Account for a foreign company: bank or neobank

• The decision is not made by the brand itself, but by a combination of three factors: the beneficiary's citizenship, their country of actual residence, and the company's jurisdiction. Change one factor, and the entire scenario shifts.
• Most neobanks screen based on the applicant's address rather than the company itself. Revolut Business explicitly requires the applicant's home address to be in the UK, the EEA, Switzerland, Australia, Singapore, or the USA.
• Traditional offshore jurisdictions—such as the BVI, Seychelles, Belize, and the Marshall Islands—are rarely accepted by Wise or Airwallex. These platforms generally require a company to be based in the UK, Estonia, Hong Kong, Singapore, or the USA.
• EU sanctions regulations affect cards and e-money services for individuals holding Russian citizenship but do not automatically extend to non-Russian companies with Russian owners. A corporate account and a director's personal card are treated as two separate matters.
• Funds held in a neobank sit in segregated accounts rather than being covered by state-backed deposit insurance. This is acceptable for operational balances but not for holding reserves.
• A rejection becomes attached to the legal entity. A re-application from the same company is usually automatically rejected; therefore, the application dossier must be fully prepared before the initial submission, not after a refusal.

If a single-line answer is required, it is this: neobank accounts are opened for those with a company in a "clean" jurisdiction and an applicant with a suitable residential address, whereas traditional bank accounts are opened for those with a verifiable presence in the country where the account is held. Everything else is simply a matter of the specific details surrounding these two conditions. Choosing between a traditional bank and a neobank is rarely a matter of preference. More often, one option is simply ruled out based on formal criteria; the challenge lies in realizing this beforehand, rather than after a three-week wait followed by a rejection letter that offers no explanation.
Below, we explain how these screening processes work in practice, how Wise differs from Airwallex in terms of onboarding mechanics (rather than marketing), and what to do if your profile falls into a "gray area."

What actually determines the outcome of an application

Russian-language reviews usually center on the question: "Does the service work with Russians?" This is the wrong question to ask, which is precisely why such reviews are useless. Providers do not check just one variable; they evaluate a combination of factors, and each provider has its own specific criteria.

Three variables instead of one

The first variable is the citizenship of the beneficiary and the director. The second is the country of actual residence of the person submitting the application and signing the documents. The third is the jurisdiction of the company itself. An expatriate with a Russian passport and Spanish residency, operating an Estonian OÜ, represents one type of case. That same passport, combined with residence in Moscow and a Seychelles IBC, represents a completely different scenario—one that is effectively a non-starter with almost any provider you approach.
The difference between these two situations comes down neither to luck nor to the quality of the application form. It is rooted in eligibility rules and is assessed by automated systems before a human being even sees the application. Understanding this can save weeks of time.

Where the line is drawn between the company and the individual

There is a nuance here that is rarely articulated, yet it dictates half of all practical decisions. EU sanctions regulations—specifically Article 5b, Paragraph 2 of Regulation 833/2014 (as amended and effective from late November 2025)—prohibit European operators from issuing payment instruments, providing acquiring services, initiating payments, or issuing electronic money for Russian citizens, individuals residing in Russia, and Russian legal entities. On March 13, 2026, the European Commission issued clarifications that resolved the main points of contention.
The list of prohibited services is exhaustive. Direct bank transfers, cash withdrawals, and access to online banking for an existing account are not prohibited. However, card reissuance is banned: a renewal is treated the same as a new issuance. Issuing a supplementary card in the name of a Russian national linked to a European company’s account is also prohibited, even if the account and contract are held by the legal entity itself.
There is a crucial point worth noting here: the prohibitions do not automatically apply to companies registered in the EU or third countries, even if they are owned by Russian citizens. In other words, an account held by a Lithuanian or British company with a Russian beneficial owner is legal, whereas a named corporate card issued to that same beneficial owner is not. There is one significant caveat: if the corporate structure was created specifically to enable an individual to access prohibited services, this constitutes circumvention—an act expressly forbidden by Article 12 of the same regulation—entailing liability for both parties involved in the arrangement.

Why the residence permit exemption requires forward-looking planning

Exemptions apply to citizens of EU/EEA countries or Switzerland, as well as holders of valid residence permits or temporary residence authorizations. Long-stay (Type D) visas accompanied by local residency registration generally qualify as well, subject to local legal requirements.
Official clarifications add a condition that is often overlooked: the residence permit must remain valid for the entire duration of the financial instrument being issued. A three-year card cannot be issued based on a residence permit that expires in one year. Service providers are required to monitor changes in a client's status and take immediate action upon learning of them. The practical takeaway is simple: status renewal must be planned in advance to ensure there are no gaps in validity.

A Look at Specific Neobanks: How They Differ

The four platforms mentioned in the headline are often grouped together, yet they operate differently and cater to distinct profiles. Below are the key details regarding the application process—skipping the marketing fluff.

Wise Business

Wise is not a bank but a licensed payment institution. It offers two plans: "Essential" (free to open) and "Advanced" (requires a one-time fee of around £50). Features include multi-currency balances, local account details for GBP, EUR, USD, AUD, SGD, CAD, HKD, and other currencies, and currency conversion at the mid-market rate plus a markup ranging from approximately 0.36% (GBP/USD) to 0.81% (AED/USD). A discount applies if conversion volume exceeds $25,000 per calendar month.
Jurisdiction requirements are strict. Companies from traditional zero-tax jurisdictions—such as the BVI, Cayman Islands, Seychelles, Belize, and the Marshall Islands—generally do not qualify, as Wise’s risk policy reflects the expectations of its partner banks. Certain industries are also restricted, including crypto trading, gambling, adult content, weapons, and pharmaceuticals. Beneficial owners holding a stake of 25% or more undergo individual vetting.
For a sole founder with a UK or Estonian company and a straightforward service offering, this is the most predictable option. However, it is not the best choice for complex corporate structures with multiple layers of ownership.

Airwallex

Airwallex functions more like a comprehensive financial platform than a simple bank account, offering global multi-currency accounts, currency conversion, corporate cards, expense management, supplier payments, and a payment gateway. Starting in November 2025, a three-tier pricing structure replaces the single free plan: the basic tier remains free of monthly fees, while the mid-range and high-end tiers are paid, with pricing varying by market.
The list of eligible registration jurisdictions is limited to Australia, Canada, most of Europe, Hong Kong, New Zealand, Singapore, the UK, the USA, and Mexico. Companies from the UAE and Georgia are excluded—a fact that frequently comes as an unpleasant surprise to those who incorporated in the Emirates specifically to handle payments. Industry-based exclusions include cryptocurrency activities, gambling, adult content, weapons, payday loans, and regulated financial services.
A straightforward Hong Kong application with a complete set of documents is usually processed within a couple of days. Complex ownership structures or sensitive industries can extend the timeline to weeks.

Revolut Business

This provider employs the strictest yet simplest screening process of the four, focusing on the individual rather than the company. The applicant’s home address must be in the UK, the EEA, Switzerland, Australia, Singapore, or the USA. The company must be registered in an eligible country and be able to prove a physical presence. Sole traders, cooperatives, and charities are not served.
There is no free plan in Europe or the UK: the entry-level plan costs around ten pounds or euros per month, followed by the Grow, Scale, and Enterprise tiers (the latter with custom pricing). Limits on free transfers and currency conversions are tied to the specific plan, with overages charged separately. If the country of registration is not on the list of countries offering local account details, the company is assigned a Lithuanian IBAN.
For a founder living in Dubai, Yerevan, or Tbilisi, this option is unavailable, regardless of where their company is registered. It is worth verifying this before paying the registration fee, not after.

Bankera

Bankera is a brand owned by the Maltese company Era Finance Ltd, which operates as an agent for the Lithuanian e-money issuer UAB Pervesk (holder of Bank of Lithuania license No. 17). The key takeaway is this: the account details are Lithuanian, the primary currency is the euro, and SEPA transfers function seamlessly; however, the availability of SWIFT capabilities and other specific account features depends on the company’s business activities and is determined on a case-by-case basis.
The target audience here differs from that of the previous three providers. Historically, Bankera has focused on digital businesses—such as e-commerce, hosting, IT, crypto services, online gaming, VoIP, affiliate marketing, and consulting. There are even specific pricing plans tailored for cryptocurrency exchanges. High-risk clients are evaluated individually; this is a scenario where a substantive conversation with an onboarding specialist at the outset carries more weight than a flawless application form.
The downside of the agency model is that you do not sign a contract directly with the license holder. While the arrangement is legally sound and subject to regulatory oversight, it is useful to understand the underlying structure.

Expert Insight

"The most common scenario in our practice is this: a client from Moscow arrives with a company already registered in the Seychelles or Belize and asks to "simply open an account." Opening an account with Wise, Airwallex, or Revolut Business is fundamentally impossible because the jurisdiction fails the eligibility screening. This necessitates either setting up a structure involving another operating company or working with payment institutions that accept such jurisdictions—though they charge significantly higher fees and require a detailed description of fund flows. The cost-effective approach is the reverse of the usual one: first, determine where the account will be held and under what conditions, and only then select the jurisdiction to suit that account. Our banking specialists assess the client's profile based on three variables before they pay for registration; if no viable option exists, we inform them immediately".

Traditional Banks: When They Make Sense

A traditional bank offers what a neobank inherently cannot: direct correspondent relationships, credit products, deposit protection, and the reputational credibility needed to deal with counterparties who remain wary of payment institution account details. The trade-off involves time, paperwork, and—almost invariably—an in-person visit.

What Banks Mean by "Presence"

"Presence" means more than just a legal address or a P.O. box. Banks want to see a tangible link between the company and the country where the account is held—such as counterparties, employees, a warehouse, a lease agreement, or local business turnover. Armenian banks explicitly require proof of a connection to Armenia and in-person identity verification in Yerevan; furthermore, they are gradually introducing residency permit requirements for Russian citizens. Opening an account via power of attorney is no longer an option at many banks in Armenia and Georgia.
The UAE approach differs due to its legalization procedure: corporate documents must be certified by the UAE Ministry of Foreign Affairs, stamped by the consulate of the destination country, and then undergo a notarized translation. Payment institutions are more lenient in this regard, often accepting electronic documents with verification QR codes, whereas banks almost always insist on full legalization.
It is also worth noting the discrepancy between what a bank’s website claims regarding remote account opening and actual practice. A statement like "remote opening available" usually implies that the application review happens remotely, but the actual signing of documents requires an in-person visit.

A Sensible Step-by-Step Approach

For most businesses, a proven strategy looks like this: start with a payment platform—entirely remotely—and add a second account with a different provider for resilience. Over the course of the first year, the company builds up revenue, bank statements, and an address history. In the second year, you approach a traditional bank with a solid dossier to present. By this stage, the conversation with the bank proceeds very differently than it would for a brand-new company with no track record. If the transaction timeline is critical, there is a faster option: ready-made companies with accounts already open. While this costs more, it eliminates the primary risk associated with waiting times. A complete list of banking support services can be found in the "Account Opening" section.

Money, protection, and fees: where the math goes wrong

The word "insured" on a provider's website can mean three different things, and the distinction only becomes apparent the moment something goes wrong.

Segregation vs. deposit insurance

A licensed bank offers direct deposit insurance: if the bank fails, a state guarantee system reimburses depositors up to a set limit. In the EU, this is €100,000; in the US, it is $250,000.
A payment institution operates differently. It is required to keep 100% of client funds separate from its own assets, holding them in accounts at licensed banks. This protects against the provider’s own bankruptcy: the funds are not part of the insolvency estate. However, if the partner bank collapses, you become a participant in the insolvency proceedings rather than the beneficiary of a direct guarantee.
The practical takeaway: it is fine to keep a month’s worth of operating funds in a neobank, but not a company’s entire reserve. Assign roles to your accounts strategically.

Fees hidden from the standard rate card

A zero-cost monthly subscription is almost always offset by charges elsewhere. Some providers charge a one-time fee to activate local account details; others charge for incoming international transfers; still others bake a markup into the currency exchange rate. Two incoming SWIFT transfers a month at $6 each add up to around $150 a year—not a huge sum, but enough to completely wipe out the savings on the subscription fee that led you to choose the provider in the first place.
You shouldn't just look at the standard rate; calculate the cost based on your specific payment profile: the number and method of incoming transfers, the number of outgoing transfers, currency pairs, and monthly exchange volume. The same provider will result in different price categories for service exporters and goods importers.

How to Prepare an Application That Gets Approved

Payment platform onboarding is automated, and a rejection is linked to the legal entity. Resubmissions from the same company are usually rejected without review, and the reason is rarely disclosed. Therefore, preparation must be done thoroughly before the initial submission.

Preparing Your Dossier Before the First Application

You need a live website on your own domain—not a placeholder or a "coming soon" page—describing exactly what you sell and to whom. Use an email address linked to that domain rather than a free service. Ensure your address is verifiable; using a registered agent's address or a virtual mailbox associated with a commercial intermediary is a common trigger for rejection. Make sure the spelling of names and company titles is consistent down to the last letter across all documents.
The description of your business activities matters more than you might think. A vague term like "e-commerce" is a red flag. In contrast, a statement like "we sell handmade ceramics to customers in Germany and the Netherlands via our own online store; the average order value is €85, with around 300 orders per month" answers a compliance officer's questions before they even ask them.
Finally, submit your application from your actual location. A geolocation mismatch with your stated address is precisely the kind of discrepancy that automated checks detect most effectively.

What to Do After a Rejection and How to Protect Yourself in Advance

Open a second account with a different provider from day one, rather than waiting until your first account is frozen. Different platforms have varying lists of supported countries and partner banks, so a closure on one platform shouldn't halt your payment processing. Download your statements monthly; retrieving transaction history via support after an account is blocked can take weeks, whereas keeping a folder of PDFs costs nothing. Here is what you should never do: use nominee owners to conceal the true beneficial owner, use third-party addresses, or rely on "borrowed" residency. Any such move turns a simple refusal from a single provider into frozen funds and closed doors everywhere—and, in the context of sanctions, into something far worse. We covered the common grounds for rejection in greater detail in our article on why an account application might be denied.

The Russian Perspective

Opening the account is just the beginning; your obligations don't end there. Specific rules apply to Russian currency residents, regardless of whether the provider is a traditional bank or a payment platform.

Notifications and Reporting

An account held by a foreign company belongs to the company, not to you personally; therefore, it is not subject to the notification requirements for personal foreign accounts. However, the company itself is subject to regulation: you must notify authorities about your interest in a foreign organization within three months of acquiring that interest. Subsequently, the Controlled Foreign Company (CFC) regime applies, with its own specific deadlines and penalties.
Personal accounts abroad are a separate matter, involving their own notification requirements and annual reports on fund movements. We cover both topics in detail in our articles on currency residency, the obligations of foreign account holders, and CFC notifications.

Choosing a Jurisdiction Based on Your Needs

If you need an account for euro-denominated settlements with European counterparties, an Estonian or UK company is a logical choice. For Asian transaction flows and dealings with Chinese suppliers, Hong Kong or Singapore are suitable options. For regional business and settlements within the EAEU, it makes sense to consider Armenia and Kazakhstan, though each has its own specific access rules and limitations. We outline the general selection process in our article on choosing a jurisdiction for international business.
If your business accepts payments from retail customers, you will almost certainly need to set up payment processing alongside the account. Bank accounts and card processing are governed by different rules, so it is best to address them simultaneously rather than sequentially.
Provider terms in this sector change faster than in almost any other; policies can shift overnight without prior notice. All information above was verified against public sources and current practices as of early September. Before submitting an application, please verify the terms as they stand on the date of submission—checking the provider's official website rather than the date the review was published. You can discuss your profile with our consultants using the details provided in the "Contacts" section, including our Moscow phone number.