Seven things to consider when choosing a partner to open an account

Competition among European banks, payment companies and Fintech services is becoming more and more intense. This is a world with no place for the weak – they just fade into the background and eventually disappear altogether in the process of global financial evolution. The accelerating progress of modern financial technologies pushes the best into the leading position.

Everyone in the financial world is doing their best to offer their clients a maximum of options. And it is clear that the more flexible these offers are, the better. However, everybody succeeds in their own, distinctive way. For example, most payment companies are not able to offer customers guarantees as high as banks do. And banks, in turn, are less mobile and not evolving as fast as Fintech companies. Let’s talk in more in detail about the advantages of Bilderlings.

  1. Timely account opening

When we talk about opening an account, promptness plays one of the most important roles. The decision of an overly conservative bank may be delayed for a month or even two. If you don’t have a plan B, and if you are not a client of another bank, then you may find your business activities could be frozen during this period of up to months. Moreover, if you are declined for opening an account, then you will have to collect the package of documents again and submit them to another bank – and wait again.

It is better to choose a financial institution where the process takes less than a week. And at Bilderlings the entire process takes a mere 1-2 days from the moment the package of all documents has been submitted.

  1. Remote account opening

When you want to open several accounts for a juridical, or even for a physical person, in an ordinary bank, you will have to spend a lot of time: collect a package of documents, apply, and then wait for a decision. And at least once during this period you will need to visit the bank office personally (if you are not already their client) to sign the documents.

It’s nice if the bank has an office near your residence, and you know that the financial institution’s policy of working with clients is flexible enough and they rarely refuse to open an account. But if the bank is excessively conservative, strict in security matters and scrutinizes new customers too deeply, then there could be unforeseen difficulties. And it becomes even more complicated, if the bank and you are not just far apart, but in different cities, or even countries. What to do in this case?

In any case, a traditional bank is, as a rule, a heavily bureaucratic system with many “internal instances”, the strictest audits and long chains of approval.

With payment services, the process of opening accounts is much simpler: just submit your documents and go through all the procedures online. Bilderlings allows remote submission of documents and identification for opening client accounts in our system.

  1. Limits on business requirements

Some payment companies restrict the flow of transactions over a certain period of time, setting limits on cash flow. And these limits can be very low. Yes, in banks for foreign legal entities (such as exist in the Czech Republic) more comfortable conditions are provided, but there are also restrictions there. Why these limits are established is understandable: limiting credit risk, minimizing possible losses from operating in the interbank market and so on. It is worth saying that constraints like these limits make running a business more complicated.

Bilderlings is far more flexible when it comes to money transactions. Certain restrictions can only be related, for example, to the type of business activities of a client. In extreme cases, the client has to send an additional explanatory note via email. Each payment company can offer its client something, more and less valuable. For its part, Bilderlings does not have fixed limits for each client.

  1. Individual IBAN accounts

Individual IBAN accounts (International Bank Account Number), standard № 13616 ISO and the European Committee for Banking Standards, the ECBS, is an international bank account number that allows you to make SWIFT payments outside of the jurisdiction of your account.

Individual accounts are standard for large and medium-sized banks working in the global financial system. At the same time – and as a rule – payment systems, unlike ordinary banks, do not offer this. Individual payment services use intermediaries and, de jure, have approximately the same status as the National Bank of Iran, which is now disconnected from the SWIFT system.

Every Bilderlings client has its own IBAN account for running business in the European Economic Area. Bilderlings understands how important it is for a company to have its own requisites, so it provides an individual IBAN account.

  1. Diversification of funds

After major scandals with banks, for example in England, and especially in Latvia, when they were closed or restructured and had to change their relations with customers (for example, non-residents of the eurozone), many people realized that keeping money in one bank represents a high risk of losing most or all of their money. The money the client deposits in the account is used in the bank’s turnover, including loans and leasing. And it stands to reason that when you keep a large sum in one bank (which the bank is constantly using!), we repeat – it bears a certain risk.

Besides, banks can, for example, freeze customers’ assets even in cases where unsubstantiated suspicions concerning the alleged doubtful origin of the money arise. Instances of this happening have become more frequent recently. It’s enough to recall the decisions made in a number of European banks in connection with the investigation of episodes of legalization of capital from Russia, Ukraine, Moldova, North Korea, when this was required by the European Central Bank and the American FinCen.

Finally, the bank can merely declare insolvency.

In turn, some payment companies, including Bilderlings, are no depositary institutions. The money of our clients is distributed through accounts in different banks, due to which their diversification is carried out and the risk of losing money is reduced.

  1. The less the bureaucracy, the easier for clients

Unfortunately, in the classical credit and financial banking structures it’s hard to do without a “bureaucratic burden”. In the complicated and unwieldy system of traditional banks, in one way or another, inconveniences to customers are caused due to red tape and the sealing-signing-approving process…

Fintech in this respect wins hands down. The system is able to process requests faster and serve customers promptly. Bilderlings has the minimum of the above-mentioned “sealing-signing”, but the maximum results and efficiency.

  1. Individual service

Many payment companies in Europe do not provide “individual service” in the “24/7” mode to international clients, which is one of their big disadvantages.

But Bilderlings assignes a personal manager to advise and accompany international clients in all financial matters and conduct transactions on accounts. A client can receive answers to any question via chat or by email within a few days. Needless to say, how important the personal manager is – always able to solve any problem by phone or email, and usually – with lightning speed and efficiency.

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