Open a corporate account in a foreign bank or payment system ᐉ Full support from BUSINESS CONSULT ALLIANCE

Open an account in a foreign bank or payment system

Open an account in a foreign jurisdiction with all your business needs in mind. We provide the most up-to-date information, the best corporate accounts and confidential service.

Order a cost estimate and specialist consultation

Differences between a bank account and a payment system

Payment system - a payment operator that receives a percentage and/or fixed amount from the customer on each incoming/outgoing payment
A payment system can conduct funds through banks that, for certain reasons, cannot open an account for the customer. Thus, the customer's counterparties receive payment from the bank
Most payment systems do not provide cash storage services, but there are exceptions
Banks require a minimum balance / deposit to open an account. These funds are frozen by the bank with no possibility of use
It is easier to open an account in the payment system than in a bank due to remote verification of the manager and owner of the company

Minimum requirements

01
Corporate documents of the company: certificate of incorporation, articles of association, minutes of appointment of director, registers of directors, shareholders, beneficiaries, share certificate
02
Documents for company owners, legal entities and individuals: passport or ID, utility bill (not older than 3 months)

Procedure for opening an account with a foreign bank or payment system

01
Submission of the necessary documents and filling in the questionnaire. It reflects the following issues: activities, company structure, expected turnover on the account, number of transactions, etc. The bank will require disclosure of information up to the final beneficiary in case the owner of the company is a legal entity. The bank or payment system reserves the right to request additional information / documents at any stage of account opening
02
Sending data for approval and precompensation. The procedure will help to determine the possibility of opening an account in the selected payment instrumen
03
Verification of a company director by a bank or payment system. When opening an account with a bank, verification can be carried out both remotely and in person
04
Submission of documents requested additionally and waiting for the final verdict after preliminary approval. The bank or payment system reserves the right to refuse to open an account without giving reasons at any stage