Bank Account Opening
Futuramax assist private clients in opening personal bank accounts worldwide. We open bank accounts in Europe, Middle East, Asia and in North / South America. Apart from personal bank account opening we also deal with corporate bank account openings.
Types of bank accounts
Current accounts are for day-to-day use, e.g. receiving salary payments and for paying monthly expenses, such as utility bills. Current accounts usually come with a bank card to withdraw money from ATM machines and to pay at shops or over the internet. Current accounts do usually not attract any interest rates.
Savings accounts allow clients to put aside a portion of their liquid assets while earning interest. Savings accounts cannot be used for day-to-day banking (e.g. writing cheques). The most stable banks to open saving accounts with are currently the big european banks.
A deposit account usually comes with high interest rates paid on money deposited. Short notice (or at some banks no notice) is required for withdrawals. Banks in the Channel Islands or Isle of Man offer the most sophistacted deposit accounts. Some banks even support multi-currency accounts and a credit card connected to the account.
A brokerage account is used for online trading in shares, FOREX, warrants, options and futures. Most of the banks offering such service are located in the US, however Swiss banks offer a similar, sometimes even better service. Few European banks will even give the client a full IBAN account number, online banking facilites and credit cards.
: Numbered accounts were inventend in the 1930's by Swiss banks to protect assets of Jewish people fleeing the Third Reich Regime in Germany. Numbered accounts do not have an account holder name associated with it, however few senior bank managers would know the client's identity (rumors the bank would not know the client are fiction from James Bond movies). Even in these days, with OECD regulations being tough, it is still possible to open numbered accounts in Austria, Switzerland or Liechtenstein.
Private Banking is the most sophistacted way of managing money and assets. A dedicated account manager will look after the client's portfolio, know her or his needs and ensure best return on investments. Wealth management also involves structures of tax planning and privacy concerns. A few years ago the top Private Banking institutions provided their services to high net worth individuals with assets of at least 3,000,000 USD only, today it is possible to establish such a banking relationship with assets in the region of 250,000 USD.
Which type of account to open and where?
This would depend on your banking needs, how and for what you will use the account and where you wish to open the bank account.
There is a big variety of account types available in many different jurisdictions worldwide. Each offers the customer different features and options.
Onshore or Offshore Banking?
We can open bank accounts for our clients in most onshore and offshore jurisdictions. Onshore jurisdictions offer better access to the banks and are more convenient to deal with.
For example Europeans, who are on a temporary job in the USA, might save a lot of money if they open a local US bank account, rather than transferring money to/from their bank account in Europe. On the other hand, for a French expatriate living and working overseas, offshore banking might have tax advantages, such as income and interest paid to the offshore account without tax being deducted.
Requirements for bank account opening
Some bank accounts can be opened by post, some require a meeting with a local branch manager. The minimum opening deposit can be in the region between zero and 1,000,000 USD depending on the bank and type of account. For opening a personal bank account the following documents are required (for the person opening the account and any other signatory):
Optional items (depends on the bank chosen)
- Passport or ID card (simple copy or certified)
- Minimum deposit (if any)
- Driving Licence (US Banks)
- Proof of address (UK & Irish and Cyprus banks)
- Reference from solicitor/accountant (some Asian banks)
- Bank Reference (Carribean banks)
- Origin of money
- Proof of funds (Private Banking)
Futuramax's account opening service
If you decide to use Futuramax's account opening services here is a description of what we do and how we do it:
- 1. Analysing your situation and goals you wish to achieve: Upon receipt of your application we will analyse your personal situation (e.g. nationality, residence, buget/funds, banking requirements) and point out which banks are suitable for your banking needs.
- 2. We will pre-check all documents you supplied in pre-scanned format and prepare the bank account application for you.
- 3. You will need to submit the original application form, duly signed by yourself and required opening documents (or at some banks visit their offices in person) either to us (we personally hand them over to our contacts at the bank) or where we don't have an office in the bank's jurisdiction directly to the bank. In this case we will supply you with the banker's contact details. Should a personal visit be required you have the choice of either joining a pre-arranged meeting with a senior bank officer or have us attending the meeting.
- 4. Once the account was opened either the bank or we will advise the account number. At this stage the entire banking relationship is between yourself and the bank and only you or your designated co-signatories have access to the bank account. Chequebooks, Credit Cards and Online Banking usernames, passwords and encryption devices will be sent directly to your address by the bank. Futuramax never have access to this sensible information.
- 5. Time Frame: The process may take from just a few days until several weeks, depending on the bank chosen, where you and the bank are located (postal/courier delivery times!) and required documents. We will however, always keep you posted on the progress we make.
Benefits of using Futuramax's account opening service
International bank account opening may be very different to everything you know from your country. Banks are obliged to know their clients and due diligence procedures apply to all existing and new clients. Most banks are very cautious in dealing with new clients and prefer clients being introduced by someone they know. At Futuramax we know all banks recommended (200 in total) since years and we do not deal with the person sitting at the counter, but rather with a senior banker.
Futuramax are in business since 11 years and have real offices you can visit to dicuss your needs.
Residents / Nationals of Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Colombia, Congo-Brazzaville, Iraq, Ivory Coast, Lebanon, Liberia, Myanmar, Nigeria, Rwanda, Sierra Leone, Somalia, Sudan, Uzbekistan and Zimbabwe cannot use our bank account opening services. Enquiries from these countries will not be responded to.