Bank account in the European Union (IBAN)

Bank account in the European Union for virtual terminal

An account registered outside your country of residence, also called offshore bank account, is a financial instrument used to pay off your debts and receive money from sales outside your fiscal residence.

There are many reasons why our customers choose to open an IBAN bank account in the European Union, some of them are listed below:

Reasons to open a bank account in the European Union?

• Bank account maintenance fees are much cheaper in countries with lower per capita income. That is, if you live in a country with a high per capita income your local banks will ask for high commissions. The countries with the lowest commissions to open a bank account in the European Union are: Malta, Latvia, Lithuania, Portugal, Czech Republic, Slovakia, Slovenia, Bulgaria, Germany and Romania.
• Many European Union countries, such as Malta, United Kingdom, Latvia and Lithuania have favorable laws that stimulate the growth of e-commerce. Its banks are specialized in Internet commercial activities, foreign trade and multicurrency accounts. Banks in the EU offer all kinds of financial instruments related to e-commerce: debit, credit and prepaid cards, virtual terminals, dataphones etc.
• If you are not a tax resident in another member country, you will not pay taxes twice: The client will be required to declare the bank account and pay taxes only in the country where he lives more than 183 days a year.
• Opening an account in the European Union is safe: The bank accounts are insured for a total amount of 100,000 Euros in case of crisis or financial fraud.
• Privacy: The accounts in the European Union are private. It is strongly forbidden to reveal personal or financial information about the clients if they have not committed any type of activity related to money laundering.
• Having a bank account in the European Union help to avoids embargoes and seizure.
• A client can open a bank account in the European Union regardless his nationality. The only 7 countries that have special restrictions for offshore bank accounts are: North Korea, Iran, Iraq, Afghanistan, Cuba, Libya and Sudan.

EU bank account fees

*The customer can open a bank account in any international legal currency they want, (Euro, Dollar, Canadian Dollar, Australian Dollar, British Pound, Japanese Yen, Swiss Franc etc)

*The process of opening a bank account doesn't require a physical presence of a client in the country, all efforts will be made through e-mail and / or registered mail.