BANK AND E-WALLET ACCOUNT OPENING

BANK ACCOUNTS

Features to expect

• Full Internet banking - the ability to conduct all day to day banking business online via your bank’s secure web page.  

• A debit (or pre-paid) card allowing access to funds.  

• Accounts in one or more major currencies.

• International transactions in one of several currencies.

• Access to trade finance, if required.

• Most banks levy both maintenance and transaction charges, some require a minimum balance to be maintained - this varies between banks.

• Banks are very heavily regulated and this is reflected in their lengthy opening procedures.

• Typically banks require 4 to 6 weeks to complete their compliance requirements. In all cases bank require a business plan and a CV for each of the principals.

• Worldwide, bank generally require face to face meeting, although we work with small number of banks which do not require this.

E-WALLET ACCOUNTS

Features to expect

• Usually mobile app operated (Android or iOS), which provides all the available e-Wallet services.

• A debit (or pre-paid) card allowing access to funds. In many cases cards many be available in more than one currency e.g. US$, Euro and £.

• Although e-Wallets are not banks many of the better services offer what they call ‘receiving accounts’ in the client’s own name in more than one currency.

• E-Wallets tend not to require a minimum balance to be maintained and have no maintenance charges. Transaction charges tend to be low.

• E-Wallets are relatively lightly regulated as e-Money providers.

• It can take as little as an hour to get an application provisionally accepted.

• e-Wallet accounts are opened remotely.

• Some, but not all e-Wallets offer merchant facilities. These include not only shopping carts but also ‘pay-by-link’ facilities. Rates can be very reasonable.