Opening a Bank Account

A bank account is very important for monitoring the money you receive and identifying how you spend. It is also safer than carrying your money around or having it at home.

Before opening, this is the first step towards financial independence!

Quick and easy steps:

  1. Think it through.
  2. Choose a Bank.
  3. Go for it.

Now it’s time to open your bank account.

When opening a bank account, you will be asked to provide the bank with some information about yourself. This is mostly done to alert the Bank to any possible risks and comply with certain regulations, such as money-laundering laws. Generally, most banks ask for the following:

  • Proof of Identity such as passport, identification card, drivers’ license, proof of address (bill including your name).
  • Bank references (if you don’t have this document generally you may submit a letter from a person who knows you).
  • The banks require a minimum deposit to open a bank account. Make sure to find out before you go!

Alert: Before signing any document, it is important to read what is stated.

Don’t forget to ask for:

  • Minimum deposit required
  • Written description of fees (account, ATMs, debit cards, online banking)
  • Cheques – number of cheques free of charge per month and minimum balances required
  • Information on how to deal with unforeseen situations (e.g. stolen or lost debit card, fraud)
  • Bank’s phone number and office hours

After you agree with the terms established by the Bank, you are ready to sign your contract and open your bank account!


Important: The information on this website does not constitute legal, financial or other professional advice but provides information for general reference purposes only. Every effort is made to ensure that the information given herein is of sound quality but no legal responsibility is accepted for any errors, omissions or misleading statements in the information, caused by negligence or otherwise.