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SatchelPay | Build Your own payment solution

What is the Easiest Way to Open a Bank Account Online?

What is the Easiest Way to Open a Bank Account Online?

Before, opening a bank account required visiting a physical branch office, dealing with extensive paperwork and waiting for the application approval. Nowadays, having a bank account is almost as essential as having a passport, regardless of your occupation or location, which is why the means of opening one have been greatly simplified. More and more people choose to sign up for a bank account online, where the process takes from a few hours to just a couple of business days.

Traditional banks started working on their online interface back in the 1980s, even though internet access was limited. In the US, 80% of banks offered online banking services in the first decade of the XXI century. Yet, in most cases, these institutions will still demand your physical presence to execute a wide range of financial operations. If we perceive time as money, traditional banks’ services will cost you a lot more than just fees and commissions. So, why settle for this in the times of excellent digital banking services?

This question has led many to search for a convenient alternative to traditional banking institutions.

How Can I Open Bank Account Online?

Choosing a trustworthy and reliable banking services provider is the first and most important step in opening an online bank account. It is always worth checking the background of the institution and the number of features supported by your account. Some of the latter are basics, like, for example, SEPA and SWIFT transfers, a unique personal IBAN and the possibility to pay online.

With rare exceptions, all international online banking services providers also offer prepaid cards, web and mobile apps with an intuitive interface for 24/7 management of your finances, virtual cards in various currencies, and integrations with multiple payments and global money transfer systems.

Although the account opening process is usually quite fast, it can take more time to review your application if there are credit checks or other complications. However, if all documentation is present and meets the requirements, any electronic money institution will only need a couple of banking days to process your application, issue and ship your payment card and give you the credentials for access to your mobile banking app.

Which Documents Do I Need to Open an Account Online?

To open a bank account online, you will need to fill an online application form with some basic information, and attach the scans of required documents (requirements vary across companies). SatchelPay will only ask you for a brief pack of documents: your ID (photo of the document and a selfie with both your face and the document clearly visible), and a proof of address (e.g. recent utility bill, bank statement in English or Lithuanian, etc.). That’s it!

As you can see, opening a bank account online in Europe is incredibly easy. The process is fast, which means that it won’t take much for you to gain access to your account and start transacting in the most convenient way possible, optimizing your daily financial routine.

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With SatchelPay, you can open a current account online in just a few days. All you have to do is fill out a short online form, providing essential information about you. After a short, but profound review, your account will be opened and you will gain access to the full range of baking services, such as money transfers to anywhere in the world, online shopping, unique European IBAN and so much more! With our intuitive web and mobile interface, you will be able to exercise 24/7 control over your funds, enjoying the most competitive fees.