Opening Accounts Abroad with GLS Law Company
There are numerous reasons why one might need bank accounts abroad. These can include conducting international business, saving money by individuals, investing in foreign real estate, and even everyday expenses in online stores in the USA, Europe, and other countries.
Opening an account abroad can be complicated since each banking institution may have its own requirements. To increase your chances of success, save time and effort, seek legal services from GLS Law Company professionals. With their help, you can properly prepare the necessary documents and open a bank account in a foreign bank. Usually, applications from potential clients are considered by foreign institutions within 7-10 working days, unless additional documents are required.
Why You Might Need to Open an Account in a Foreign Bank
An individual might need a personal account in a foreign bank for various reasons. However, it should be noted that using it for commercial activities, particularly for business, is not allowed. If the bank notices typical business activity, it may restrict the owner’s access to the funds. To learn about other aspects of the procedure, use our legal services.
A Ukrainian citizen might need to open an account in a foreign bank in various situations:
- Depositing funds into the account — this is necessary to obtain a residence permit. This involves meeting the conditions of relevant state programs, where a migrant’s bank account must have a certain amount of money.
- Paying for education in foreign schools, institutes.
- Saving money to buy a valuable asset — for investors.
- Receiving payment for freelance orders.
- Receiving salary — for employees of a foreign company.
- Paying for purchases and withdrawing cash abroad.
- Saving currency — for depositors.
Additionally, opening an account abroad by an individual is necessary even for more “simple” tasks — paying for travels, staying in hotels, medical assistance, purchasing goods and services abroad.
Opening an Account Abroad: List of Documents
Almost all foreign banks scrutinize their potential clients very carefully. To open an account abroad, you will need to provide a large number of documents, so it would be rational to use our experts’ services. For example, you may need:
- Foreign and/or domestic passport.
- Resume or CV (Curriculum Vitae – a short but detailed information about the client’s life with key dates).
- Statement from an existing bank account.
- Proof of income or dividends, deposit agreements, and other documents confirming sources of income.
- Any documents that can determine the future client’s marital status. For example, a marriage certificate.
- A reference letter provided by your current bank.
Note that the documents listed above may not be sufficient to open a bank account abroad. This is because each bank has its own client policy and a list of requirements for client verification (KYC procedure).
How to Open an Account in a Foreign Bank
Usually, the future client’s personal presence is required, but sometimes remote account opening in a foreign bank is allowed.
Note that for citizens of Ukraine and many other countries, accounts in foreign banks are rarely opened remotely. The most realistic option is to use our services so that a GLS Law Company specialist can represent your interests. They will handle all organizational issues, and after registration, send you the original bank agreement and card by mail.
Sometimes opening an account in a foreign bank is impossible without the client’s personal presence. For example, all major issues are resolved remotely, but a trip will be needed for personal signing of the contract. In this case, our services will also be needed: a GLS Law Company employee will expedite the procedure, properly prepare all necessary documents, and save you the need to independently study all the nuances of how to open an account in a foreign bank.
