Opening an account in a Ukrainian bank for a foreigner in 1 day
Opening a bank account for a foreigner is one of the most common banking and financial procedures. Making payments for business or personal needs, buying real estate or vehicles, starting and running a business and even for frequent visits to Ukraine of investors, businessmen need to have an open account in a Ukrainian bank.
Most often we offer assistance in opening an account as part of a more comprehensive service, such as the business setup in Ukraine, or legal support of the real estate purchase transaction. In this case we take upon ourselves all the organizational moments and will plan everything according to the possibilities and schedule of the Client.
Today, we will focus on such organizational aspects as obtaining TIN and opening an account in a Ukrainian bank: the procedure and terms.
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What is the reality?
We were contacted by the secretary of a well-known foreign investor. The purpose was to open a bank account for the convenience of payments in Ukraine and the subsequent purchase of real estate, and therefore the Client also needed a TIN. During the arrangement it was determined that the Client will come only for 1 day, more precisely, half a day, because the evening is already scheduled for another flight. It did not frighten us and did not create any problems. We cooperate with reliable notaries and bank managers, which allows us to plan the procedures in a very short time. Also, before the Client came to Ukraine, we explained the difference between public and private banks. The Client chose the latter.
As the Client was only supposed to be in Ukraine for one day, it is logical to schedule a meeting with the notary to obtain the power of attorney for TIN registration and a visit to the bank on that day. TIN may also be obtained without the Client’s presence.
The notary prepared a power of attorney, the Client read the text, gave his consent and signed it. Our company representative went with the Client to the bank, for the pre-agreed meeting with the representative of the bank. Before the visit, we gave the bank all the necessary information.
It was necessary to decide exactly what type of account needed, we explained to the Client that the type of account depends primarily on its purposes. For example:
- For any financial activity and the use of the bank account for non-cash money turnover, a card or current account will do;
- If you want to buy real estate in the secondary market of Ukraine, a card or current account is also suitable;
- If you want to increase your capital and are impressed by the deposit interest of Ukrainian banks, you can open a deposit account.
Regardless of the type of a bank account - you can open an account in the national currency of Ukraine, as well as in foreign currency (the most common are U.S. dollars and euros).
After choosing the account type, the Client underwent brief identification and opened the necessary accounts. All together it took no more than 1.5 to 2 hours. No waiting, queues or useless waste of precious time.
Already in the evening the Client left Ukraine, and we ordered the translation of the passport, formed the necessary application and submitted the documents for the TIN. Three days later, we obtained the ready-made document.
In order to open a bank account in Ukraine, a foreigner must have the following documents:
- original passport;
- a document specifying the place of residence / location of the foreigner in Ukraine;
Note: If you know which managers to contact, you do not need to provide such a document, a bank employee can write down the data from your words, we can help you with that too.
- a document confirming the solvency of the foreigner;
Note: Opening a bank account in Ukraine is a paid service. Thus, bank employees may ask you to pay an annual service fee.
- a TIN is often needed - it can be obtained without the Client, in advance.
Our lawyers will not just help you with advice, but will arrange the entire procedure with the utmost comfort for you.
If you need assistance in choosing a bank, and do not have some documents – don’t hesitate to contact us, we will help you in this matter. We undertake all organizational aspects, complete support and a guaranteed result within the desired time.
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