Opening an Account: Basic Requirements

When you approach the bank to open an account, the bank will:

  • Request a personal identification such as an ID Card or passport;

  • Verify your address. To do this, the bank may also ask you to provide a recent utility bill (e.g. telephone or water & electricity);

  • Verify that you are legally eligible (e.g. age of applicant) to open an account;

  • Keep record of your occupation;

  • Request a character reference – this is usually necessary to open a current account.

In some cases the bank may request you to provide additional information to comply with the Bank’s due diligences.

When opening an account remember to inform the bank as to how you would like tax to be deducted from any interest credited to your bank account. Unless you advise the bank otherwise, withholding tax at the rate of 15% will be deducted from the interest paid on the accounts.

The bank may also ask you to sign a Data Protection Form or declaration (which may be part of the form used when applying or purchasing a product or service). By signing this, you authorise the bank to use information which it may have about you for direct marketing purposes and you agree to receive periodical information about products or services supplied by your bank, its subsidiaries, associates or agents and by third parties, which banks claim are always carefully selected, and which may be of interest to you.

  • You have a right to request your bank to inform you about the personal data held about you that is processed and to request its correction where necessary.

  • You have a right to ask your bank not to use your personal data for any type of direct marketing. In that case, you need to inform the bank about your choice either by filling in a form for this purpose (available from your bank) or by writing to the bank opposing to the processing of your personal data for purposes concerning direct marketing.