account 2-3 weeks 700 EUR

Bank accounts in Czech Republic

Bank name Account type Account Opening Period Price
Ceska sporitelna
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Corporate account 2-3 weeks 2600 EUR
CSOB
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Corporate account 2 weeks 2600 EUR
PPF banka
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Corporate account 2 weeks 2600 EUR

Bank accounts in England

Bank name Account type Account Opening Period Price
NatWest
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Corporate account from 3 weeks 1000 USD
HSBC
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Corporate account from 3 weeks 1000 USD
Barclays Bank
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Corporate account from 3 weeks 1500 USD

Bank accounts in Estonia

Bank name Account type Account Opening Period Price
Swedbank
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Corporate account 2-3 weeks 700 EUR
Tallinn Business Bank
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Corporate account 2-3 weeks 700 EUR

Bank accounts in Germany

Bank name Account type Account Opening Period Price
Deutsche Bank
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Corporate account from 4 weeks 3500 EUR
Commerzbank
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Corporate account 3-5 weeks 2900 EUR

Bank accounts in Italy

Bank name Account type Account Opening Period Price
Intesa Sanpaolo
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Corporate account 3-6 weeks 1000 EUR

Bank accounts in Kazakhstan

Bank name Account type Account Opening Period Price
BCC Bank
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Corporate account 3-4 weeks 2900 EUR
Jusan Bank
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Corporate account 3-4 weeks 2900 EUR
Forte Bank
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Corporate account 3-4 weeks 2900 EUR
Hakyk Bank
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Corporate account 3-4 weeks 2900 EUR
RBK
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Corporate account 3-4 weeks 2900 EUR

Bank accounts in Liechtenstein

Bank name Account type Account Opening Period Price
LLB, Liechtensteinische Landesbank
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Investment Account 2 weeks 1000 USD
LGT Group
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Investment Account 2 weeks 1000 USD
Valartis Bank
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Investment Account from 2 weeks 1000 USD

Bank accounts in Mauritius

Bank name Account type Account Opening Period Price
ABC Banking Corporation
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Corporate account 3-4 weeks 500 USD
State Bank of Mauritius Ltd
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Corporate account 3-4 weeks 500 USD
Mauritius Commercial Bank Limited
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Corporate account 3-4 weeks 500 USD

Bank accounts in Saint Lucia

Bank name Account type Account Opening Period Price
Hermes Bank
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Corporate account 4-6 weeks 700 USD

Bank accounts in Singapore

Bank name Account type Account Opening Period Price
Bank of Singapore
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Investment Account 2-3 weeks 1000 USD
UOB, United Overseas Bank Limited
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Corporate account 5-7 weeks 1000 USD
DBS Bank
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Corporate account 4-7 weeks 1000 USD
OCBC
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Corporate account 4-7 weeks 1000 USD

Bank Accounts in Spain

Bank name Account type Account Opening Period Price
CaixaBank
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Corporate account 3-6 weeks 2000 EUR
BBVA
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Corporate account 3-4 weeks 2000 EUR

Bank accounts in Sweden

Bank name Account type Account Opening Period Price
SEB Bank
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Corporate account 2-3 weeks 500 EUR

Bank accounts in the UAE

Bank name Account type Account Opening Period Price
Emirates Islamic Bank
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Corporate account 3-4 weeks 2000 USD
First Abu Dhabi bank
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Corporate account 3-4 weeks 2000 USD
Noor Islamic Bank
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Corporate account from 3 weeks 1000 USD
Emirates NBD
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Corporate account from 3 weeks 1000 USD
Mashreq Bank
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Corporate account 3-4 weeks 1000 USD

Bank accounts in Hong Kong

Bank name Account type Account Opening Period Price
ChinaTrust
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Corporate account 2-3 weeks 1000 USD
Hang Seng Bank Limited
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Corporate account 2-3 weeks 1000 USD
Standard Chartered Bank
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Corporate account 2-3 weeks 1000 USD
HSBC
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Corporate account 2-3 weeks 1000 USD

Bank accounts in Latvia

Bank name Account type Account Opening Period Price
Citadele Banka
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Corporate account 2-3 weeks 500 EUR
AS Expobank
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Corporate account 7-14 days 500 EUR
Latvijas Pasta Banka
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Corporate account 7-14 days 500 EUR
IB Investicijubanka
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Corporate account 2-3 weeks 500 EUR

Bank accounts in Switzerland

Bank name Account type Account Opening Period Price
Credit Suisse
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Corporate account 3-5 weeks 500 USD
C.I.M. Banque
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Corporate account 3-5 weeks 500 USD
Privatbank IHAG Zürich AG
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Investment Account 10 working days 500 USD
AP Anlage & PrivatBank
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Corporate account 10 working days 500 USD
Banque Genevoise de Gestion SA
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Investment Account 10 working days 500 USD
Banque Heritage
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Investment Account 10 working days 500 USD
BSI Bank
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Investment Account 10 working days 500 USD
BNP Paribas
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Corporate account 10 working days 500 USD
Coutts
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Investment Account 10 working days 500 USD
Falcon Private Bank
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Investment Account 10 working days 500 USD
HSBC
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Corporate account 10 working days 500 USD
Union Bancaire Privée, UBP SA
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Investment Account 10 working days 500 USD
VP Bank (Switzerland)
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Investment Account 10 working days 500 USD

The natural functioning of the business is possible only if you have an open bank account, or better – in several, mainly if the company is conducted in several jurisdictions. A bank account is not only a necessity for doing business but also one of the factors confirming legality and reliability. Opening a bank account in a foreign bank is one of the primary services provided by Aotopay lawyers worldwide.

Lawyers are ready to advise in full detail on the specifics of opening an account in your case and to accompany the procedure for opening such an account from the decision to open until the last transaction on the statement. In addition, lawyers are ready to advise on all the nuances of opening an account in a foreign bank and why to do it within the framework of your business case.

Benefits of opening an account in a foreign bank

Opening a foreign account seems to be a beneficial option in many cases of foreign business, taking into account the following nuances:

  • the need to ensure the confidentiality of the business, as well as the data of the beneficiaries;
  • doing business involving businesses and banking institutions in low-tax jurisdictions (local banking institutions provide favorable financing terms, relatively low and sometimes even low service rates, have flexible currency control rules, as well as simplified record-keeping requirements);
  • opening accounts for settlements with business partners from specific regions, such as Europe;
  • business protection, as well as reduction of related financial and economic risks (fluctuations in exchange rates, inflation, and other factors);
  • ease of filling out documents and maintaining records.

The benefits of opening foreign bank accounts for non-residents are not limited to those listed above. Aotopay lawyers can help identify options for opening foreign accounts that will help maximize the benefits of doing business and holding money overseas.  Provide input to the lawyers for individualized advice on the issue.

Aspects to consider when opening an account in a foreign bank

If you plan to open an account in a foreign bank for individuals or legal entities, you should pay attention to many nuances:

  • clearly define financial and business priorities, and select a specific jurisdiction and bank for them (Cyprus, Switzerland, Great Britain, Serbia, etc. are among the popular ones);
  • determine the type of account to be used: operational (used for making payments, including trade transactions with counterparties), investment or savings account (opened to accumulate and increase the number of funds);
  • to study the requirements of the selected bank, as well as to form a package of documents for consideration;
  • pay attention to the nuances of confirming the legality of the origin of funds, as well as meeting the requirements of financial monitoring before and after opening a new bank account and in the process of carrying out operations on it;
  • obtain documents confirming the opening of a bank account and a bank card.

The specific procedure for opening an account in a foreign bank for an individual or a company varies, considering the case’s background. Aotopay lawyers are ready to provide legal support for the process of opening and further support of activities using a foreign account.

Nuances of opening foreign accounts

Opening accounts in foreign banks for individuals and legal entities is possible through an agent or remotely. The first option is the most common. The second option is viable. It is possible to open accounts in a foreign bank remotely by submitting documents for review by mail. This is followed by a video conference, where employees are asked to answer the questions of interest and show the original identity document.

In any case, to open a bank account, it is necessary to provide information about a physical person – passport and other identification data, information about the occupation, data that confirm the legality of the origin of funds, as well as additional required information. It is noteworthy that there are nuances to opening a bank account for individuals – individuals confirm their current place of residence with receipts of payment of utilities.

Legal entities provide data on the current registration status, copies of constituent documents, information on the beneficiaries and managers of the company, as well as other data that the bank may require following local law and internal policies.  Registration forms accepted by the particular bank are to be filled out and submitted in any case.

In addition to the formal documents, information on the planned transactions to be carried out using the account (anticipated annual turnover) should also be provided. Persons who open accounts should provide current contact information and information on sources of income. The reason for opening the account should also be stated.

When considering and opening a foreign bank account should not be limited to one option – it is better to choose and submit documents to at least 2-3 banks. Standard periods for opening a bank account abroad are from 2 weeks to 2 months.

Payment systems as alternatives to banking institutions

It is not always possible to open an account with a foreign bank because of local restrictions. For example, in some jurisdictions, only a resident of the bank’s jurisdiction can do so.  Nevertheless, the option of opening an EMI account offers several unique advantages:

  • no minimum deposit requirements;
  • simplified compliance rules;
  • no limits on closing transactions on the account;
  • high level of confidentiality of the owners’ data due to the absence of exchange of tax information;
  • provision of additional guarantees of safety of funds if a certain threshold is exceeded.

How Aotopay lawyers can help

Suppose you set yourself the task of opening an account in a foreign bank. In that case, the lawyers of Aotopay are ready to consider the business case carefully and answer the question “can I open an account in a foreign bank?” in your case, as well as in which jurisdiction this option will be available to you and most advantageous. For example, many banks in Singapore and Hong Kong refused to open a bank account for foreign nationals from the CIS. Therefore, Aotopay lawyers will help you to avoid the risks of rejection and loss of time by selecting the options for opening a bank account that is most suitable for your business case. In particular, the lawyers will help in the successful implementation of the following actions:

  • consider the background of the case and suggest the most appropriate options for opening an account abroad;
  • make a plan on how to register a foreign bank account in your case;
  • help you take advantage of the option of opening a foreign bank account remotely, where available;
  • will accompany the procedure for opening a foreign account, including negotiations with foreign bank officials;
  • provide further legal support in possible problematic situations that may arise during the operation of a foreign bank account.

Aotopay’s range of services is not limited to those mentioned above. Lawyers are prepared to find a suitable low-tax jurisdiction for your case, optimize the amount of taxes to be paid, and help obtain a residence permit in a foreign jurisdiction. In addition, we will gladly provide legal support in opening a corporate or personal account in a foreign bank. Provide information for your case.

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