Opening Foreign Accounts with Payment Systems for Companies and Private Persons

A payment system account is an analog of a bank account. It offers practically the same services as a bank. Open foreign accounts with payment systems to transfer money, convert currencies, pay bills.

Opening a payment system account is faster than with banks: from 1 business day on average. Transfers between accounts are fast, fees are lower. 

The account can be opened remotely, without a personal visit.

There are payment systems ready to cooperate not only with small and medium businesses but also with offshore companies.

A payment system is a financial institution offering regular banking services: account opening, funds transfer, currency conversion.

A payment system has a special license allowing it to render payment and financial services.

The best companies provide the following services:

  • Fast account opening
  • Individual IBAN-account like a bank 
  • Currency conversion
  • Debit/credit cards 
  • Free transfers within the system
  • Other services.

Both individual and corporate clients can open an account.

Financial services are chosen by clients according to their own liking and profile. Payment systems are also choosy. Some payment companies accept some risks when offering services to a wide range of clients, and yet they reject some categories of customers. There are also companies ready to work with the so-called high-risk types of business, i.e. companies trading in cryptocurrencies, dealing with investments, Forex, etc.

Payment systems in most cases open accounts completely remotely. Electronic submission of documents is required:

  • a color scanned copy of your passport
  • the proof of address
  • for companies: corporate documents, business structure, business description.

Just like banks, such providers of financial services have the right to request additional documents.

It takes anywhere from a few hours to a couple of weeks to open an account. This is much faster than the wait time after an application to a foreign bank.

An account in such a service is ideal for startups, young companies, for diversifying the risks of an existing business. Considering that an account at any institution can be closed for a minor reason, it is wise to have several accounts - to diversify your assets by depositing them with banks and payment systems.

Learn more and find the right payment system with our expert during a free consultation. You are welcome to book it by writing to our e-mail address or messenger given at the top of this page.

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