Instant bank account, this is the answer to every merchant’s money issues. Most business minded person has similar goal in life, which is to succeed in their business and to save their hard earned money. Having your instant business bank account or just an instant bank account online will allow you to save money conveniently and seamlessly.
Every time you encounter an instant online bank transfer from one currency to another you are actually losing money. So, if you are an online seller using the international marketplace around Europe, opening an instant bank account UK is the ideal solution.
In my latest discovery, instant bank account UK is completely different from US banking. In Europe, the debit and credit card systems work differently. They are basically using two types of cards: an ATM card and a Credit Card. An ATM card can only withdraw money from an ATM and is not use in making purchases while a Credit Card can charge credit as well as take cash out from an ATM, in simpler explanation it is a combination of debit and credit cards. In this article, you’ll learn how to open your very own Europe instant bank account online.
Recently, high end banks are now offering euro accounts to their clients in order to cope up with the technology focused finances and foreign exchange companies.
If you are hoping to instant bank account opening from traditional banks, your best bet is to stick with your current bank, since the majority of banks offer instant bank account UK to their existing clients. As an addition to that, you should know that some banks may insist a minimum income threshold or a minimum amount before you can actually open your very own euro account.
But, that is just your first option. They are several latest “fintech” companies that are offering cheaper, fast, and instant online bank transfer by simply opening your chosen type of account online.
Why open a Euro account?
With an instant bank account UK, your euro account will do exactly what you expect it to do. It allows you to bank in euros for instant online bank transfer and receiving money.
This is highly useful because if you are juggling your income from multiple currencies or you are always using instant online bank transfer to friends and family, you often end up losing value with your transfers.
Benefits of having a Euro account
- FREE instant online bank transfer to your family and friends in Eurozone
- No need to deal currency fluctuations
- Easy cross border transactions
- Secure money transfer and instant checking account transfer
- A separate local bank account numbers for UK, US and Europe.
- You can manage different currencies in one account
- Very helpful to people with international investments transactions
Instant bank account opening online is very popular amongst European residents due to its convenience and ease of accessibility. With an instant bank account UK, any person or individual can easily transfer money to other accounts, pay their bills and can have instant checking account transfer and instant withdrawal to bank account pending without having to leave their home.
Guidelines in Opening a Euro Bank Account
The majority of large European banks that provide instant virtual bank account also offer higher interest rates than the traditional brick and mortar banks. In opening an instant bank account UK you should simply choose a European bank to which you want open an online account. To help you with this, the United Kingdom’s Financial Services Authority offers a complete list of UK banks that are offering instant bank account online.
If you are leaving outside of UK, you can search the European Union’s European Central Bank database for local banks in countries including Spain and Germany. For the most popular banks offered throughout Europe includes the following: The RBC Royal Bank, HSBC Online, the Smile online bank, Barclays and the Halifax online bank.
Make sure that you make a list of online European banks that you are interested in and contact them in order to find their Annual Equivalent Rate. Keep in mind that a lower AER is way better especially if you are planning to carry a balance in your European account.
The next thing you should do is to consult a family member, your significant other, or your financial consultant in order to determine the type of account that works best with your current lifestyle. You have two choices when it comes to a European bank account. A SOLE account in which you have a sole control over your account and a JOINT account in which your spouse or your significant other has joint custody over the account.
Make sure that you apply instant bank account opening at the European bank’s account. You’ll need your Tax Identification Number or National Insurance Number if you are currently living in the UK. Aside from that, a proof of residence in the European Union member state in which you are residing. It’s also best if you will also need to know your VAT number.
Lastly, you will wait for the confirmation as the bank you have chosen will be investigating your financial history. The majorities of banks confirms their client application and setup their client’s new online bank account within 3-4 business days.
Features of a Basic Euro Account
A basic Euro account is an account that covers the standard transactions that you often see in your daily life such as:
- Making deposits
- Withdrawing Cash
- Receiving and Carrying out payments
This should also include a payment card that you can use in withdrawing cash and making purchases both on online and brick and mortar shops.
Before opening an instant bank account online, the bank should provide a document showing the most essential services that are being offered on the account and other related fees that you need to pay. This is also known as the fee information document, you can use this in comparing the cost of accounts on different banks.
Aside from that, your chosen bank must provide you a statement explaining the fees that are acquired in your bank account that’s at least once a year. These documents should also give you a glimpse on the interest’s rates that are applied in your account.
Money Is Protected by EU
Once you have an instant bank account UK, EU has a rule that ensures that the money in your bank account it could be savings or current account is being protected in the bank holding your account fails. Your money is being protected up to a limit of EUR 100 000 or its equivalent in the local currency. The limit applies per person and per bank, it simply means that if you have several account in the same bank you will still have the limit if EUR 100 000 to your aggregated accounts.
But they are still some exceptions to the rules like, if you have a joint instant bank account online with your partner for instances, the limit of EUR applies to each one of you, meaning you and your partner have a maximum of EUR 200 000 on your joint account. In addition to that, your money will be protected above EUR 100 000 in certain cases in limited time, such as follows:
- money you receive from selling a private residential property
- money you receive linked to a particular event in your life such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death of a family member
- money you receive from the payment of insurance benefits or compensation for criminal injuries or a wrongful conviction
In these cases, the amounts of over EUR 100 000 are protected at least months and not exceeding 12 months after the money was credited, from the moment when the money is legally transferable, depending on the conditions and thresholds that is set by each EU country.
Can a company benefit from having an International Bank Account?
The answer to that is YES. If your business or company has financial commitments in more than one country having an international bank account is really handy as it allows you to bank in different currencies.
Aside from that, international banks can offer clients more interesting investments service plus solutions due to fewer government interventions. Your company will also get tax benefits if the country you are residing in expects you only to pay tax on the money you remit them. You can benefit more with an international bank account.
Your company will reap more returns as the interest earned from these banks are paid free from taxation deductions. You will have no need to apply for a rebate.
Your company’s account will enjoy greater privacy as the international bank accounts offer the most account privacy.
If you want to learn more about having an instant bank account UK, you can seek guidance from NeoBanQ.com. They have a friendly customer support that can answer all your inquiries any time of the day.
What are you waiting for? Apply for you instant bank account online and be a witness to the great benefits it can do to you and for your business.