Banking Basics: Your Essential Guide to Getting Started

Embarking on the journey of opening a bank account might seem like navigating a maze of paperwork, complex questions, and unfamiliar acronyms. In this guide, we simplify the basics of banking, offering clarity on the process of initiation and effective money management.

Documents Needed to Open a Personal Account

Every banking institution may have its own set of rules, but universally, a standard set of documentation is required to verify your identity. Typically, you’ll need:

• Proof of Identity: National ID card (for EU citizens) or an international passport for non-EU residents.
• Proof of Address: While EU and UK banks usually request proof of EU residency, Satchel streamlines the process – non-EU residents can provide any utility bill or bank statement issued within the last three months and translated into English or Lithuanian .

The process may vary by country, with nuances in Spain, Germany, France, and others. Satchel.eu offers tailored document requirements for non-EU/UK residents, ensuring easy access to a robust banking infrastructure and international money transfers.

Documents Needed to Open a Business Account

Business account opening requirements are more stringent, and whether you’re applying online or offline, you will typically have to provide the following list of documents:

• Application form (can be completed online).
• Copy of the business owner’s passport.
• Proof of address: a utility bill (issued within the last 90 days), a bank reference letter, or a bank statement.
• Corporate documents: key corporate documents such as the Certificate of Incorporation and Memorandum and Articles of Association.
• Supporting documents: invoices, contracts, or draft contracts related to clients or suppliers.
• Initial funding information: documents providing information about the initial funding source.
• Business description: details on the source of funds, company website and marketing materials, nature of transactions and target countries.

When applying online, you’ll be required to provide high-quality color scan copies.

Initial Deposit Requirements

The amount of funds needed to open a current account varies by region. In some countries like France, Italy, or Germany, traditional banks may impose fees on each money withdrawal or payment. High-street banks might impose a minimum deposit requirement to kickstart your account. Alternatively, you may consider exploring a payment account with an EMI such as Satchel with no initial deposit. You can review Satchel’s fee structure here.

Age Requirement for Opening an Account

Age criteria for opening an account for banking online differ globally. In the UK, children’s accounts are common for age 11 onwards and come with distinct rules. When it comes to fully-fledged adult accounts, they are generally accessible to those aged 18 and older.

Understanding Payment Cards

Payment cards are vital tools for accessing and spending your money. The primary types are:

1. Prepaid card: ideal for budgeting as users need to load funds in advance to make a purchase.
2. Debit card: helps prevent overspending as the card is directly linked to your account.
3. Credit card: involves borrowing money from the banking institution with monthly repayments and potential additional fees.

Withdrawing Money from Your Card

Financial institutions typically set daily and monthly limits on ATM cash withdrawals. These limits serve as an additional layer of security for your assets, strategically implemented to fortify customer accounts and ensure the protection of your financial well-being. Satchel payment cards provide the flexibility to withdraw cash from any ATM worldwide.

What is a PIN?

A PIN, or “personal identification number,” is a short code typically composed of four numbers. You utilize this code when withdrawing cash from an ATM or making card payments in shops using your credit or debit card. It is a crucial security measure, so it’s imperative to never write down your PIN anywhere to ensure the safety of your financial transactions and prevent unauthorized access to your savings.

Transferring Money

Transferring money involves sending funds from one account to another, which can be someone else’s account or another one of your own, such as a savings or secondary account. Here are the essential steps you’ll need to take before sending a transfer:

1. Get bank details: The first step is to obtain the bank details of the recipient. This includes their account number and any other relevant information.
2. Choose a transfer method: 

• In person at a branch: You can transfer money by visiting a bank branch in person.
• Online banking: The most convenient option is online banking. All you need to do is access your bank’s online platform, enter the recipient’s details, and initiate the transfer. Satchel’s app provides a user-friendly way to manage your funds, offering a seamless online banking experience.

Selecting the most suitable method depends on your preferences and the services offered by your bank.

Bank Statement

A bank statement is a monthly summary of account transactions, provided by the banking institution and traditionally sent by mail. It outlines the total amount of money in your account and provides a detailed breakdown of all your transactions for the month.

In today’s digital age, paper bank statements are becoming less common. Instead, many individuals receive statements electronically, either by email or by downloading them on their online banking platform in PDF format. Alternatively, you can now easily download your account statements or transaction receipts using a user-friendly mobile app or client web office. These reports provide detailed information on each transaction, sorting them by a specific time frame defined by the user. It allows you to always have your financial history at your fingertips, greatly easing the tasks of money management and meeting tax responsibilities.

Money Management with Satchel.eu: Easy, Transparent, and Accessible

Your financial journey with Satchel.eu begins by opening an account with no initial deposit requirements. Clients only incur a fee for account opening upon application approval, as well as transparent monthly account, card, and payment fees tailored for EU/UK, non-EU, and UA customers. The application process is simple, efficient, and paperless. Once you’ve submitted your online application, including scanned ID/passport and proof of address via utility bill or bank statement, and received account opening confirmation, you’re all set for your seamless digital banking experience.

You can explore our extensive range of services on the Satchel.eu app, accessible from your phone, computer, or other devices. Log in to review your transaction history, manage your PIN, and initiate international money transfers directly from your smartphone. With the Satchel card, you can also easily withdraw cash from any ATM around the world and make secure online and in-store payments.