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Which European country to choose to open a corporate account in 2020

2020-01-08
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In the 21st century, doing business abroad and not having a foreign bank account is at least short-sighted. It would seem that it may be easier than opening an account in Europe for a Russian company, especially if the company is already registered and actively operating. However, this could pose serious problems in 2020. The unstable global economic and political situation, the transition to a new standard of living "online" and a new round of sanctions have led to the fact that even a sufficient Russian company can now easily get the refusal to open a corporate account abroad. Banks themselves are going through a difficult period in 2020, so the choice of an organization to assist their business should be carefully approached.

What TO PAY attention to when choosing a European bank?

  • Availability of a valid license and no restrictions on banking activities;
  • The possibility of direct currency transfers SWIFT and uninterrupted operation of correspondent accounts;
  • Desire to work with foreign clients (including those from Russia) and high level of service;
  • Tariffs and terms of service and performance of main transactions;
  • Linguistic availability (availability of Russian, English-speaking managers or staff translators);
  • Time zone in which the financial institution operates;
  • The real political and economic situation in the country of registration of the bank, which sooner or later will affect its work and customer relations;
  • Place of the selected bank in international independent ratings of profitability, reliability and customer loyalty;
  • Availability of free and secure Internet banking as well as other additional products and services;
  • Privacy policy and observance of banking and financial secrecy.

The list is impressive, and most likely, the financial institution initially selected based on network reviews or partner recommendations will not stand up to the analysis of these 10 points. However, they do not guarantee complete customer satisfaction with future banking services. 

IT-OFFSHORE experts have been analyzing changes in the foreign banking sector for many years, so they will be able to form the most complete picture of the real situation of the client and will assist in choosing the most suitable option for opening an account of a legal entity.

Which countries can offer banking services for a Russian company in 2020?

Despite all restrictions, there are many opportunities to open an account in Europe for a company in Russia. When choosing a jurisdiction and a specific financial institution, an entrepreneur should first of all pay attention to own goals and their compliance with the legislation and economic goals of foreign partners.

Banks in the Baltic countries (Lithuania, Latvia, Estonia) are best suited for opening a classic corporate account for settlements with counterparties. They are more loyal to clients from Russia and the CIS than their European neighbors. Swedbank, or Danske Bank, for example, can offer opening an account for a legal entity in a short time as well as with minimum fees, mobile banking and technical support in Russian.

Banks in Eastern and Western Europe are not interested in servicing Russian business, so they can only agree to open a corporate account if the entrepreneur has another, savings or investment account. For example, in Liechtenstein for 100,000 euros, in Austria for 500,000 euros and in Switzerland for several million euros.

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