COREDO > Bank Account for Individuals

Bank Account for Individuals

Open a Personal Account Abroad

Bank Account for Individuals is a personal account in a foreign bank, opened without visiting the country where the bank is located. A personal bank account abroad is useful for entrepreneurs, travelers, expats, and investors.

COREDO helps individuals open accounts abroad quickly, safely, and without complications.

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Cost of the service
from 700 EUR

Why Open a Bank Account for Individuals

Your own account in a foreign bank opens up numerous opportunities:

Financial risk diversification

independence from a single banking system, protection of funds during instability in your country of residence

Convenience for travel and living abroad

payments in foreign currencies, cash withdrawals without commissions, secure fund storage

Low-cost currency transfers

especially within the eurozone through SEPA (commission often ranges from EUR 0–2 instead of EUR 3–5)

Access to European financial instruments

investment in European stocks and bonds, opening an investment portfolio

Payment for purchases abroad

for example, in construction, real estate, or business operations in other countries

Confidentiality and reputation

an account in a stable European bank enhances your financial reputation and business standing

Deposit protection system

in EU countries, individual deposits are protected up to EUR 100,000 under the deposit guarantee system

Jurisdictions: Available Countries and Banks

COREDO offers personal account opening in reliable banks of the following countries:

European Union (high security, SEPA, deposit protection):

Czech Republic, Poland, Lithuania, Estonia, Latvia
Germany, France, Netherlands
Bulgaria, Romania, Slovakia
Portugal, Spain, Italy

Asian region (for international business):

Singapore, Hong Kong
United Arab Emirates (Dubai)
India

CIS and neighboring jurisdictions:

Kazakhstan, Kyrgyzstan
Serbia, Bosnia and Herzegovina
Turkey, Georgia

Each country has its own requirements regarding documents, minimum balances, and account types. Our team will select the optimal option for your specific goals.

Beyond the EU: Banking in Major English-Speaking & Alpine Jurisdictions

COREDO also facilitates account opening in non-EU jurisdictions for clients seeking alternative banking hubs outside the European framework.

United Kingdom (FCA-Regulated): Major banks (HSBC, Barclays, Lloyds) offer personal accounts with GBP and multi-currency support. Requirements include proof of address (not older than 3 months) and, in some cases, a visa. Simplified onboarding programs are available for new residents.

Canada (FINTRAC Compliance): Leading banks (RBC, TD, BMO, Scotiabank, CIBC) require full KYC and a Social Insurance Number (SIN). Deposits are insured by CDIC up to CAD 100,000. Special onboarding programs are available for immigrants and students, including multi-currency accounts.

Switzerland (FINMA-Supervised): Account opening requires full KYC, CDB 20 procedure, and proof of source of funds. Accounts support CHF and major foreign currencies. Minimum deposits typically range from CHF 100,000 to 500,000+, with a focus on private banking and wealth management.

Each jurisdiction outside the EU offers distinct regulatory environments, currency options, and minimum balance requirements. COREDO will advise on suitability based on your residency status, business activities, and currency needs.

Documents Required for Bank Account for Individuals

To open a personal bank account abroad, you will need:

Identity document:

Copy of passport (open format, first and last pages)
Copy of national ID card (if issued)

Proof of address (no older than 3 months):

Utility bill (electricity, water, internet)
Statement from tax authority
Rental agreement or property document
Letter from bank with address confirmation

Source of income (if required):

Copy of employment contract or employment record
Extract from personal tax account
Income certificate (or equivalent)
For self-employed: business registration or registration extract

Client profile (information questionnaire):

Account purpose (investments, purchases, travel, diversification)
Expected monthly activity (payment volume)
List of fund sources

Additional for enhanced control (KYC):

Photo with passport (video verification via Zoom/Teams)
Information about beneficiaries (if account is related to business)

Process: How We Open Your Account

Account opening without an in-person visit takes 7–14 days in standard mode (or 5 days in expedited mode) and consists of 5 stages:

Stage 1: Consultation and Bank Selection (1–2 days)

You contact the COREDO team and describe your account opening goals and preferred country.

The manager recommends a suitable bank based on your profile and regulatory requirements.

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Stage 2: Document Preparation (2–3 days)

You gather required documents: passport copies, address confirmation, income certificate. Our team checks the completeness of the package and requests clarifications or additional materials if necessary.

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Stage 3: Bank Application Submission (1 day)

COREDO sends the complete document package to the bank. The bank registers the application and sends a receipt notification. At this stage, identity verification may occur through video call.

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Stage 4: Verification and Review (5–10 days standard, 2–3 days with acceleration)

The bank reviews documents according to internal procedures: identity verification, sanctions list checking, financing source analysis. Additional information requests may be made, which COREDO coordinates. Expedited mode provides priority processing.

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Stage 5: Activation and Access Setup (1–2 days)

Upon approval, the bank sends a welcome letter, login credentials, and complete account information. The account becomes active, you receive online banking access, and can execute payments.

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COREDO Advantages

COREDO is an experienced consultant for opening bank accounts in Europe, Asia, and the CIS. Here’s why clients worldwide trust us:

Experience:

COREDO has been working in financial consulting since 2016. During this time, we have helped open more than 500 personal accounts in banks across EU countries and worldwide.

Personal manager:

Each client is assigned a manager who supports the entire process from consultation to account activation. The manager speaks Russian and English.

No visit required:

The entire process is remote — you don’t need to travel to another country. Identity verification occurs via video call.

Reliable banks:

We work only with licensed banks that are members of deposit protection systems in the EU. All partners have ratings of A– or higher from international agencies.

Speed:

On average, accounts are opened within 7–14 days. In urgent cases, acceleration to 5 days is possible.

Full support:

We help you gather documents, translate them if necessary, verify their compliance with bank requirements, and answer all bank questions on your behalf.

Geography:

We work with banks in 40+ countries, offering maximum choice options.

Contact us

Comparison Table

Parameter	EU (Czech Republic, Poland)	Asia (Singapore, Hong Kong)	CIS (Kazakhstan, Georgia)
Opening speed	7–14 days	10–21 days	5–10 days
SEPA transfers	✅ from EUR 0–2	❌	❌
Minimum balance	EUR 0–500	USD 500–5,000	EUR 100–1,000
Deposit protection system	✅ up to EUR 100,000	✅ Varies	❌

Case Studies

Case 01Tech Entrepreneur in Czech Republic.

A Ukrainian software developer relocating to Prague needed a personal multi-currency account (CZK, EUR, USD) to receive freelance payments from European clients. COREDO prepared the full non-resident KYC documentation package and coordinated the bank application remotely. The personal account was activated in 3 weeks, enabling low-cost SEPA transfers and establishing a reliable EU banking presence.

Case 02Digital Nomad — Multi-Currency Account in Lithuania.

An EU-based freelance consultant working across multiple countries needed a flexible personal account supporting EUR, USD, and GBP to serve international clients efficiently. COREDO arranged account opening with a Lithuanian bank offering full SEPA access and three-currency management. The account was set up fully remotely with online banking access delivered in 2 weeks.

Case 03Property Investor in Spain.

A Czech investor purchasing residential real estate in Barcelona needed a non-resident personal bank account in Spain to facilitate supplier payments and secure mortgage financing. COREDO coordinated remote account opening with a Spanish bank specialising in non-resident services and prepared the mortgage pre-approval documentation. Account activation and mortgage qualification were completed in 4 weeks, enabling the property purchase to close within 90 days.

Discuss Your Acquisition

Our Experts

Pavel Kos

Head of Legal. At COREDO since June 2017; Head of Legal since July 2020. Pavel coordinates legal support for opening bank accounts for individuals and KYC verification processes. Education: University of Finance and Administration, Prague.

Frequently Asked Questions

How much does a Bank Account for Individuals cost to open abroad?

COREDO’s service cost ranges from EUR 700 to EUR 1,200 + VAT and depends on the selected country and bank. A preliminary estimate is provided after consultation. The commission includes: consultation, bank selection, document verification, application submission, process monitoring, and support until account activation. Bank commission for account opening is typically EUR 0–100 (in most cases — free).

Do I need to visit the country where the bank is located?

No, the entire process is remote. Identity verification is performed via video call on Zoom or Teams at your convenience.

How long does the process take?

Standard process: 7–14 days for European banks (5–10 days for CIS banks). With expedited processing, acceleration to 5 days is possible (with additional commission). Most time is spent on document review and identity verification by the bank, which COREDO actively coordinates on your behalf.

What is the minimum account balance?

It depends on the bank: in most European banks, no minimum balance is required or it is EUR 100–500. Some premium banks may require EUR 5,000. When selecting a bank, we always clarify this.

Can I open an account in another currency (not EUR)?

Yes, most banks allow opening accounts in USD, GBP, CHF, JPY, and other currencies. Some banks offer multi-currency accounts where you can store several currencies simultaneously.

What happens if the bank rejects my application?

Rejection is rare when working with COREDO — we pre-screen your profile against bank requirements before submission to minimise this risk. If a bank does decline, COREDO analyses the reasons, addresses any documentation gaps, and proposes an alternative bank from our network of 40+ countries. There is no additional fee for one resubmission.

Contact COREDO

Schedule a consultation on opening a Bank Account for Individuals abroad.

Phone: +420 228 886 867 · Email: info@coredo.eu Address: K Cervenemu dvoru 3269/25a, Prague, 130 00