One of the first things to do when moving to a new country is to open a bank account. In Slovakia, as in other European countries, anyone legally residing in the country can open a bank account, and it is necessary to do so in order to receive and make non-cash payments. You can also open a savings plan and in general it is much more convenient, to be the owner of a European bank account, when you live in Europe.
So how do you do it?
Opening a bank account in Europe - different details between countries and between banks
Regardless of whether you traveled for a business opportunity, reunited with family, or simply decided it was time for a fresh start, you will need to open a bank account in the country you are moving to. Even when you want to transfer money from an account in your country of origin to abroad, you will want to declare that you are transferring money from a private account in your name in your country of origin to the account in your name abroad. This is mandatory if you do not want to pay double tax later, in fact the process for opening the account is relatively simple, but the requirements may vary between banks.
In Slovakia, the banks tend to be wary of customers with foreign passports who want to open a local account, for this reason, it is much better to do all the inquiries and obtain the documents for opening the bank account in advance and consult with Rstate representatives in advance.
In any country you arrive at, you must remember that the application process for opening a bank account in Europe must be carried out in a correct and orderly manner in order for the application to be approved, and also to take care to report in your country of origin according to the law.
Who should open a bank account in Europe?
Anyone who intends to live in Europe as a legal resident, no matter if for a short or long period, will need regular banking services at one point or another. Current account, credit card, making payments, bank transfers, savings and so on - these are all services that should be available as soon as possible.
Keep in mind that in the first few weeks in the new country, you will have to make do with the cash you brought with you, or withdraw money from the ATMs using your credit card. Remember that foreign exchange rates and commissions can be expensive. You can pay anywhere in Slovakia with credit, the conversion rates of the credit companies today are not as high as they used to be. In conclusion: withdraw money from local ATMs, the most unprofitable thing.
Opening a bank account in Europe is a basic necessity for anyone who moves to live abroad already from the first month of moving. It is better that you start looking for banks in advance, among the popular ones Tatra bank, Unicredit, Vub Bank, and go to the websites of all the banks in the country you are moving to. Make sure that the bank's website has an interface in English, making the process easier for you.
Remember, many actions can be performed over the Internet quickly and cheaply. Compare the conditions of all banks, the fees and benefits for new customers and adapt them to your financial needs, also check the attitude towards foreign customers. Check the closest branches to your residence, especially if you don't plan to live in the center of the capital city. But don't panic, our company representatives have enough experience, we will help you open a bank account and prepare the documents in advance.
Account opening process - what you need to know about the process of opening a bank account in Europe
When you arrive at the bank, you must remember that first impressions are extremely important. Arrive neat and fresh, looking elegant and relaxed. The banker will ask you for relevant documents, information about your income and needs, in order to understand whether there is a risk in providing banking services in your case.
In the process, you will be asked about your source of income, (self-employed, employee, student or controlling owner) why you want to open an account and similar questions. Cooperate and tell everything he asks in a concise and friendly manner.
You should find out in advance what documents the bank requires and come with all the required documents to save round trips. Each bank or sometimes a branch also has other requirements, but the requirements always include an identity card, a passport, a temporary resident visa, as well as an authorized dealer or company certificate, an employment contract and/or a study permit if you have one. Find out ahead of time the specific requirements of each bank, including approvals, guarantees and recommendations of various kinds. It is also recommended that you bring with you an initial amount to deposit in the account, amounting to at least 1,000 euros. If all this sounds stressful to you - relax, the process is not terrible at all. Overall you are moving to a developed European country with a stable and safe economic system, the local banks will provide you with the required answer, and there is no reason why they should not see you as successful customers.
Important details that are recommended to check before opening a bank account in a foreign country:
Which banks will be willing to open an account for a foreign resident
The conditions and fees offered by the bank, convenience of using the application to perform most operations via mobile, as we have already mentioned above
If it is an international bank, then check what is the country of origin and its economic stability - consider whether you should prefer the local banks
All of these will help you in opening the bank account in the best possible way and will ease all the bureaucracy that moving abroad requires. We at Rstate will be happy to assist you in everything related to opening a bank account in Slovakia, and remember
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