Foreign Bank Account: How to Open a Bank Account Abroad
Plenty of businesses still need an account abroad, and getting one opened is still hard. Below you will find banks in various jurisdictions that are willing to take on new clients, together with a detailed guide that runs from picking the country to running your account day to day.
A foreign bank or payment system to suit my needs
Banks by country
| Bank name | Year of foundation | Account opening procedure | Cost of opening an account, $ |
|---|---|---|---|
| Poland | |||
| Erste Bank AG | 1819 | Not stated | 3,500 |
| Kathrein Privatbank | 1924 | Entry to the bank | 3,500 |
| Austria | |||
| Deutsche Bank AG | 1989 | Online | 3,500 |
| Erste Bank AG | 1819 | Not stated | 3,400 |
| Hypo Vorarlberg Bank AG | 1897 | Online | 3,500 |
| Belgium | |||
| Deutsche Bank AG | 1819 | Not stated | 3,500 |
Opening an account abroad
Working with partners in other countries, setting up branches abroad and most other parts of doing business overseas all depend on having a bank account. Nimius Advisory covers the whole process of opening personal and business current accounts, from advice on which institution to choose through to handing you the account details.
Businesses can also get banking services abroad in digital form. One example is the EMI (Electronic Money Institution), a licence to issue virtual money: it helps clients spread their risks and cut operating costs, whether they use digital financial services or traditional banks. An EMI licence also lets business owners process payments, make debit and credit transfers and carry out other routine financial operations.
As consultants, we will help you choose the right way to handle fiat electronic currency.
Bank account types
Personal accounts for individuals
We put together the full set of documents the bank needs and draft your answers to its questions. From you, we need only your internal passport and your international passport.
Corporate accounts for companies
We help register the company and open accounts abroad that match what the client needs. We prepare the documents and file them with the foreign bank, online or in person. For a non-resident to receive the account details, the bank will need the company's corporate documents and information on its beneficiaries, directors and authorised signatories.
What foreign bank accounts offer foreigners
A business that wants to grow and move into international markets needs a clear, carefully planned strategy, and a multi-currency account with a foreign bank is certainly one of its central parts. It makes payments in several currencies much simpler and eases currency conversion, which matters most to companies whose partners are spread across many countries.
Offshore accounts are another option for business owners: they allow capital to be preserved in times of political instability and currency devaluation.
An account with a foreign bank gives you these advantages:
- Your data kept highly confidential
- Flexible terms for using the account, with 24/7 access
- Easy account management, with a personal manager to support you
- Favourable offers for investing and placing deposits
- The possibility of a multi-currency account
- A guarantee that funds can be recovered if the bank goes bankrupt (common practice at EU banks)
- No cap on the size of transactions
- Opportunities to optimise tax
We at Nimius Advisory have worked with a large number of financial institutions for many years, so we know the legal procedures and the finer points of opening accounts in countries all over the world.
What our banking services include
- Consulting
- Preparing the documents required
- Legal support while the account is being opened
- Acting as intermediary between you and the bank
- Translation services
We price the service for each client separately, since it depends on the kind of business, the country and bank chosen, the account terms you want and other factors.
How to open an account with a foreign bank
We work together in these stages:
- Stage 1
Consultation
We meet to learn about your business and talk through your goals and preferences. Our manager then sends you a few suitable options.
- Stage 2
Agreement
We decide with you which bank abroad is best for the account, then sign a contract setting out every term of our cooperation.
- Stage 3
Prepayment
Once you have paid 50% of the service fee in advance, we collect the documents and start opening the account.
- Stage 4
Account opening
We deal with the bank and keep track of every stage. When the account is open, we give you its details and access, and you pay the other 50% of our fee.