Travelling to a country to meet the bank officer in 2024

Since 2003, Healy Consultants Group helps our multi-national Clients open multi-currency corporate bank accounts in every country on the planet.

• Introduction

  

  • Depending on i) our multi-national Clients’ business and ii) the nationality of the shareholders and directors and bank signatories, the Bank’s in-house Legal and Compliance Department may ask the bank signatory to travel for a one-hour interview;
  • Unfortunately, requesting the bank signatory to travel is becoming more common, as global corporate bank account opening becomes more complex (click link);
  • We know how inconvenient it is to travel overseas to meet a bank officer, our staff do it all the time! Consequently, we always aggressively and skillfully negotiate a travel exemption from international banks, on behalf of our multi-national Clients;
  • To aggressively and skillfully negotiate an exemption from travelling to meet the bank officer, Healy Consultants Group offers alternative solutions including I) convene a multi-party free dial in conference call and ii) visit a local bank branch in your country and iii) sign bank documents in front of your local embassy or notary public;
  • Because sometimes we fail to secure travel exemption, we prepared this web page to help our Clients plan their business trip to meet a bank officer;

• Why do you have to travel to visit the bank?

  • In some countries, it is a Central Bank legal requirement to convene a face to face meeting with the bank officer. For example, Singapore and Hong Kong and Dubai and USA;
  • Specific banks have a policy to meet the bank signatory, without exception. For example, HSBC London, Citibank San Francisco, HSBC London, OCBC Singapore, Deutsche bank Germany, Bank of America and Scotia bank;
  • The bank’s in-house Legal and Compliance Department classifies your business as high risk, especially if you operate in: i) FOREX; ii) Cryptocurrency trading and iii) Financial/ investment intermediary businesses;
  • The bank classifies your country as high risk – banks will never open an account without a face to face meeting for customers from high risk countries. For example, Iran and Russia, African and Eastern Europe countries;
  • The target bank is conservative and small with few overseas branches. The bank in-house Legal and Compliance Department is uncomfortable with remote corporate bank account opening and rarely grants exemptions. For example, Wells Fargo USA;
  • The bank recently suffered a negative reputation, litigation or financial event. Consequently, the bank’s in-house Legal and Compliance Department significantly increased its due diligence procedures. For example, HSBC and the South American money laundering scandals, Standard Chartered Bank Asian controversy;

• How we help you - during your overseas travel to meet the bank?

  • If we fail to secure a travel exemption, Healy Consultants Group will offer our Client multiple concierge services to support your overseas business trip, including:
    • Airport pick up – as a complimentary service, Healy Consultants will organize a professional chauffeur to collect you from the arrivals hall in the airport. Drive you to your hotel!
    • Local communication devices – our professional chauffeur will supply you i) a local cell phone with US$ 50 prepaid credit and ii) a USB dongle to enable you to be continuously internet connected to the local telecom carrier. When returning to the airport, remember to return these communication devices to Healy Consultants staff!.
    • Hotel booking assistance – we will recommend and reserve quality hotel solutions with proximity to the bank branch;
    • Dedicated relationship officer – if required, during your stay, your dedicated Healy Consultants staff member will i) be reachable by cell phone, SMS, WhatsApp, Viber etc. and ii);
  • Healy Consultants Group staff will meet you at your hotel lobby and accompany you to the bank. We will lead the bank interview, ensuring that I ) the front office banker understands fully your business and ii) the front office banker supplies accurate and complete bank account pricing and conditions;
  • Visit multiple banks in the city and open multiple corporate bank accounts. Because international banks often close down accounts without reasonable explanation, we recommend our Client visit as many banks as possible to open multiple accounts during their travel;

• When you meet the bank officer, remember?

  • Bring original due diligence including:
    • notarized/legalized personal (passport) and corporate documents;
    • appropriate professional and educational background information;
    • proofs of address or tax residency (bank statement, utility bill etc);
    • proof of funds;
    • recent annual return and recent audited financial statements and;
    • recent board resolution.
  • Before the meeting is complete, secure from the bank officer i) get his business card and ii) a copy of the signed corporate bank account opening forms and iii) a corporate ATM card and visa debit card;

• How do we optimize the probability of corporate bank account approval?

  • Healy Consultants Group secures a welcome email from the bank officer, inviting a corporate bank account opening application from our Client;
  • Together with a quality corporate bank account opening application, Healy Consultants will email the bank officer a quality business plan, thoroughly explaining our Client’s business, including products and services, expected sales and annual net profits, potential customers and supplier etc;
  • To accurately and completely explain our Clients’ business, Healy Consultants Group staff convene multiple phone calls with the bank officer and exchange multiple emails;
  • Prior to your business trip, Healy Consultants Group will organize and lead a 3-way conference call with the bank officer. The more we share during this conference call, then:
    • the more the bank officer will be adequately prepared and;
    • the shorter and simpler the meeting will be and;
    • the greater the probability of successful corporate bank account approval.
  • Prior to the meeting with the dedicated bank officer, we i) ensure you are well prepared and ii) we coordinate the appointment time and location and iii) and we accompany you to the actual bank meeting;
  • The banks in-house Legal and Compliance Department enjoys ultimate power of approval of corporate bank account opening applications. Consequently, guaranteed success is outside of Healy Consultants Group’s control;
  • What is inside our control is the preparation and submission of a high-quality bank application that maximizes the likelihood of approval;
  • To date, we enjoy a 100% approval record because of our global banking relationships and determination.

• Alternative non-travel strategy

  • To avoid travel, we recommend our Clients use a turnkey solution (click link) or a fast business set up solution.

• Conclusion

  • If you have to travel to meet the bank officer for a one-hour interview in order to secure successful corporate bank account opening, Healy Consultants will provide relevant support before, during and after your trip;
  • Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients;
  • Consequently, our Clients should expect the bank account approval period to take up to 6 weeks.