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Opening a bank account in Europe
One of the first things to do when moving to a new country is to open a bank account. In Slovakia, like in other European countries, anyone 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. Additionally, you can open a savings plan, which is much more convenient to have a European bank account when living in Europe. So, how do you do it?
Opening a bank account in Europe – the details vary between countries and banks
Whether you are traveling for business opportunities, joining your family, or simply deciding it’s time for a fresh start, you will need to open a bank account in the country you are moving to. This is also necessary if you want to transfer money from a bank account in your home country to an account abroad, or if you want to declare that you are transferring money from a private account in your name in your home country to an account in your name abroad. This is mandatory if you do not want to pay double taxes later on. The process of opening a bank account is relatively simple, but the requirements may vary between banks.
In Slovakia, banks tend to be cautious with customers with foreign passports who want to open a local account. Therefore, it is much better to clarify all the details and obtain the necessary documents for opening a bank account in advance and to consult with representatives from Togetthere in advance.
In any country you arrive in, you must remember that the process of applying for a bank account in Europe must be done correctly and orderly in order for the application to be approved, and you must also report in accordance with the law in your home country.
In European Union countries (including Slovakia), the official currency is the Euro, and therefore, of course, the account is also in Euro. If you also have income and businesses in your home country, it is advisable to download an application that will allow you to manage your finances on a daily basis: make transfers, pay bills, and quickly calculate the Euro exchange rate in relation to the Shekel at any given moment.
Who should Open a Bank Acount in Europe?
Anyone intending to live in Europe as a legal resident, whether for a short or long period of time, will need banking services. An account, a credit card, making payments, bank transfers, savings, and so on – all are services that should be available as early as possible.
Keep in mind that in the first few weeks in the new country, you will have to manage the cash you brought from your home country or withdraw money from ATMs using your Israeli credit card. Remember that currency exchange rates and fees can be expensive. To convert money to Euro cheaply and safely while you are still in Israel, it is better to pay by credit card wherever possible. Today, the conversion rates of credit card companies are not as high as they used to be, but it is still important to always choose the Euro currency conversion, not the dollar, which is actually the local currency. In summary: withdrawing money from local ATMs is not worth it.
Opening a bank account in Europe is a basic necessity for anyone who moves abroad from the first month of the move. It is advisable to start looking for banks even in Israel, among popular ones like Tatra Bank, Unicredit, and Vub Bank, and to visit the websites of all banks in the country you are moving to. If you don’t speak the language, make sure the bank’s website has an interface in English, which will make the process easier for you. Remember that many transactions can be done quickly and cheaply online. Compare the conditions of all banks, fees, and benefits for new customers, match them to your financial needs, and check their attitude towards foreign customers. Also, check where the branches are located close to your home, Especially if you’re not planning on living in the city center of the capital, don’t worry – our company representatives have enough experience and we’ll help you open a bank account and prepare the necessary documents in advance.
Process of opening a bank account – What to know when opening a bank account in Europe
When arriving at the bank, it is important to remember that first impressions are crucial. Arrive organized and fresh, with an elegant and relaxed appearance. The banker will ask you for relevant documents and information about your income and needs, in order to determine whether there is any risk in providing you with banking services.
During the process, you will be asked about the source of your income (self-employed, salaried, student or shareholder), why you want to open an account, and similar questions. Share your information in a concise and friendly manner.
Find out in advance what documents the bank requires and bring them with you to save unnecessary back-and-forth trips. Every bank or branch may have different requirements, but the requirements always include an ID card including a supplement, passport, temporary resident visa, as well as an authorized business license or company, a contract and/or approval for studies if you have any. Check in advance the specific requirements of each bank, including approvals, security and recommendations. Also, it is recommended to bring an initial deposit of at least 1,000 euros to the account. If all this sounds overwhelming, don’t worry, the process is not that scary. You are moving to a developed European country with a stable and secure economic system, local banks will provide you with the necessary answers, and there is no reason why they would not consider you a successful customer.
Here are some important details to check before opening a bank account in a foreign country:
Which banks are willing to open an account for foreigners The terms and fees offered by the bank, convenient use of the application for most actions through the mobile, as mentioned above If it is an international bank, then what is the source country and its economic stability – consider whether it is worth preferring local banks
All of these will help you open a bank account in the best possible way and ease all the bureaucracy that moving abroad requires. At TOGETTHERE, we are happy to assist you with anything related to opening a bank account in Slovakia, and remember that knowledge and experience in the specific local bureaucracy can save you time and headaches. Good luck!