Business Bank Account in Europe — Opening Process & Requirements
With a population of 750 million people, Europe is a mandatory stop for development. Doing business in Europe is easy, there are many European customers and companies that are educated and open to the world. However, reaching Europe can sometimes be complex. The EU has its own Central Bank and interbank payment system (SEPA — Single Euro Payments Area). Most European countries are using the same currency: the euro.
To open an account in an EU bank means to open the gates of Europe for your company. Not only will you be provided with an IBAN number in a politically stable and financially solid part of the world, but you will be able to freely use the SEPA wire system to send and receive payments almost instantly in Europe.
This is a serious accelerator of business. Being able to pay and get paid in your partners’ and clients’ currency, within a day, gives you a tremendous advantage on the “old continent”.
How to get an account opened for my company in Europe?
Here comes the strategic question: how to open a bank account in Europe? It is not as complicated as you think, but there are requirements. European banks are very wary about their clients, and the European regulations are consequently strict. You should be prepared to provide a whole tour of your business operation and to disclose some numbers.
How to open a bank account in Europe from the USA? The first step is to assess the right European country to set it up, including the right financial institution. It is also a question of services provided: if you are looking to permit the European customers to pay for your services with their credit card, you will require a merchant account.
The second step is to gather the information required by the selected bank. Hopefully, our team of advisors based in Europe have a longstanding experience to assist you. Then, your account is set and you are ready for business.
Doing business in Europe remotely
Some banks require their clients to visit them at least once to open an account. And some traditional institutions are not yet well versed into the internet. For savvy entrepreneurs, there are hopefully excellent online bank accounts in Europe. Many of them will not require you to visit the bank in its country of implementation.
These online European banks often have a very high level of service, providing saving and investment accounts, multicurrency service and a wide range of payment cards to their clients.
An online EU bank account is then good for business all over the world. From your laptop or smartphone, you can manage your company’s finances and expenses, send or receive an instant payment, share banking details, etc.