Opening a bank account for a foreigner in Ukraine
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How to get a residence permit in Ukraine with the legal company "Pravova Dopomoga"
Opening a bank account is probably one of the most common banking and financial procedures. Fortunately, in Ukraine such an operation today is available both for citizens of Ukraine and for foreigner nationals.
What for a non-resident may need to open an account in a Ukrainian bank? The situation when foreigners have overstayed in Ukraine and need to transfer money from their foreign accounts to a Ukrainian bank account in order to buy real estate, a car, open a business or to use the money for personal purposes are quite common. It is impossible to open an account without a lawyer in case of overstaying.
Most often, we offer assistance in opening an account with a Ukrainian bank as one of the components of a more complex service: support in purchasing real estate in Ukraine or, for example, obtaining a residence permit through opening a company, etc.
If you want to make head of this procedure on your own, or just understand its complexity, please read on.
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Where does a foreigner start the process of opening a bank account?
The seemingly simple procedure, however, has many pitfalls. Thus, many banks simply refuse to open an account for those foreigners who have exceeded the period of stay in Ukraine. In this case, you should know exactly which bank to contact. And there are many such subtle aspects.
The procedure of opening a bank account for a foreign citizen begins with the fact that you need to decide on the bank:
- a state-owned bank- such banks are under the protection of the state and have less risk of “bursting”, they may also have favorable credit conditions, and the number of branches usually exceeds the number of private bank branches;
- a private bank - the staff of such banks can quickly and easily resolve the roughness and agree on suitable services. They also have more developed Internet banking services, and usually a more advantageous exchange rate.
Then you need to decide exactly what kind of account you need:
- a card account - you can perform operations both at the ATM and with a manager;
- a current account - operations are performed with the manager in the bank;
- a deposit account - operations are not performed until the end of the agreement between the client and the bank;
- an investment account - all operations that can be attributed to or relate to investor activity. For example, in order to buy the share in the authorized share capital of the Ukrainian company, the money shall be first transferred to the special investment account.
The type of the account depends primarily on the purposes for which you open it:
- If you plan to carry on any financial activity and use a bank account for non-cash money turnover, you should choose a card or current account;
- If you want to buy real estate on the secondary market of Ukraine, a card or current account will also fit your needs;
- If you want to increase your capital, and you are impressed by the deposit interest of Ukrainian banks, you can open a deposit account.
Despite the type of the account, you can open it both in the foreign (the most common are US dollars and euros) and national currency of Ukraine .
Example from our practice of opening an account for a foreigner in Kyiv
This year a citizen of Poland, who was in Ukraine and wanted to buy an apartment here, applied to our company.
To begin with, we found out what kind of account he would need to open. For example, in case of an LLC, you need to open a special investment account to buy real estate. But in our case, a non-resident was a natural person, and we decided it would be enough to open a regular card or current account, which we described above.
During our cooperation with the Client, we found out that he has exceeded the period of his legal stay in Ukraine, which, according to the law, is 90 days within six months. This could be a great difficulty to open a bank account, because, as we have already written about, the banks require that the foreigner’s stay in our country is legal.
Despite this, we began to work on the collection of all necessary documents and bringing them in order to ensure that except for the overdue stay in Ukraine, there were no more questions from the bank representatives. We found a bank that could work with the documents of the Client, even despite the overdue stay in Ukraine, and successfully opened an account there, after the Client obtained the TIN.
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The difficulty of this procedure is that many Ukrainian banks have certain requirements regarding opening an account for a foreigner. For example, a non-resident who comes to the bank may be asked to provide one of the following documents:
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valid residence permit;
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TIN;
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work permit;
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certificate from the Border Guard Service.
In addition to individuals, we offer a similar account opening services to the director of the company. Today, not all banks in Ukraine agree to open such an account without at least one specified document, but we have such resources, and we are ready to share them.
What documents do you need to open a bank account in Ukraine?
To open a bank account a foreigner must have the following documents:
- an original passport of international standard;
Please note! If a foreigner is in Ukraine at the time of account opening, the stay must be legal.
- a document containing the information about the place of residence / stay of a foreigner in Ukraine;
If you know which managers to contact - this document may not be provided, a bank employee may write down data from your words.
- a document confirming the solvency of a foreigner;
The fact is that opening an account in Ukraine, etc. is a paid service. And bank employees may request payment of the annual service fee for such a service. You should immediately take care of this requirement when crossing the border and declare enough money to perform all official financial operations.
- translation of a passport into the Ukrainian language;
Although banks do not require translation of passport into Ukrainian, we would recommend that non-residents already have a translation of passport before opening an account. By taking such a simple step, you can avoid further complications. For example, the bank manager who used bank transliteration of the surname into Ukrainian, which differs from translation of passport and other documents, can make an error when opening an account. This can be an obstacle when entering into different types of transactions or doing business.
- a registration number of a taxpayer’s registration card in the State Register of Taxpayers - hereinafter referred to as the Registration number;
- a work permit / residence permit.
Both the registration number and the residence permit or work permit may become obligatory documents for opening an account by a foreigner.
If you need help with choosing a bank without having these documents, don’t hesitate to contact us, we can help you in this matter.
How to get a residence permit in Ukraine with the legal company "Pravova Dopomoga"
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