European Payment Account for Non-Residents Online
With the European e-Commerce market projected to reach 822 billion euros in 2023, the allure of having a European payment account becomes increasingly attractive to both individuals and businesses. For those engaging in substantial financial interactions within Europe or small businesses seeking to expand into the European market without the need for a full subsidiary company, non-resident accounts offer a practical solution. This trend is particularly evident in Eastern European countries like Poland, Slovakia, Romania, and Czechia, where e-Commerce markets are witnessing an impressive annual growth rate of 30%.
Why Opt for Non-Resident Accounts?
The European Union’s integrated financial infrastructure allows for seamless and rapid transfers in any of the European currencies, without the usual complexities associated with cross-border financial operations, such as taxation, extensive AML checks, and exchange fees. The Single Euro Payments Area (SEPA) integration enables effortless transfers within the EU, even in currencies other than the euro, with the added benefit of SEPA Instant payments, ensuring transactions are processed within 10 seconds.
Despite these advantages, traditional financial services may pose obstacles for non-residents. Their slower processes, insistence on personal visits, and compliance protocols can be limiting. Additionally, they may demand excessive background information and documentation from non-residents. Many traditional financial institutions are also hesitant to engage with individuals and businesses from outside their home countries.
Beyond the Euro: Navigating Currency Variations
It is essential to understand that not all European countries are part of the EU’s single market, and not all use the euro as their currency. Opening an account in a non-EU country or a non-Eurozone country may result in higher fees and additional transaction checks.
For a more advantageous option, consider a euro account in an EU or EEA country that has progressive financial regulations. Lithuania, being both an EU and EEA member, utilizing the euro, and fostering cutting-edge financial institutions, presents an excellent choice. Satchel.eu, an EMI located in Lithuania, offers a euro account opening that can be completed entirely online, making it highly appealing for non-residents.
Benefits of Online European Accounts
Non-resident European accounts offer a comprehensive range of services to customers. Apart from facilitating worldwide money transfers (SEPA and SWIFT), they provide a host of benefits for personal and corporate use. Users gain access to payment cards (virtual and plastic), enabling convenient online shopping, daily payments, and ATM withdrawals, among other services.
For businesses, these accounts offer integrations with various payment services, accounts in different currencies (EUR, USD, GBP, CHF), and payroll projects. Individuals, on the other hand, enjoy the convenience of a powerful all-in-one instrument for local and international payments, recurring salary or pension transfers, and versatile spending options with just one account. Having a European payment account will save you money on currency exchange fees, making it advantageous for conducting business with EU partners. Additionally, having a European IBAN adds prestige and presents you as a reliable business entity, leaving a positive impression in the eyes of your counterparts.
Can Non-EU Residents Open an Account Without Proof of Address?
The most significant advantage of opening a European account, particularly with Satchel, lies in the seamless onboarding process that requires no paperwork. The entire account opening procedure is conducted online, making it convenient, fast, and efficient.
The greatest benefit is that residency within the EU is not a prerequisite, allowing individuals and businesses from around the world to access European financial services. One of the major hurdles in opening an EU account has been the requirement for proof of address in an EU country. However, at Satchel.eu, this issue is resolved – a local utility bill from your home country is enough. On top of that, clients can enjoy the convenience of a user-friendly app with an intuitive interface, providing a smooth digital banking experience at their fingertips. Please check the website for the complete list of documents required for both private and corporate account opening.