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How to open an account with a foreign bank remotely for a resident of Ukraine?

In connection with the latest situation both at the global and national levels, many entrepreneurs faced the question: «How can I protect my own assets?».

At the moment, a most common goal for many investors is to convert the national currency to a more stable one.

IQD Consulting specialists will tell you more about how it is possible to open an account in a foreign bank for a Ukrainian.

Is it legal to open an account for a resident of Ukraine abroad?

Every Ukrainian has an opportunity to open a bank account in another country. This norm is regulated in the Law of Ukraine «On Currency and Currency Transactions» (see article No. 2). According to the principles of regulation of currency transactions in Ukraine, individuals or legal entities, who are residents of Ukraine, have the right to enter into transactions in any currency and open accounts not only in national banks.

The latest version of the 2019 law regulates a procedure for simplifying the process in order to open an account for a resident of Ukraine with a foreign bank remotely.

The adopted changes are beneficial for both individuals and legal entities, who plan to open an account with a foreign financial institution.

IQD Consulting experts are ready to provide qualified assistance in opening an account for citizens of Ukraine in a foreign bank. Thanks to the professional support services of our specialists, you will get the opportunity:

  • To make international transactions online;
  • To carry out various currency transactions in a short time;
  • To start investing abroad for the possibility of increasing income.
  • To buy real estate;
  • To expand areas for doing business.

We suggest considering such option as opening an account in Singapore remotely.

You can also order individual advice on reducing risks, when opening an account abroad remotely from IQD Consulting experts.

What nuances do Ukrainian citizens need to consider, when opening an account with a foreign bank?

Although a decision to open an account with a foreign bank remotely for Ukrainians has become available. It is worth noting, that there is a mistrust on a part of foreign financial institutions for citizens from the CIS countries. This attitude is due to strict rules, regarding international standards for combating money laundering. Therefore, it is important to consider a possibility of negative nuances, when opening an account in foreign banks.

Opening an account for Ukrainian residents with foreign banks remotely is possible, using the mechanism of remote identification of clients of financial institutions through the BankID System of the NBU. For the provision of banking services, the prerequisites are the fulfillment of financial monitoring requirements, namely: a verification of identification data obtained from various sources.

We recommend you considering opening an account remotely in Switzerland, Serbia, Macedonia, as well as opening an account in the payment system of Europe.

Documents to be submitted in order to open a foreign bank account for a resident of Ukraine

For individuals:

  • A Proof of identity (a copy of national and foreign passports);
  • A confirmation of address (receipt for utilities or other confirmation);
  • Tax returns (optional);
  • A certificate, confirming income (additionally requested);
  • CV (optional).

For legal entities, whose beneficiary is a resident of Ukraine:

  • Company statutory documents;
  • Good Standing Certificate (or registry statement);
  • Documents, that explain a bank the activities of the company and provide information about its partners

Please note, that a financial institution may require additional documents in order to understand the purpose for which an account is opened, and information regarding the origin of the funds. It should be noted, that a bank may request information on the lawful origin of funds for a sufficiently long period. Bank requirements will depend on the amount of funds, that you plan to deposit.

To avoid possible nuances, when submitting documents, we recommend you asking for professional advice in preparing and analyzing the requested documents to open an account abroad remotely.

IQD Consulting specialists are ready to provide full support in opening an account with a foreign bank to a resident of Ukraine.

Interested in getting expert advice?

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