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Bank account opening during quarantine

How and where to open an account with a foreign bank remotely during quarantine?

2020-01-08
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Dozens of countries are now faced with movement restrictions and quarantine measures. Many people are forced to stay at home and change their way of life. Most communications have begun to offer remote services.

This has led to an increased load on online payment systems, and the need to use payment instruments has surged as well. There are options to open an account in a foreign financial institution during the quarantine. For more information, please contact our experts at IT-OFFSHORE.

Features of opening

Due to the incorporation of quarantine in most countries, IT specialists, managers and office workers began working remotely. Some companies, due to their specifics, have to work in the same mode without restrictions. Foreign financial organizations, payment systems and brokers continue to operate with some changes.

Despite quarantine and restrictions, it is possible to open an account in a foreign bank remotely for both individuals and companies. There are many advantages in executing transactions online using a personal account.

The advantages of an account abroad include the following:

  • An account allows you to use online banking 24 hours a day;
  • With the use of personal account you can pay bills and conduct financial activities continuously;
  • It is possible to have permanent access to money via mobile application.

Thus, it is possible to open an account in a foreign bank remotely, without leaving home. Registration is possible for both private clients and corporations.

Where to open an account

Taking into account the increase in the number of international settlements and the growing volume of the e-commerce market, an account with a foreign financial organization becomes a good tool for investment and financial activities.

If the business is focused on EU countries, it is recommended to open an account with a European bank remotely. This solution has its advantages - all accounts have a common currency, but it is possible to open multicurrency accounts.

It is popular to open an account with partners in one bank. This would allow reducing the time of crediting funds to accounts, shrinking the tariffs and opening an account remotely in a short period of time.

The set of documents may differ based on the type of financial organization and account. The list of documents for individuals and legal entities will be different. Individuals will need copies of passport and TIN. To open a remote corporate account you will need copies of passports for directors, beneficiaries, charter, and recommendations from the bank.

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