Natalia Revenko from International Wealth: Account Opening in Financial Organizations for Players

Both gambling companies and players are interested in opening transit accounts. The first ones require them to store money and conduct entrepreneurial payments. Gamblers use accounts to withdraw winnings received in online casinos, on poker websites or virtual betting platforms.

Natalia Revenko, Business Development Director at International Wealth, has drawn up a list of tips on opening foreign accounts for physical and legal entities.

She talks about the special features of financial solutions for gambling companies in the second part of the material. Let’s examine Natalia’s recommendations concerning the account opening for players – physical entities.

Advantages of international financial solutions for CIS players

International financial institutions include conventional and digital banks, payment systems and financial companies. The unfavorable economic environment and currency rate volatility, variability and inconvenience of currency regulation, poor deposit insurance and other reasons make CIS players look for foreign solutions.

Therefore, reliability is the first advantage of foreign accounts. The second one is free operations with USD, EUR and other cryptocurrencies, as well as the possibility to store funds in these currencies. The third benefit is crucial to those working with cryptocurrency: non-resist accounts ensure free conversion of fiat money into cryptocurrencies (and vice versa).

Do not forget about restrictions on behalf of transmitters: global poker websites or online casinos will more likely work with European accounts (e.g. Cyprus, Lithuanian or UK).

Opening of private accounts abroad: significant aspects

In comparison with non-bank organizations, account opening in traditional banks is longer and more complicated. By the way, the number of foreign banks accepting foreign physical entities and foreign companies is substantially smaller than the amount of non-bank facilities.

I would recommend the following measures to customers who realize the above-mentioned but still prefer banks for whatever reason:

• check an international bank organization for a valid license, SWIFT, reputation on the Web, quality of foreign client relations;
• take into account the potential restrictions on citizenship, residency and originating countries. This important aspect should be clarified at the early stage of bank cooperation. You should also be ready for unexpected changes introduced to countries limited by banks;
• specify whether a bank card can be sent to your country. Not all banks issue cards and can send them all over the world;
• check for company restrictions: in terms of activities, registration country, allowance of accepting third-party funds etc.;
• find out about processing prospects: whether a bank provides this service or you will have to involve other company/processing center maintaining financial transactions with a direct connection to Visa or MasterCard authorization and clearing systems;
• review the flexibility of a financial payment establishment;
• consider the speed of support department’s answers and the possibility to communicate in your native language.

Required data to open an account in a foreign financial institution

There are loyal payment systems: you should just provide the passport, fill out a form and pass authorization to open an account.

To obtain a private account in high-profile non-bank facilities or banks, you need more documents confirming: your identity (a copy of the external passport), residential address (a relevant utility bill not older than three months) and welfare (an account statement showing the source of income for the past six months). CV is also required.

In addition, some organizations insist on a personal meeting with clients within three months after account opening. I would like to stress that banks frequently request extra documents such as account statements opened in other facilities (in any country).

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Do you want to discover where CIS players can open private accounts? Attend UGW 2020 dedicated to gambling businesses on April 15 in order to listen to Natalia’s presentation. She will reveal account opening conditions in various foreign organizations as well as explain what solutions can be used by gambling companies to store money and carry out payments.

Event program ►►►