Can a Russian open an account in 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 this is not easy to do. Those wishing to become clients of foreign banks located outside of Russia should prepare for various restrictions, as well as regular reports on the balance and movement of foreign money. Non-compliance with currency laws is punishable by severe fines, which in some cases reach multi-million dollar sums.
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 required documents. Usually on the list binding papers includes:
Russian passport;
international passport;
information about the applicant's activities and income;
information about members of his family;
certificate that he has no criminal record;
When the papers are collected, a citizen who wishes to have an account in foreign bank, you 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 financial outlays, and they will increase rapidly from there.
Many large foreign banks require the personal arrival of a potential client to the foreign office of the organization, where he submits a package of documents and fills out a questionnaire. That is, if an individual permanently resides in Russia, expenses for a round-trip flight, and, possibly, for a temporary stay in a foreign country are practically inevitable in this case. If there is no visa, money will be needed to obtain it. Whether it is possible to open an account abroad remotely without traveling to another country should be clarified by phone or through the website of a financial institution. Some foreign banks provide such an opportunity.
The citizen then awaits a decision foreign organization. As a rule, 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 citizens' foreign accounts. 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 December 10, 2003). In particular, it refers to the need to notify the tax authorities in writing about opening a cash account abroad within 30 days. The notification form is contained in the order of the Federal Tax Service No. MMV-7-14 / [email protected] from 28.08.2018. In addition, annually (until June 1), a currency resident must inform the tax service about how he disposed of "foreign" money during the past year, and what is their balance (Decree of the Government of the Russian Federation of December 12, 2015 No. 1365).
How can a company open a foreign bank account
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 firms that entrusted them with money suffer heavy losses, without any compensation from the state.
The company submits an impressive package of documents to the selected financial institution. In particular, foreign banks, in order to open an account, request:
foreign passports of persons who will be authorized to dispose of the funds stored on the account (Russian passports may also be needed);
power of attorney if the account is opened through a representative;
constituent documents of the company: memorandum of association, articles of association, etc.;
certificates - OGRN, TIN;
order on the appointment of the head and chief accountant;
a document certifying that the organization is not subject to bankruptcy proceedings;
license (if it is necessary to conduct certain activities);
completed questionnaire.
The specified list of documentation can be significantly expanded. banking institution. Before opening an account in a foreign bank, a legal entity (as well as a citizen) needs to document the legal origin of money, as well as the reason why it needs to become a client outside of Russia.
The company is also obliged to notify the tax service of 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 in a foreign bank: what to consider
When opening a bank account abroad of the Russian Federation, several circumstances should be taken into account:
Banks that open accounts in foreign banks for foreigners do not do it for free. The "entry" cost for new customers has a wide range: in some banks it is 300 euros, in others it reaches 3000 dollars. In addition, you will need to pay annually for the maintenance of 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, not business purposes.
Through accounts located outside the Russian Federation, not any operations can be carried out, but only those that are named in the 12th article of Law No. 173-FZ. Some of them, for example, receiving money from the sale of real estate located in another state to a non-resident, is allowed only if the account is opened with a bank in the territory of a member country of such intergovernmental organizations as the OECD or FATF.
For carrying out 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 Code of Administrative Offenses of the Russian Federation). This article should be carefully read before opening a bank account abroad. It provides for various sanctions for violation of currency legislation.
The reasons for opening an account in a foreign bank for Russian citizens can be very diverse.
The desire to maintain privacy, the need to work with foreign partners, receive higher and guaranteed interest on deposits than in domestic banks, simply transfer money - this is not a complete list of situations when such a measure may be needed.
Moreover, it is required to open an account abroad, since banks with foreign capital operating in Russia are in fact 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 them are the following:
- Reliability and confidence in the safety of money. This mainly applies to situations where the account is opened in countries with a stable financial and economic situation. Considering the current situation in Russia, practically all developed countries can be classified as such with confidence. Transferring money there is a guarantee of reliability and peace of mind for the citizens of Russia.
- Confidentiality of information and protection of the interests of the client. banking secrecy until now, 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 activities of the majority banking systems. This is not surprising, as it is one of the most significant factors that attract customers.
- Benefits for obtaining loans at the bank where the account is opened. The standard and widespread system of providing advantages in 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 perspectives for business. An account and money in a foreign bank, in addition to confidence and reliability, also give an 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 that provide services for opening them and help transfer money from Russia abroad.
Opening an account: step by step instructions
Opening an account in a foreign bank abroad is a rather complicated procedure that requires solving a large number of financial and legal issues.
Therefore, it is advisable to seek help from one or more consulting firms. But even 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 purpose of opening an account. It is possible to conditionally group foreign states according to the features of their banking systems, formed by decades of successful work.
stand apart Swiss banks- 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 transactions and the limits on account balances are quite large.
However, transfer money from Russia to swiss bank means to ensure their safety.
Banks of other Western European countries no less reliable and also very prestigious, but extremely expensive when maintaining settlement and cash services. Interest rates are usually low. In addition, one should take into account the difficult political situation and the existing sanctions, which can be extended unpredictably at any time.
In recent years, Russians have been actively using the services Baltic banks, especially Latvia and Estonia. Their undoubted advantages are:
- modest service rates foreign clients;
- the conveniences 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 the Baltic credit institutions, as well as Western European ones, one should take into account a rather risky political factor.
A separate group of states with attractive conditions for the provision of banking services is represented by Singapore and Hong Kong.
A favorable financial and economic climate has been created there for those wishing to do business in Southeast and East Asia, and service rates are relatively low. The downside is the unfavorable conditions provided for deposits.
It is advisable to use Asian banks for doing business, but not for storing and increasing existing 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 large number of offshore companies– a significant part of them was created not for doing business, but for holding assets and managing accounts.
Given the high demand, in almost any state where the opening of accounts for foreign clients is actively practiced, there are many intermediary firms offering services for the creation or acquisition of firms.
The procedure for buying a ready-made company can take only a day. Opening a new one takes a little longer, but is cheaper. It makes sense to move in a similar way, in the case of a serious intention to conduct business abroad.
The presence of a company registered abroad is an additional guarantee of reliability open account, because 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 institutions, its components, can also differ quite a lot from each other.
Experience of several financial and economic crises recent years showed that even large and seemingly reliable financial structures may be unstable or highly unstable. Therefore, the choice of a particular bank is an important and responsible step in opening a foreign account.
But given the huge amount of available official and verified information about 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.
Applying for an account
Almost always, when opening a foreign account, a standard list of documents will be required:
- an application for opening an account with the original signatures of the future account holder or director of the company;
- documents confirming the identity of the future account holder (copies of a passport or driver's license);
- recommendations from other credit institutions;
- founding documents of the company.
Often (but not always) the direct presence of the potential account holder is required.
Features of an account in a foreign bank abroad
With a fairly strong similarity of the banking systems of different states, each of them still has its own characteristics. When opening a bank account abroad, they must be taken into account.
For example, the term for opening an account in different countries can be from 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 (various combinations are also available):
- current. Mainly used for overseas business, interest on such accounts is either very low or non-existent;
- investment. It is opened if the client wishes to make long-term investments in various securities;
- deposit. Necessary to save funds and increase them at the expense of relatively high interest by deposits. However, money cannot be used until the end of the deposit term 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 in a foreign bank abroad is not particularly difficult. The main thing in this case is to follow the recommendations of specialists or simply use the services of one of the many consulting firms.
Reading 6 min. Published on 26.01.2020
In an unstable economic situation, the devaluation of the ruble and the bankruptcy of financial institutions, it is becoming increasingly important to place savings in 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
Opening offshore accounts is a traditional practice for many entities. This allows you to ensure a high level of safety of your savings, as well as beneficially reduce the tax base.
Now there is a gradual transition in favor of servicing the 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 , the 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 disadvantages, among them are:
- The need to interact with tax service in matters of opening and maintaining a foreign account.
- Difficulty in depositing funds into the account and withdrawing them from the account.
- The lack of control by the national bank of a given country over the activities of financial institutions from other countries of the world, which creates some kind of insecurity for the client.
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It should be added that when choosing a foreign bank to open an account the stability of the political and economic situation in the country should also be assessed
location of a financial institution.
Choosing the right bank to open a foreign account
Any foreign bank will charge a fee for opening an account from its foreign customers. At the same time, the most reasonable prices are put forward by banking institutions located in offshore zones(offshore banks). In order not to miscalculate the choice of a bank, it makes sense to consider the rates of the most popular of them.
Tariffs for opening an account in foreign banks
Bank | Country of registration | Account opening cost |
BankofCyprus | Cyprus | 300 euro |
Norvik Banka | Latvia | 300 euro |
C.I.M. bank | Switzerland | 700 euro |
ValartisBank | Liechtenstein | 700 euro |
ABLV BankLuxembourg | Luxembourg | 500 Euro |
AlSalamBank | Seychelles | 500 dollars |
ABC Banking Corporation | Mauritius | 500 dollars |
HSBC Bank | Singapore | 1000 dollars |
HSBC Bank | Hong Kong | 3000 dollars |
Is it possible to open a foreign account without leaving Russia?
Recently, Russian citizens have been able to open an account in a foreign bank remotely.
Now, in order to register your account, you do not need to travel to Hong Kong or Mauritius at all - just follow these steps:
- Choose a suitable foreign bank.
- Fill out the application form online and attach a package of necessary papers to it.
- Wait for the bank's decision and pay for the account opening procedure.
- Get details and place a minimum balance on the account.
Important point: Most modern banks offer foreign customers to use Internet banking mechanisms that allow you to manage your account remotely.
What documents are required to open a foreign account for a Russian citizen?
Each foreign financial institution requires from its clients its own list of papers that are necessary for making a decision on opening an account.
However, in most cases, individuals are required to submit:
- A copy of the passport certified by a notary.
- Original certificate of residence.
- Resume according to the established form in English.
- Documents confirming the source of income of the person.
- Certificate from the bank serving the client in the territory of his country.
Since opening an account can take place remotely, all of them are scanned and certified with an electronic digital signature.
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 for it.
The procedure for opening an account abroad for an individual: instructions to help
Russian citizens got a real opportunity to open accounts abroad after Instruction No. 100 “On accounts of resident individuals in foreign banks” was adopted in 2001.
Important limitation: Russians have the right to open one or more accounts in foreign banks only in those countries that are members of international banking organizations(eg FATF).
After a suitable foreign financial institution is selected, taking into account existing legal 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 about this.
It should be added that the Federal Tax Service will issue a notice to the citizen, which will become the documentary basis for the transfer of funds from the banks of this country to foreign financial institutions.
Important limitation: Individuals can open accounts in foreign banks for non-business purposes.
How to use the account: features of transferring money abroad
After an account in a foreign bank is opened, it remains to transfer funds from Russia to it.
How this process happens:
- Money transfers from Russia are treated as foreign currency payments and are governed by the relevant section of Russian legislation.
- To replenish an account, you must open in any Russian bank current account and transfer money abroad exclusively through it in the order of international transfer.
- To transfer funds to a Russian bank serving the client, you will need to submit such papers as a passport, an application and a copy of the agreement on opening an account with a foreign bank.
- From a foreign bank, the depositor must receive a written confirmation with a seal that an account has been opened with it. This document is transferred to a Russian bank.
It remains to add that such a mechanism for transferring funds assumes that a Russian bank tracks all transfers of funds to an account in a foreign financial institution.
Reporting to the tax office. What awaits the owner of a foreign account?
As mentioned earlier, opening an account in a foreign bank requires a Russian citizen to notify the tax service, which is carried out no later than one month after opening the account. Only on the basis of a notification from the Federal Tax Service, in the future, it is possible to make transfers of funds to foreign banks.
When using an account with a foreign bank, an individual will also need to submit to the tax authorities reporting of the established form regarding the movement and balances of funds in foreign accounts (Resolution No. 1365 dated December 12, 2015).
It is important to follow these rules:
- Reflect the sum of inflows, outflows and account balances.
- Prepare a separate report for each foreign account.
- Send the document to the Federal Tax Service through the online office of the taxpayer or by registered mail.
When submitting reports to the tax service, there is no need to attach statements of accounts in foreign banks to it.
Opening an account in a foreign bank is a convenient opportunity to protect your funds from inflation and other domestic risks. This practice seems to be very convenient for individuals who often leave the country. However, the outwardly simple procedure for opening an account requires transactions through the accounts of domestic financial institutions, as well as mandatory notification of the tax authorities.
How to open an account in a foreign bank for an individual?
An account in a foreign bank today is gradually becoming an absolute necessity not only for legal entities, but also for individuals.
The road, hotels, education, medicine, shopping - these are just some of the expenses that sometimes any of us have to pay abroad.
There are many examples of this.
A foreign bank account allows you to avoid many of the problems and difficulties associated with traveling and living, 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 foreign citizens. This is especially true for ordinary citizens, since often legal entities, for banks, 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 the 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 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 clients remotely. Come directly to foreign bank to open an account, in this case - not necessary.
The entire identification procedure can be carried out via video link or, in some cases, at the request of the bank, it will be possible to simply send by e-mail your photo, with a passport or ID-card, in good quality.
There are a number of foreign banks that, even in times of total pressure on the banking sector, continue to be loyal to their foreign clients and provide a high level of comfort and confidentiality.
Why is it worth opening an account in a foreign bank for an individual?
A foreign bank account allows you to get several important advantages at once:
- protect yourself from any financial shocks in your country of residence. For example, from currency control, devaluation national currency and other troubles of economies in transition;
- foreign bank account is good way diversification of funds. The more of your assets are in different jurisdictions, the more securely your wealth is stored;
- this makes it possible to gain access to international banking products and services, often simply not legally available in financial system your country;
- in a foreign bank there is an opportunity to open a multi-currency account and save on transactions in foreign currency;
- it is also possible to obtain funding for personal purposes. For example, to get mortgage loans when buying overseas 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 meet the following basic requirements:
- be ready to list minimum deposit required by the bank to open a personal account. The 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 amount of the minimum deposit;
- be ready to maintain a minimum balance of a bank account, in accordance with the conditions for the provision of services of this bank;
- be prepared to visit the bank, should the need arise.
For example, a personal visit will be required 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, it is possible to open a personal bank account without a personal visit, by providing the entire package of necessary documents remotely.
You can also open an account remotely in Europe - for example, some banks provide this opportunity, 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 in foreign banks. However, there are certain limitations.
- It is forbidden to have foreign accounts and deposits to persons holding certain positions in government organizations created 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 specified in Article 7.1. Federal Law No. 273-FZ of December 25, 2008.
- Residents of the Russian Federation who open accounts in foreign banks must notify the tax authorities about this within one month after receiving from a foreign bank a notice of 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 in foreign banks.
This is done on an annual basis, before June 1 of the year following the reporting year, but only if the annual turnover for foreign account exceeded 600 thousand rubles in ruble terms.
In addition, notifications and reports on the movement of funds must be submitted to the Federal Tax Service of Russia not only for bank accounts, but also for accounts opened by citizens in any financial institutions. managing funds at the expense and in favor of clients. For example, this must be done for 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 in a foreign bank, an individual resident of Ukraine previously needed a special license from the National Bank of Ukraine (NBU). It was not so easy to get it, and in many cases you had to prove that you really needed a foreign bank.
However, since February 2017, residents of Ukraine can manage funds received abroad without a license from the NBU: deposit them into a foreign account or invest. However, for similar actions with funds located in Ukraine, a license from the NBU 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 a special permit from the National Bank. In addition, residents of the Republic of Belarus also need to obtain permission from the National Bank for the following:
- acquisition real estate outside Belarus,
- placement of funds in foreign financial institutions,
- transactions involving trust management currency values.
To choose the right bank for you to open a foreign / offshore account, use our. Fill in and our specialists will help you choose a foreign bank, opening an account in which will meet all your goals and plans.
If you doubt that a particular foreign bank will open an account for you, you can use our pre-approval service for 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 have created a special Youtube channel in order to talk about the most difficult moments associated with opening and owning foreign accounts. You can subscribe to this channel link.
After simplifying the procedure for opening accounts abroad, given the instability Russian economy, our compatriots became actively interested in the possibility of transferring part of their funds to foreign banks. Procedure for opening an account in a foreign country financial institution is quite complex. A number of questions arise: in which country can you open accounts, how to choose a bank, how to transfer funds, what documents will foreign financiers require, and, finally, how reliable is such an allocation of funds? We will try to answer all questions in this article.
Avoiding misunderstandings
Many Russians mistakenly believe that branches (representative offices) of foreign banks can be found in Russia. In most cases, the perpetrators of this delusion of the population are Russian bankers who actively advertise the belonging of their organization to an international group. In fact, foreign banks do not operate on the territory of the Russian Federation. Turning, for example, to Raiffeisenbank, you turn to 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 legislation. Consequently, you will not protect yourself from political and so-called “country” risks. Subsidiaries cannot match their “mothers” in terms of reliability, and in order to open an account with a foreign bank, as a rule, it is necessary to visit the country in which its head office is located (for example, Austria, if we are talking about Raiffeisen Zentralbank).
Can a Russian open an account abroad: the legal basis
Ten years ago, in order to open an account abroad, a Russian citizen permanently residing in the territory of the Russian Federation required a special permit 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”(Article 12, clause 1.) allows all residents of the country to open foreign currency accounts without restrictions in banks located outside the territory of the Russian Federation. However, some categories of citizens still will not be able to become depositors of foreign banks - a complete list of categories is indicated in Law No. 79-FZ “On the prohibition of certain categories of persons to open and have accounts (deposits), keep cash cash and valuables in foreign banks located outside the territory of the Russian Federation” dated May 7, 2013.
We will tell you more about how the opening of accounts is carried out in practice.
Procedure for opening accounts in foreign banks
A personal account in a foreign bank can only be opened for savings, private investment and subsequent spending: use the account to maintain entrepreneurial activity forbidden. The procedure for making a deposit usually takes from 1 week to several months. In this case, you can choose 1 of 2 paths:
- 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 (ranging from $200 to $12,000), will help you open an account abroad. To work with intermediaries, a potential contributor will need to provide certified samples of his signature. You can certify the signature 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 opening an account is used by English banks. A foreigner may be required to pay additional documents, for example, a trustworthiness recommendation issued by Russian bank; paid bills for public Utilities, in which the actual address and surname of the contributor will be recorded; a letter of recommendation from an employer, etc.
You can replenish an account opened with a foreign bank either in cash or by non-cash payment. Cashless transfer is not possible without providing domestic bank notification of opening an account in a foreign bank with a mark of the tax office and a certificate of tax registration. When replenishing an account in cash, in a foreign bank you will be asked to provide documents confirming the legal 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 depositors 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 in 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 you are interested in: the principles of functioning of these systems are the same all over the world, but sums insured may differ significantly. You should also clarify what documents the bank will require to open an account (you must choose the one credit organization, the requirements of which you can meet). As a rule, the minimum list includes:
- certificate of income for 6-12 months, certified by the tax office.
- notarized copies of the passports of the depositor and his wife (spouse).
- information about the composition of the family.
- utility bills.
- a certificate from the police stating that the citizen of the Russian Federation has no criminal record and is not under investigation.
If you have an open account in the Russian "daughter" of a foreign bank, you can contact the manager of this institution with a request to help in opening an account: the existing links between the parent and subsidiary will help speed up the process. A 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 European and US banks 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 interest rates in foreign banks.
And in conclusion, we want to mention one feature of owning an account in a foreign bank - in accordance with paragraph 2 of Art. 12 of the Federal Law “On currency regulation and currency control”, every citizen of the Russian Federation must notify the tax authorities at the place of his registration about opening accounts in banks located outside the territory of the Russian Federation within a month. At the end of each year, you will have to provide information about the balances on such accounts in tax office. For violation of the norm of the law, a fine of up to 5,000 rubles is provided.