Opening a non-resident bank account provides individuals and businesses with international financial access and flexibility.
Projected to reach 822 billion euros in 2023, the European e-Commerce market is increasingly enticing to individuals and businesses alike.
The appeal of acquiring a European payment account becomes evident, especially for those engaging in substantial financial interactions within Europe or small businesses aiming to tap into the European market without establishing a full subsidiary company.
Non-resident bank account emerges as a practical solution, and this trend is notably prominent in Eastern European countries like Poland, Slovakia, Romania, Czechia, Serbia and Croatia, where e-Commerce markets boast an impressive annual growth rate of 30%.
Why Choose Non-Resident Bank Account?
The integrated financial infrastructure of the European Union enables seamless and rapid transfers in any European currency, free from typical complexities associated with cross-border financial operations such as taxation, extensive AML checks, and exchange fees. The Single Euro Payments Area (SEPA) integration facilitates effortless transfers within the EU, even in currencies other than the euro, with the added advantage of SEPA Instant payments ensuring transactions are processed within 10 seconds.
Despite these benefits, traditional financial services may pose challenges for non-residents due to their slower processes, insistence on personal visits, and demanding compliance protocols that may include excessive background information and documentation. Many traditional financial institutions are also hesitant to engage with individuals and businesses from outside their home countries.
Beyond the Euro: Navigating Currency Variations
It’s crucial to note that not all European countries are part of the EU’s single market, and not all use the euro as their currency. Opening an account in a non-EU or non-Eurozone country may result in higher fees and additional transaction checks. For a more advantageous option, consider a euro account in an EU or EEA country with progressive financial regulations. Lithuania, as both an EU and EEA member, utilizing the euro, and fostering cutting-edge financial institutions, presents an excellent choice. SikiraPay.eu, an EMI located in Sweden, offers a euro account opening that can be completed entirely online, making it highly appealing for non-residents.
Benefits of Online European Accounts
Non-resident bank accounts offer a comprehensive range of services, facilitating worldwide money transfers (SEPA and SWIFT) and providing benefits for personal and corporate use. Users gain access to payment cards (virtual and plastic) for convenient online shopping, daily payments, and ATM withdrawals.
For businesses, these accounts offer integrations with various payment services, accounts in different currencies (EUR, USD, GBP, CHF), and payroll projects.
Individuals enjoy the convenience of a powerful all-in-one instrument for local and international payments, recurring salary or pension transfers, and versatile spending options with just one account. Having a European payment account can save money on currency exchange fees, making it advantageous for conducting business with EU partners.
Additionally, a European IBAN adds prestige, presenting you as a reliable business entity and leaving a positive impression on your counterparts.
Can Non-EU Residents Open an Account Without Proof of Address?
The significant advantage of opening a European account, particularly with SikiraPay, lies in the seamless onboarding process that requires no paperwork. The entire account opening procedure is conducted online, ensuring convenience, speed, and efficiency.
One of the major hurdles in opening an EU account has been the requirement for proof of address in an EU country. However, at SikiraPay.eu, this issue is resolved – a local utility bill from your home country is sufficient.
Clients can also enjoy the convenience of a user-friendly app with an intuitive interface, providing a smooth digital banking experience at their fingertips.
Please check the website for the complete list of documents required for both individual and corporate account opening.
