The exact requirements for opening an IBAN account online will vary depending on the bank or financial institution. However, you will typically need to provide the following information:
Opening a company IBAN account will require some further documents like:
Once you have opened an IBAN account, you can use it to make and receive payments, exchange currency, and withdraw local currency cash at ATMs. You can also take advantage of instant SEPA, and get SWIFT IBANs as well, if you require.
For EU and EEA citizens and businesses, the process is very simple with minimal documentation. Also personal accounts are practically free to open and operate for the EU citizens. Higher charges apply for non EU jurisdictions and countries, for example for Canadian, Malaysian or Indian citizens, but the benefits far outweigh the costs, as there are no visits to the bank required the entire process being online, and there are no requirements for large deposits to be kept in the bank account. The IBAN account offered is also unique and dedicated, and is a no limit transfer account. So, one IBAN account is enough to serve all your needs in the EU SEPA area.
Convenience: You can open an account online and start using it immediately.
Flexibility: You can manage your account entirely through your smartphone or computer.
Low and transparent fees: Many banks and financial institutions offer low or no fees for IBAN accounts.
International reach: You can use your IBAN account to make and receive payments in multiple currencies.
No Travel Costs: You do not need to physically visit your branch, ever! This saves major travelling costs
Valid and Legal Overseas Bank Account: Your IBAN account can also be used as your overseas account, if you are residing outside the EU. It is perfectly legal according to EU rules and regulations
It is common these days for people from Asian countries like India, Malaysia, Thailand, Singapore, Indonesia, Nepal, Bhutan China or South Korea to go ahead and incorporate their companies or businesses in European countries like Estonia, Germany, Ireland or United Kingdom, to take advantage of the EEA and EU business environment.
The best part is, you can open this European IBAN account from anywhere, using your own country credentials. Moreover, your company may also be incorporated in your own non EU country, and yet you may choose to get and operate this IBAN account. The following example illustrates this:
Suppose Mr. Ram is an Indian national, who has gone to Estonia and have incorporated his fintech company there at Tallinn. The process is smoothly carried on by an incorporation agent there, and he gets his company registered in no time. Now, he needs a bank account to run start his business without maintaining a physical office in Estonia, and this is where the difficulty arises. Banks have a lot more subjective requirements, they can ask for large amount of deposits, will take personal interviews, will take time to decide, and also reject the application if they are not very confident about the activities. So, Mr. Ram’s entire investment of time and money is at risk, for he did not intend to settle down at Estonia to run his business.
Here, Monvenience can take care of all the banking needs of Indian nationals like Mr. Ram.
Mr. Ram applies online at Monvenience with his Indian passport, Indian utility bill, Indian bank account statement, along with the company incorporation papers of Estonia. After a period of 5 to 7 days, he gets his international IBAN account, through which he can carry out all his company transactions, and all online. No meetings with bank, no deposit requirements, no exorbitant charges. And did we mention, that we give you NO LIMITS IBAN accounts.
Consider another case, where a Malaysian business, incorporated and run at Malaysia, owned by Malaysian nationals, wants a European Bank account which will satisfy some special business need. Even in this case, they can open an account with Monvenience. They just need to apply with their Malaysian company papers, and Malaysian director details. And they get their IBAN account for international fund transfer, sitting from Malaysia, operated from Malaysia.
The Following Diagram gives a snapshot of our basic IBAN account:
International IBAN Account from Monvenience
Please note that we cannot onboard any directors/individuals whose country features in the FATF grey list.
Not sure if your country is in the list? Find out if your country is eligible below:
Hope to see you onboard soon! Click here to open an account