On opening an account, a bank will run the necessary checks to ensure and mitigate any possible risks.
What do I need to open a bank Account?
The following checklist will help you prepare the relevant documents which are generally requested by the banks when opening an account:
- Personal identification document (ID Card or passport);
- Verify your address (the bank may ask you to provide a recent utility bill (e.g. telephone or water & electricity to verify your address);
- Confirm that you are legally eligible to open an account (age of applicant)
- Keep record of your occupation;
- Request a character reference (this is usually necessary to open a current account).
Occasionally the bank may also request you to provide additional information to comply with the Bank’s due diligence requirements (checks and reviews carried out by the banks on knowing their customers).
Other important information on opening an account:
- It is important 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 a 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). However even if the Data Protection Form is not signed, you should still be provided with the data protection information regarding the right of the Bank to process your personal information.
- 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 may also be asked to 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. 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 the 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.
Nowadays certain banks are also offering the option to open a Bank account online. Basically, you will need to visit the Bank’s website and fill in the account opening forms accordingly. The Bank will then contact you should you need to sign any forms and documents. It is important that if you are going to open an account online, you read the terms and Conditions which should be available on the Bank’s website prior to filling in the relevant forms.
