In this article, we talk about which opportunities South-Africans have to open a bank account in Europe.
It's likely you'll never think about opening a bank account (or a Fintech account) elsewhere than your own country. However, it might be one of the better ideas that you can have to protect your finances.
Having a bank account abroad is a great option to diversify your risks against currency failure or any potential asset seizure by the local government due to economic problems.
This may seem like a stretch, but let's not forget that it was less than 10 years ago when citizens of Cyprus had their cash exchanged for worthless bank stocks. No one asked for their permission to do so.
True, the measure was only used on accounts with more than 100 000€ in deposits, but this doesn't change the point. And who says that the next time the threshold won't be 10 000€ or even 1000€ (one euro equals roughly to 19 ZAR.
There's plenty of reasons to worry about our current banking and financial system. If anything happens, the weakest currencies will get hit first, as there's no international demand for them.
It's smart to buy some gold if you can. It's smart to buy bitcoin if you can. And it's wise to hold stronger currencies such as USD and EUR and do so using foreign fintech or a bank account (at a bank which is not exposed to a bad loan portfolio).
Fintechs can be a very good option, as they enable remote account opening and are fully digital. They are usually not allowed to give credit to clients, meaning they don't have the risk of loans going bad.
In this article, we're going to take a look at some European Fintechs which accept South-African clients. The onboarding is online and you can always access your account from mobile or computer.
Let's dive in.
1. Bilderlings Pay Limited
Bilderlings is a quite well-established Fintech player in Europe. They're part of a consortium. Group companies include Bilderlings Wealth, Bilderlings Insurance, and Bilderlings Trust. It's an interesting option, and one that is not as well-known compared to, for example, TransferWise.
ConnectPay is a fast-growing Fintech in Europe. Founded in 2017 and is licensed by the Lithuanian (one of the hottest Fintech hubs in Europe) regulator. They're focused on corporate clients mostly. Simple onboarding process.
DynaPay is a European provider of intelligent and flexible solutions for your business in the field of financial technologies. They offer a variety of services including acquiring, online payment, payment card processing, issuing electronic money, and much more.
Genome is another business-focused Fintech in Europe, licensed in Lithuania. They've been on the market for around 3 years. They also work with personal accounts and have very accessible support.
GlobalNetInt is a safe, smart and multifunctional system which provides a full One-Stop Payment Solutions. GlobalNetInt was established in Vilnius, Lithuania and founded in 2017 by banking experts with an aim to bring most convenient payment services at acceptable prices via all technology channels.
Contact: [email protected]
Pervesk has proven to be a good option for fast on-boarding for personal accounts. Pervesk UAB is a licensed Electronic Money Institution based in Lithuania and regulated by the Bank of Lithuania.
SatchelPay is another option for South-Africans to set up their online bank (IBAN) account in Europe. The on-boarding process is fully online. Serves both personal and business accounts.
8. DSBC Financial Group
Headquartered in Lithuania, DSBC supports merchants and individuals around Europe with sending and spending money overseas, collecting money from global customers, moving cash between international subsidiaries and managing exposure to currency fluctuations. The company is regulated in Europe, but the team seems to be a majority Vietnamese. As with any financial decision, do your due diligence.
Contact: [email protected]
These are 8 options for South-Africans to open a Fintech (bank) account in Europe. Share the article and leave us comments on what you think on the provided banking options. You can always provide more viable options to the readers!