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How to open SEPA account remotely

Open SEPA account remotely

2020-10-26
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When opening a SEPA account remotely need to correctly select the jurisdiction. If the state is not a member of the EU, local banks do not have access to some benefits, for example, will not be able to make payments SEPA. In addition, many states have their own domestic laws, which restrict the ability of non-residents to open an account. To find a bank to open a SEPA account, please contact our specialists at IT-OFFSHORE.

What does the abbreviation SEPA means

This abbreviation means a single payment zone in euros. It includes more than three dozen states, a large proportion of which have the status of members of the European Union. The main purpose of SEPA is to provide fast payments with low costs between users of services of European financial organizations.

It is possible to identify persons using the IBAN numbers. Payments are made quickly, on average, within 24 hours. In some banks the transfer is made in a few seconds. When transferring a large amount of money, the commission is increased. There are some restrictions - it is allowed to transfer up to 50 thousand euros.

The advantages of opening

It is profitable to open SEPA accounts remotely - this procedure is available to both individuals and legal entities, foreigners and companies from other countries that do not have EU residency status. It is possible to open an account remotely. The account can be made multicurrency.

Who is advantageous to open such an account:

  • Foreign companies that work with EU persons;
  • An individual who works with EU persons;
  • Companies that have real estate in the EU.

When choosing a country to create an account it is important to consider the purpose of opening, planned operations. It is recommended for residents of CIS countries to create an account in Lithuania, Poland, Bulgaria, and the UK. In other jurisdictions it is also possible to open an account, but the procedure will be somewhat more complicated. It is recommended to consider countries such as the Netherlands and Cyprus when planning to attract investments.

How to open an account, basic requirements

There are no special conditions for individuals when creating an account. When registering an account for a legal entity, special attention is paid to the place of registration of the company, tax residence, sphere of activity.

To open an account you will need to collect a number of documentation. You need an international passport, proof of residence address, information about income. Companies need to prepare constituent documents. Any of the banks have their own conditions regarding the submission of documents.

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