From the outside looking in, moving to a new country may seem to many as exciting and simple to do. While that may be true, moving to a new country can also be daunting and challenging for a number of reasons.
As an expat moving to a new country, coming to grips with a new culture, its traditions and societal norms is one thing, not to mention how challenging it can be to get the basics set up.
Take a Seat and Wait
One of the first things people try to do after arriving in their new home is opening a bank account. This also turns out to be one of the first challenges. To open a local bank account, first of all you need to take time out of your day to go to a physical bank branch. Figuring out what time of day is best to visit a bank is tricky. While you may try to do this during your lunch break, it is unlikely you´ll be able to do this is under an hour.
In Sweden, for example, bank branches are generally open Monday to Friday from 9:00 am to 3:00 pm. Many banks close during lunch time which is the time that would be most convenient for people who work. Opening a bank account after work or on the weekends, when it would be the most convenient, isn't likely an option either.
Once you've walked into a branch and told the service desk you'd like to open a bank account, you'll be told to take a seat until a banker becomes available. Depending on the time of day, the wait time can be over an hour.
What You Need To Open An Account
If you've tried opening a bank account as an expat, you know just how difficult (read: impossible!) it can be. In many cases, it feels like a catch-22 situation.
Firstly, you need a fixed address, which can be difficult if you've just landed. You will also need copies of bills with your name and address on it. Again, this can be hard since often you have to wait a month for your first bill.
You will need a residency ID permit for your new country, which can also take weeks or months to obtain, and which can only be obtained once you have your tax number.
You may need a copy of your employment contract, which can also be challenging when you're a recently landed expat.
While You Wait…
After weeks or months, if and when you finally have all the required documents, while you're sitting in the waiting area of your local bank, still waiting to see someone to open a simple bank account, chances are you’re on your phone checking your email or browsing Facebook.
Given that everything we do today we do with our smartphones, doesn't it make sense that you do your banking from your smartphone?
The Power Is In Your Hands
Expats, welcome to FerratumBank.
No more waiting in line, no more wasting time, no more paperwork - open a bank account right there on your phone…for free! Best yet, once you've opened a FerratumBank, you can do all your everyday banking from our mobile app, and while listening to Spotify, ordering an Uber, and checking your email.
Goodbye traditional banking.
Open a Bank Account in Just 8 Minutes!
At FerratumBank, we like easy. That's why we've made opening an account simple. You can open a bank account anywhere and any time of day in just eight minutes.
Simply visit www.ferratumbank.com or download the FerratumBank app from iTunes or GooglePlay. Select your language, click on ‘Create Account’. Next up, choose your country of residence, fill in your personal details, enter the temporary password sent to your mobile phone via SMS, and create a secure PIN.
Click open an account and you're ready for the verification process. The verification Click open an account, and you're ready for the verification process. The verification process can be done via a video call with customer service, or with a photo of your ID and selfie. Lastly, there are three security questions and after answering those questions, click ‘Confirm’, and you’re done!
It's that simple! Welcome to your new home expats!
Blog articles are not legal information and should not be seen as legal advice. You should consult our legal documents and list of price for specific information. For any questions, please contact our customer support at firstname.lastname@example.org