FAQ
Do I need a personal or a business account?
A personal account is for living: salary, rent, savings. A corporate one is for company settlements. Mixing them gets operations restricted and raises questions from the tax office.
Can I take client payments into a personal account?
It sometimes goes through, but it breaches the account terms and is a common trigger for blocks. Regular payments from counterparties look like business activity, which needs a corporate account.
Where is it easiest for a non-resident to open an account?
Easiest with payment institutions and in countries built around foreign clients. Hardest with conservative European banks. The realistic options depend on your citizenship, residency and source of funds.
What is compliance and why does it slow things down?
It is the bank's check on who you are, where the money came from and what the company does. Banks are legally required to do it, and inconsistencies turn into extra requests.
Will the bank report my account to my tax office?
In most countries yes, through automatic CRS exchange, and in the US through FATCA. Plan on the basis that your tax authority will have the information.
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