How does this solution work?
You fill in the required data
The filled data is encrypted and automatically sent to more than 20 payment institutions around the world. Answers are taken into account and suitable banks are selected according to the criteria
Payment institutions managers receive this information and analyze the application
If the payment institution will have additional questions, you will receive a message
As soon as any of the payment institutions have provided a preliminary acceptance, you will immediately receive a notification with the terms of the bank
You can immediately begin to open an account or wait for offers from other payment institutions as well
The main advantages of this solution
Save time on filling out dozens of questionnaires, visits and negotiations
Save the time it takes to review the application. Applications sent through this form are considered by payment institutions on a priority basis
Save money – many payment institutions charge a preliminary review fee. Through this form you get a preliminary review absolutely free
You can choose a convenient method for opening an account – remotely or with a visit
The opportunity to open an account in different countries of the world. The list of payment institutions is constantly updated and replenished
Open an account
Private Financial Services has been opening bank accounts all over the world since 1998. For more than 20 years, we have accumulated tremendous experience, knowledge, have concluded hundreds of partnership agreements with various banks and institutions. We have opened thousands of accounts for individuals and legal entities and helped some banks to obtain licenses.
Private Financial Services are not limited to account opening. During this period, we also helped thousands of companies and entrepreneurs to “unfreeze accounts”, challenge payments, obtain loans, leases, factoring, draw up investment portfolios, and helped someone recover money from collapsed banks.
Our team consists of specialists with colossal international banking experience who previously held various positions in banks, from ordinary managers to heads of departments.
Types of accounts we help to open
For nonprofit organizations
The main countries in which we help with account opening (valid at the end of 2020)
What is a payment institution?
A payment institution (in this context, an electronic money institution), a financial institution that has received a license, permission from a central bank or a relevant authority to carry out financial transactions related to the issue of electronic money, transfers, card issuance and other related financial services.
Revolut is one example of such organizations.
If you have not heard of Revolut before, then a payment institution is a kind of online bank that has the same functionality as a regular traditional bank, with the exception of the functionality associated with lending, insurance and other related services.
The requirements from the regulator to payment institutions (in the EU) are comparable to the banking ones, and they are also under constant monitoring, which guarantees the safety of deposits. Also, the important thing is that the payment institution does not have the right to operate with customer deposits and is obliged to keep customer money in separate, specialized (segregated and safeguarded) bank accounts.
And the requirements (if this happens) put forward by creditors to the payment institution will not in any way affect the safety of your funds, since creditors, under no circumstances can claim the money of depositors of payment institutions.
In most payment institutions you will receive a personal IBAN, that means that the counterparties will make payments exclusively to your credentials. Also, you will have access to multicurrency transactions, SWIFT payments, debit cards.
A detailed article is available at this link.
Who needs an account in payment institution?
Today, both small and medium-sized businesses, as well as corporations open their accounts in payment institutions; both residents and non-residents; both IT companies and manufacturing enterprises.
We definitely recommend payment institutions to those who have just started their business, or to those who want to reduce their operating costs associated with transfers and account maintenance.
For what purposes can an account with a payment institution be used?
1. SEPA payments;
2. SWIFT International payments;
3. Payment of salaries to employees;
4. Expenses for corporate cards;
5. Currency exchange;
6. Acceptance of payments on the website;
7. Payments within the group of companies;
8. And much more
You can read more about the history of the development of this area on this page.
The main advantages of opening an account with a payment institution compared to traditional banks
Lower cost of opening and account maintenance
The opening speed is higher than in banks
Possibility of remote opening and faster money transfers
More loyal requirements for the applicant, less checks and bureaucracy
Availability of new “fintech” products and solutions
Required documents and the timeframes
As of the end of 2020, the payment institution will require, in addition to the questionnaires, the following documents to open an account:
For participants individuals
Scan of the passport
Selfie with a passport
Document confirming the place of residence
For participants, legal entities
Scan of a certified package of corporate documents
Scan of a certified extract from the business register
A diagram of the organizational structure
Contracts with counterparties, examples of invoices
Please note that this is an average list that can be expanded depending on the payment institution.
We also draw your attention to the fact that all documents, as a rule, should not be older than three months. If the language of the documents is different from English, then, as a rule, a notarized translation into English or the language of the country where the account is opened will be required.
The minimum period of opening is usually 3-5 business days, but accelerated options are also possible.
The average opening time is about 7-10 business days.
At the initial stage, you should understand what goals you are pursuing by opening an account with a payment institution. After that, it is necessary to analyze possible institutions and compare their conditions and fees. Usually the opening procedure goes like this:
1. Online registration and opening an account for an individual;
2. Online filling out of questionnaires;
3. Initial analysis of the case by the payment institution, in particular, verification of beneficiaries, directors, companies, counterparties.
4. If after the initial check no questions arise, then a more in-depth study (due diligence) is carried out; at this stage, you will be asked for additional information, documents, narratives;
5. After that, you are given access to your account.
Get a personal offer!
How can Private Financial Services help you?
We will really dive into your case, analyze and advise options and solutions according to your criteria
We will make our own Due Diligence of your case “through the eyes of a payment institution”, we will draw your attention to the aspects that require elaboration
Very often, having opened an account for an individual, the client is subsequently refused to open an account for a legal entity. We will save you from this stage. We will receive a preliminary confirmation from the payment institution about opening an account and only after that you will need to take all the necessary actions
We will help you to collect and correctly draw up all the necessary documents
We will provide all the necessary information and documents in the required form to the payment institution
We will carry out all the necessary procedures and negotiations with the payment institution before the successful opening of the account
We will provide comprehensive assistance in the process of work, if necessary
We will resolve any other issues related to the banking sector and finance