Can a Russian open an account with a foreign bank. How to open an account in a foreign bank
Both an organization and an individual can open a bank account abroad. But to do this is not easy. Those wishing to become customers of foreign banks outside of Russia should be prepared for various restrictions, as well as regular reports on the balance and movement of foreign money. Non-compliance with currency laws is punishable by serious fines, which in some cases reach multi-million dollar amounts.
How to open an account abroad for an individual
Having chosen a bank, you should carefully read its conditions for opening an account by foreigners. It is best to contact the representative of the financial institution by e-mail to clarify the requirements, procedure and list of required documents. Usually listed binding securities includes:
russian passport;
international passport;
information on the activities of the applicant and his income;
information about members of his family;
certificate that he has no criminal record;
When the papers are collected, the citizen who wished to have an account with foreign bankYou will have to visit two offices: a translation office to prepare English-language versions of documents, and a notary office to certify them. Both visits will require significant cash costs, and then they will increase rapidly.
Many large foreign banks require the personal arrival of a potential client to the organization’s foreign office, where he transmits a package of documents and fills out a questionnaire. That is, if an individual permanently resides in Russia, the cost of a round-trip flight, and possibly a temporary stay in a foreign country, in this case is almost inevitable. If there is no visa, money will be needed for its registration. Is it possible to open an account abroad remotely without going to another country, should be specified by phone or through the website of a financial institution. Some foreign banks provide this opportunity.
Then the citizen awaits the decision of the foreign organization. Typically, the waiting period is from 2-3 days to a month. And if the answer is yes, to an individual open a bank account abroad that does not fall under the jurisdiction of the Russian Federation.
However, the state wants to know about foreign accounts of citizens. Before opening an account abroad, Russian citizens need to study the 12th article of the law “On Currency Regulation and Control” (Law No. 173-FZ of 12/10/2003). In it, in particular, it is said about the need to notify the tax authorities in writing of opening a cash account abroad in 30 days. The notification form is contained in the order of the Federal Tax Service No. MMV-7-14 / [email protected] from 08/28/2018. In addition, every year (until June 1), a currency resident needs to inform the tax service about how he managed “foreign” money during the past year and what is their balance (Decree of the Government of the Russian Federation of 12.12.2015 No. 1365).
How do companies open an account with a foreign bank
Organizations are very interested in opening an account outside the Russian Federation. Unstable financial market leads to the closure of both small and very large Russian banks. Because of this, the companies that entrusted them with the money suffer heavy losses, without any compensation from the state.
In the selected financial institution, the company presents an impressive package of documents. In particular, foreign banks, in order to open an account, request:
foreign passports of persons who will be authorized to dispose of funds stored in the account (Russian passports may be required);
power of attorney, if the account is opened through a representative;
constituent documents of the company: memorandum of association, charter, etc .;
evidence - PSRN, TIN;
an order to appoint a leader and chief accountant;
a document proving that the bankruptcy procedure is not being conducted with respect to the organization;
a license (if it is necessary for certain activities);
completed application form.
The specified list of documentation can be significantly expanded. banking institution. Before opening an account with a foreign bank, a legal entity (as, indeed, a citizen) needs to document the legal origin of the money, as well as the reason why it needs to become a client outside of Russia.
The company is also obligated to notify the tax service about opening an account abroad within 30 days after this event and quarterly report on the movement of money (Decree of the Government of the Russian Federation of December 28, 2005 No. 819).
Opening an account with a foreign bank: what to consider
When opening a bank account abroad, several factors should be taken into account:
Banks that open accounts with foreign banks to foreigners do this not for free. The "input" cost for new customers has a wide range: in some banks it is 300 euros, in others it reaches 3,000 dollars. In addition, annually you will need to pay for servicing a foreign account. The cost of this service also varies - from several hundred to several thousand euros / dollars.
If an individual has opened a cash account in another state, foreign bank allow it to be used only for personal and not entrepreneurial purposes.
Through accounts located outside the Russian Federation, it is possible to conduct not any operations, but only those that are named in Article 12 of Law No. 173-FZ. Some of them, for example, receiving money from the sale to a non-resident of real estate located in another state, are allowed only if the account is opened in a bank in the territory of a member country of such intergovernmental organizations as the OECD or the FATF.
For illegal operations, an individual or legal entity faces an administrative fine in the amount of 75 to 100 percent of the amount of the transaction (article 15.25 of the Administrative Code of the Russian Federation). This article should be read carefully before opening a bank account abroad. It provides for various sanctions for violation of currency legislation.
The reasons for opening a foreign bank account with Russian citizens can be very diverse.
The desire to maintain privacy, the need to work with foreign partners, getting higher and guaranteed than on domestic banks, interest on deposits, just transferring money is not a complete list of situations when such a measure may be needed.
Moreover, it is required to open an account precisely abroad, since banks with foreign capital operating in Russia are practically not much different from domestic ones.
The main reason for opening an account abroad by Russian citizens is, of course, the advantages that this option has in comparison with the traditional use of the services of Russian banks. The most significant of these are the following:
- Reliability and confidence in the safety of money. This mainly refers to situations when an account is opened in countries with a stable financial and economic situation. Given the current situation in Russia, almost all developed countries can be reckoned among these with confidence. Transferring money there is the key to reliability and peace of mind for Russian citizens.
- Confidentiality of information and protection of interests of the client. Bank secrecy still, despite the numerous efforts of the official authorities of the most influential states of the world, including Russia, remains one of the basic principles of the majority banking systems. This is not surprising, as it is one of the most significant factors that attract customers.
- Benefits in obtaining loans at the bank where the account is open. The standard and widespread system of providing benefits when lending to own clients is extremely profitable and effective. Especially in recent years, when due to the imposed sanctions, the activity of working with foreign banks among domestic individuals and legal entities has significantly decreased.
- Status and new business prospects. An account and money in a foreign bank, in addition to confidence and reliability, also give additional status to the owner, individual or legal entity.
In addition, despite the fact that in the vast majority of foreign credit organizations interest rates are much lower, they are taken much more seriously and serve as an additional plus when considering various business projects.
Therefore, transferring money to a foreign account is an additional plus for the business of an individual.
A rather long list of advantages provided by accounts abroad in a foreign bank explains the presence of a large number of intermediary companies providing services for opening them and helping to transfer money from Russia abroad.
Opening an account: step by step instructions
Opening an account with a foreign bank abroad is a rather complicated procedure, requiring the solution of a large number of financial and legal issues.
Therefore, it is advisable to seek help from one or more consulting firms. But in this case, it is necessary to present the main stages of the event.
Country selection
One of the most important issues, the solution of which largely depends on the goals of opening an account. One can conditionally group foreign states according to the peculiarities of their banking systems, formed by decades of successful work.
Stand alone banks of Switzerland - they are most suitable for those who want to save capital in the most reliable way. Using it is not so profitable, since in most Swiss banks there are restrictions on the number of operations and the limits on account balances are quite large.
However, transfer money from Russia to swiss bank - means to ensure their guaranteed safety.
Banks of other Western European countries no less reliable and also very prestigious, but extremely expensive to maintain cash management services. Interest rates in them are usually low. In addition, one should take into account the difficult political situation and the existing sanctions, which at any time can be unpredictably expanded.
In recent years, Russians have been actively using services baltic banksespecially Latvia and Estonia. Their undoubted advantages are:
- modest service rates foreign customers;
- the convenience associated with the fact that almost all bank employees speak Russian, in addition, they perfectly represent the specifics of Russian business and the characteristics of customers.
But in the case of Baltic credit organizations, as well as Western European ones, a rather risky political factor should be taken into account.
A separate group of states with attractive conditions for the provision of banking services is Singapore and Hong Kong.
It created a favorable financial and economic climate for those wishing to do business in Southeast and East Asia, relatively low prices for services. The disadvantage is the unfavorable conditions provided for deposits.
It is advisable to use Asian banks to conduct business, but not to store and increase available funds.
Registration or purchase of a company
To open a foreign account, you need a company registered there. This condition is one of the reasons for the multiplicity. offshore companies - a significant part of them was created not for doing business, but for owning assets and managing accounts.
Given the great demand, in almost any country where the practice of opening accounts with foreign clients is actively practiced, there are many intermediary firms offering services for the creation or acquisition of firms.
The procedure for buying a finished company may take only a day. Opening a new one is slightly longer, but cheaper. In this way it makes sense to move, in the case of a serious intention to conduct foreign business.
The presence of a company registered abroad is an additional guarantee of reliability. open account, since when resolving possible property disputes it is in the zone of international law.
Bank selection
The banking system of each state has its own characteristics. But credit organizations, its components, can also be quite different from each other.
The experience of several financial and economic crises of recent years has shown that even large and seemingly reliable financial structures can be unstable and extremely unstable. Therefore, the choice of a particular bank is an important and crucial stage in opening a foreign account.
But given the huge amount of official and verified information available on any bank, making a choice is quite simple. Numerous ratings can provide additional assistance, among which it is necessary to pay special attention to the leading agencies Moody’s, S&P, Fitch Ratings.
Application for opening an account
Almost always, when opening a foreign account, a standard list of documents will be required:
- application for opening an account with originals of signatures of the future account holder or director of the company;
- documents confirming the identity of the future owner of the account (copies of passport or driver’s license);
- recommendations of other credit organizations;
- constituent documents of the company.
Often (but not always) the immediate presence of a potential account holder is required.
Features of a foreign bank account abroad
With a fairly strong similarity of the banking systems of various states, each of them still has its own characteristics. When opening a bank account abroad, they must be taken into account.
For example, the period for opening an account in different countries can be that 1 day to a month. In most cases, this procedure takes about a week.
In most cases, it is proposed to open one of three types of accounts (their various combinations are also available):
- current. It is used mainly for conducting foreign business, interest on such accounts is either very low or absent;
- investment. It is opened if the client wants to make long-term investments in various securities;
- escrow. It is necessary to save funds and increase them due to relatively high interest on deposits. However, money cannot be used until the end of the deposit period without loss of accrued interest.
It is also necessary to take into account the peculiarities of domestic legislation on the need to declare existing foreign accounts.
Conclusion
Opening an account with a foreign bank abroad is not particularly difficult. The main thing here is to follow the recommendations of specialists or simply use the services of one of the many consulting firms.
6 minutes to read Posted on 01/26/2020
In the conditions of an unstable economic situation, the devaluation of the ruble and the bankruptcy of financial institutions, it is becoming increasingly important to place savings on accounts located outside national borders in more stable and reliable financial institutions. How to open an account in a foreign bank? This is what will be discussed in this article.
Opening an account abroad: the pros and cons of offshore
Offshore account opening is a traditional practice for many entities. This allows you to ensure a high level of safety of your savings, as well as beneficial to reduce the tax base.
Now, there is a gradual transition in favor of servicing accounts of Russian individuals by foreign banks. Citizens transfer their savings to Liechtenstein, Andorra, Switzerland and Cyprus.
+ ’What are the advantages of this kind of offshore accounts:
- Firstly , confidentiality of information regarding the account holder is maintained.
- Secondly , there is a complete removal from domestic economic risks.
- Thirdly , opening an account is very simple; in most cases, the depositor will not even need to travel outside the country: all procedures will be carried out remotely.
As for the obvious shortcomings, then among them we can note:
- Need to interact with tax service in matters of opening and maintaining a foreign account.
- Difficulty in crediting and withdrawing funds from the account.
- The lack of control on the part of the national bank of a given country over the activities of financial institutions from other countries of the world, which gives rise to a certain insecurity of the client.
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It should be added that when choosing a foreign bank to open an account should also evaluate the stability of the political and economic situation in the country
placement of a financial institution.
Choose a bank to open a foreign account correctly
Any foreign bank will charge an account opening fee with its foreign customers. In this case, the most reasonable prices put forward by banking institutions located in offshore areas (offshore banks). In order not to miscalculate with the choice of the bank, it makes sense to consider the tariffs of the most popular of them.
Tariffs for opening an account in foreign banks
Bank | Country of registration | Account Opening Cost |
Bankof cyprus | Cyprus | 300 euro |
Norvikbank | Latvia | 300 euro |
C.I.M. Bank | Switzerland | 700 euro |
Valartisbank | Liechtenstein | 700 euro |
ABLV BankLuxembourg | Luxembourg | 500 Euro |
AlSalamBank | Seychelles | 500 dollars |
ABC BankingCorporation | Mauritius | 500 dollars |
HSBC Bank | Singapore | 1000 dollars |
HSBC Bank | Hong Kong | 3000 dollars |
Can I get a foreign account without leaving Russia?
Recently, Russian citizens have been able to open an account with a foreign bank remotely.
Now, in order to register your account, you don’t need to go to Hong Kong or Mauritius at all - just do the following:
- Choose a suitable foreign bank.
- In online mode, fill out the application form and attach a package of necessary papers to it.
- Wait for the decision of the bank and pay for the procedure for opening an account.
- Get the details and place the minimum balance on the account.
An important point: Most modern banks offer foreign customers to use the mechanisms of Internet banking, allowing you to manage your account remotely.
What documents are required to issue a foreign account to a Russian citizen?
Each foreign financial institution requires its customers to have their own list of securities that are necessary for making a decision on opening an account.
However, in most cases, individuals are required to submit:
- A notarized copy of your passport.
- Original certificate of residence.
- Resume according to the established form in English.
- Documents confirming the person’s income sources.
- Certificate from the bank serving the client in the territory of his country.
Since the account can be opened remotely, all of them are scanned and authenticated by digital signature.
An important point: In the online application you will have to indicate the purpose of opening an account, as well as the approximate planned turnover of funds on it.
The procedure for opening an account abroad to an individual: instructions for help
Russian citizens got a real opportunity to open accounts abroad after the adoption of Instruction No. 100 “On accounts of resident individuals in foreign banks” in 2001.
Important limitation: Russians have the right to open one or more accounts in foreign banks of only those countries that are members of international banking organizations (e.g. FATF).
After a suitable foreign financial institution is selected, taking into account existing legislative restrictions, an individual must perform only two actions:
- Submit an application and receive a positive response from a foreign financial institution.
- Within one month after opening the account, notify the tax office.
It should be added that a notification will be issued to the citizen of the Federal Tax Service, which will become the documentary basis for the transfer of funds from the banks of a given country to foreign financial institutions.
Important limitation: Individuals can open accounts in foreign banks, pursuing non-entrepreneurial goals.
How to use an account: features of transferring money abroad
After an account with a foreign bank is opened, it remains to transfer funds from Russia to it.
How does this process happen:
- Money transfers from Russia are considered as foreign currency payments and are regulated by the corresponding section of Russian legislation.
- To replenish the account, it is necessary to open a current account in any Russian bank and transfer money abroad exclusively through it in the manner of international transfer.
- In order to transfer funds to a Russian bank serving the client, it will be necessary to submit such papers as a passport, application and a copy of the agreement on opening an account with a foreign bank.
- A depositor must receive a written confirmation from a foreign bank with a seal stating that an account has been opened in it. This document is submitted to a Russian bank.
It remains to be added that such a mechanism for transferring funds suggests that the Russian bank monitors all transfers of funds to an account with a foreign financial institution.
Reporting to the tax. What awaits the owner of a foreign account?
As mentioned earlier, opening an account with a foreign bank requires a citizen of Russia to notify the tax service, which is carried out no later than a month after opening an account. Only on the basis of a notification from the Federal Tax Service in the future can transfers be made to foreign banks.
In the course of using an account with a foreign bank, an individual will also need to submit to the bank once a year (until June 1) tax authorities reporting in the established form regarding the movement and balances of funds in foreign accounts (Decree No. 1365 of December 12, 2015).
It is important to observe the following rules:
- Reflect the amount of inflows, outflows and account balances.
- Create a separate report for each foreign account.
- Send a document to the Federal Tax Service through the taxpayer’s online account or by registered mail.
When submitting reports to the tax service, there is no need to attach to it statements of accounts in foreign banks.
Opening an account with a foreign bank is a convenient opportunity to protect your funds from inflation and other domestic risks. This practice is very convenient for individuals who often leave the country. However, an outwardly simple procedure for opening an account requires transactions through the accounts of domestic financial institutions, as well as mandatory notification of tax authorities.
How to open an account in a foreign bank for an individual?
An account with a foreign bank today is gradually becoming an absolute necessity not only for legal entities, but also for individuals.
Road, hotels, study, medicine, shopping - this is only part of the costs that sometimes all of us have to pay abroad.
There are many examples of this.
A foreign bank account allows you to avoid many problems and difficulties associated with travel and life, both abroad and at home.
That is why the question becomes more and more vital: how to open an account in a foreign bank for an individual?
The nuances of this procedure depend on the citizenship of the individual, as well as on the policy of the selected bank regarding opening accounts for non-residents of the country where they are located. Not all banks are ready to open accounts and provide banking services to foreign citizens. This is especially true for ordinary citizens, as often legal entitiesFor banks, they look more attractive.
However, even if the bank is ready to open an account for a non-resident individual, then it is worth asking what conditions and requirements for servicing a non-resident will be. Today, banks have become much more demanding of their customers, which means that in most cases it will be necessary to provide documents confirming the origin of the funds.
Moreover, you may even need to visit a foreign bank in person to open an account. Now, this is not unusual.
We work with a number of reliable foreign banks that open accounts for our customers remotely. Come directly to foreign bank to open an account, in this case - is not necessary.
The whole identification procedure can be carried out by video communication or, in some cases, at the request of the bank, you can simply send your photo by e-mail, with a passport or ID-card, in good quality.
There are a number of foreign banks that even during times of total pressure on the banking sector continue to be loyal to their foreign customers and provide a high level of comfort and confidentiality.
Why should I open an account with a foreign bank to an individual?
A foreign bank account provides several important advantages at once:
- protect yourself from any financial turmoil in the country of residence. For example, from foreign exchange control, devaluation national currency and other troubles of transition economies;
- a foreign bank account is good way diversification of funds. The more your assets are located in different jurisdictions, the more reliable is your condition;
- this makes it possible to access international banking products and services that are often simply legally unavailable in financial system your country;
- in a foreign bank there is an opportunity to open a multicurrency account and save on transactions in foreign currency;
- there is also the possibility of obtaining financing for personal purposes. For example, to obtain mortgage loans when buying foreign real estate at low rates;
- numerous and varied programs of discounts and bonuses. For example, for users visa cards or MasterCard.
How to open an account in a foreign bank for an individual - a resident of Russia or the CIS?
Non-residents opening an account with a foreign bank must fulfill the following basic requirements:
- be ready to list minimum deposit, which requires a bank to open a personal account. Amounts can vary: from 1 USD to several million US dollars (USD). It all depends on the requirements of a foreign bank and its attitude towards the citizens of your country. In some cases, opening an account will not be possible for any minimum deposit amount;
- be prepared to maintain a minimum bank account balance, in accordance with the terms of service of the bank;
- be prepared to visit the bank if such a need arises.
For example, a personal visit will be needed to open a personal account in countries such as:,.
To open a personal bank account, you may need not only a personal visit, but also a resident visa.
In turn, in many offshore jurisdictions, you can open a personal bank account without a personal visit by providing the entire package of necessary documents remotely.
You can remotely open an account in Europe - such an opportunity is provided, for example, by some banks, and.
How to open an account in a foreign bank for an individual from Russia?
Individuals who are citizens of Russia are not prohibited from opening foreign accounts and keeping deposits with foreign banks. However, there are certain limitations.
- It is forbidden to have foreign accounts and deposits to persons holding certain positions in government organizationscreated on the basis of federal laws, as well as spouses and minor children of these persons. Full list persons who are prohibited from opening foreign accounts are specified in Article 7.1. Federal Law No. 273-FZ of December 25, 2008.
- Residents of the Russian Federation opening accounts with foreign banks must notify the tax authorities about this within one month after receiving a notice from a foreign bank about opening an account with its details.
- It is also necessary to inform about closing the account or changing its details.
- From January 1, 2015, individuals must also report to the tax service of the Russian Federation, at the place of their registration, on the movement of funds on accounts (deposits) opened with foreign banks.
This is done on an annual basis, until June 1 of the year following the reporting year, but only if the annual turnover on a foreign account has exceeded 600 thousand rubles in ruble terms.
In addition, notifications and reports on the movement of funds should be submitted to the Federal Tax Service of Russia not only on bank accounts, but also on accounts opened by citizens in any financial institutions. managing funds at the expense and in favor of customers. For example, this must be done on accounts opened in foreign payment systems.
How to open an account in a foreign bank for an individual from Ukraine?
In order to open an account with a foreign bank, an individual resident in Ukraine previously needed a special license from the National Bank of Ukraine (NBU). Getting it was not so simple, and in many cases you had to prove that you really need a foreign bank.
However, since February 2017, residents of Ukraine can, without a NBU license, manage funds received abroad: deposit them into a foreign account or invest. However, for similar actions with funds located in Ukraine, the NBU license will still be required.
How to open an account in a foreign bank for an individual from Belarus?
Residents of the Republic of Belarus are also not prohibited from opening foreign accounts, but for this it is necessary to obtain special permission from the National Bank. In addition, residents of the Republic of Belarus also need to obtain permission from the National Bank for the following:
- the acquisition real estate outside Belarus
- placement of funds in foreign financial institutions,
- implementation of transactions involving trust management of currency values.
To choose for yourself a suitable bank for opening a foreign / offshore account, use our. Fill in and our experts will help you choose a foreign bank, opening an account in which will meet all your goals and plans.
If you doubt that this or that foreign bank will open an account for you, you can use our service of preliminary approval of your person in this bank, which is called Pre-Approval. You can order this service, as well as find out why it is beneficial, from our separate article:
We created a special channel on Youtube in order to talk about the most difficult moments associated with opening and owning foreign accounts. You can subscribe to the channel on this the link.
After simplifying the procedure for opening accounts abroad, given the instability russian economy, our compatriots have become actively interested in the possibility of transferring part of their funds to foreign banks. The procedure for opening an account with a foreign financial institution is quite complicated. A number of questions arise: in which country can I open accounts, how to choose a bank, how to transfer funds, what documents will foreign financiers require, and, finally, how reliable is this allocation of funds? We will try to answer all questions in this article.
Avoid Misunderstanding
Many Russians mistakenly believe that the branches (representative offices) of foreign banks can be found in Russia. In most cases, the perpetrators of this misconception are russian bankerswho actively advertise their organization’s membership in an international group. In fact, foreign banks do not work in the Russian Federation. By contacting, for example, Raiffeisenbank, you are contacting a subsidiary of an Austrian financial group, whose activities are regulated by the Central Bank on the basis of a license issued by it and Russian law. Therefore, you will not protect yourself from political and so-called “country” risks. Subsidiaries cannot compare in terms of reliability with their “mothers," but in order to open an account with a foreign bank, you usually need to visit the country in which his head office is located (for example, Austria, if it comes About Raiffeisen Zentralbank).
Can a Russian open an account abroad: legal basis
Ten years ago, to open an account abroad, a Russian citizen permanently residing in the territory of the Russian Federation needed a special permission from the Central Bank, which was very difficult to obtain. Now the procedure has been greatly simplified. the federal law “On currency regulation and currency control"(Art. 12, p. 1.) Allows all residents of the country to open accounts in foreign currency with banks located outside the territory of the Russian Federation without restrictions. However, some categories of citizens will still not be able to become investors of foreign banks - a complete list of categories is specified in Law No. 79-FZ “On the Prohibition of Certain Categories of Persons to Open and Have Accounts (Deposits), to Store Cash cash and values \u200b\u200bin foreign banks located outside the territory of the Russian Federation ”dated May 7, 2013
We will tell you more about how account opening is carried out in practice.
The procedure for opening accounts in foreign banks
A personal account in a foreign bank can be opened only for saving funds, private investments and subsequent expenses: using the account for doing business is prohibited. The process of registration of the deposit usually takes from 1 week to several months. In this case, you can choose 1 of 2 ways:
- Personally come to the country and visit the bank, taking with you required package documents and filling out registration forms in a foreign language. The bank will check all the data and then inform the foreigner about the possibility / impossibility of opening an account.
- Contact intermediaries. There are many companies that for a fee (its size ranges from 200 to 12,000 dollars) will help open an account abroad. To work with intermediaries, a potential investor will need to provide certified samples of his signature. The signature can be certified either at the consulate of the state in which the bank is located, or at a subsidiary bank located in Russia (if one exists).
It is important to note that some banks refuse to open accounts if they do not communicate with the client at least by phone (Credit Suisse) or do not hold a meeting in Moscow (Deutsche bank, International Bank of Luxembourg, LGT bank). Raiffeisen Zentralbank insists on an interview with a bank representative and the provision of 2 letters of recommendation from foreign partners of a private depositor.
Most complicated procedure account opening apply English banks. A foreigner may be required to mass additional documents, for example, a trustworthiness recommendation issued by russian bank; paid utility bills, in which the actual address and surname of the depositor will be recorded; letter of recommendation from the employer, etc.
You can replenish an account opened with a foreign bank either in cash or by bank transfer. A wire transfer is impossible without providing a domestic bank with a notice on opening an account with a foreign bank with a note from the tax inspectorate and a certificate of tax registration. When replenishing the account in cash, in a foreign bank you will be asked to provide documents confirming the legality of the origin of the currency.
You can manage an account in a foreign bank by:
- courier mail;
- facsimile communication;
- internet banking
- bank card;
- checkbook.
Banks protect the funds of their investors by inventing special codes, ciphers and creating dedicated, secure communication channels.
We see that the process of opening accounts abroad cannot be called simple. Next, we will tell you what you should pay attention to when choosing a bank, and what package of documents may be required.
The minimum list of documents for opening an account with a foreign bank
When choosing a foreign bank, first of all, you need to find out how the deposit insurance system works in the country that interests you: the principles of functioning of these systems are the same throughout the world, but insurance amounts may vary significantly. You should also clarify what documents the bank will require to open an account (you must choose the credit institution, the requirements of which you can fulfill). As a rule, the minimum list includes:
- income statement for 6-12 months, certified by the tax office.
- notarized copies of passports of the depositor and his spouse (spouse).
- certificate of family composition.
- utility bills.
- certificate from the police stating that a Russian citizen has no criminal record and is not under investigation.
If you have an open account in a Russian “daughter” of a foreign bank, you can contact the manager of this institution with a request to help you process your account: existing relationships between the parent and subsidiary will help speed up the process. The manager of the Private banking segment can help with opening a deposit: he will not only recommend reliable bank, but also tell you what documents should be prepared. His services will not need to be paid, and at the same time he will be able to provide you with comprehensive advice.
Note, minimum amount deposit and minimum balance on it, established by banks in Europe and the United States for foreigners, is 50-300 thousand euros (US dollars). However, in offshore and Baltic banks you can open a deposit in the amount of 100-200 euros (US dollars). In addition, we suggest that you familiarize yourself with the average size of interest rates in foreign banks.
And in conclusion, we want to mention one feature of owning an account in a foreign bank - according to paragraph 2 of Art. 12 Federal Law “On Currency Regulation and Currency Control”, every citizen of the Russian Federation must notify the tax authorities at the place of registration of the opening of accounts with banks located outside the territory of the Russian Federation within a month. At the end of each year, you will have to provide information on balances on such accounts in tax office. For violation of the law, a fine of up to 5,000 rubles is provided.