Opening bank accounts and payment systems

Opening accounts in banks and payment systems

At the moment, the procedure for opening a bank account can involve various difficulties, and even take up to one year. The list of documentation, including papers that confirm the real activity, is sometimes quite impressive. However, in such a situation, you can use a simple and affordable solution and that is to open an electronic account in the payment.

What is a payment system?

The payment system is a financial and technological platform. She doesn't work with cash. Every payment is made online. Today, a huge number of various payment systems successfully work in the world. Their activity is confirmed by a license. In addition, they are regularly monitored by the relevant financial authorities. Such payment systems differ from banks in the following feature: they cannot:

• give people loans;
• accept deposits;
• trade in securities.

In addition, they do not carry out any risky operations at all. Many of these payment systems are included in well-known systems, such as SWIFT. They can also assign IBAN accounts to their own customers, open merchant accounts that allow them to process purchases from online stores.

How to open a bank account and payment system?

To open an account with a bank or payment system, the following steps are performed:

• an application is submitted;
• the documents necessary for registration are provided;
• a special questionnaire is filled out.

In addition, the applicant, in some cases, undergoes video identification.

Benefits of opening a bank account and payment system

Opening an account has the following benefits:

1. The user faces less bureaucracy when opening an account. The whole procedure is carried out remotely, it takes less time than with a personal presence in the bank.
2. Tariffs provided by payment systems. Many systems, due to total control by the country, offer their own clients a certain monthly limit. However, there are exceptions: certain banks do not impose restrictions on customers.
3. Payment systems are equipped with different types of services. For example, they allow you to buy goods on the Internet, exchange cryptocurrency, and so on.

Another important plus is that user requests in the support service are processed much faster. So, for example, some prestigious European banks provide a separate manager for each client, with whom you can communicate in different languages. Banks are treating this seriously, taking care of their own customers.

If you are interested in opening an account, please contact our specialists for help. You can ask by phone or e-mail the questions that concern you.