Requirements of an e-gaming corporate bank account:
- The account must be able to transfer money from and to the company’s merchant account.
- E-gaming business bank accounts should accept multiple currencies, include cryptocurrencies.
- An e-gaming bank account should offer multi-signature rights.
- Offer internet banking enabling you to make transactions online anytime, anywhere.
- Your business bank account should provide a debit card so that you can withdraw funds anywhere in the world.
- E-gaming companies need a business account that can send and receive funds from anywhere in the world and in any currency.
What is a gambling friendly bank?
Many mainstream banks consider gambling companies high risk and often implement stringent restrictions and requirements on any bank account for a gambling company. Finding a gaming-friendly bank account for gambling operations may therefore be difficult unless you have the proper guidance.
Traditionally, banks and financial institutions considered online businesses particularly prone to be high risk because of their vulnerability when receiving credit card payments online, as well as canceled transactions, the high number of chargebacks, returned items and refunds.
However, the booming business of online gambling has been also recognized by many progressive banks as a source of strong business, and these banks are accepting applications from properly structured and operated online gaming companies with licenses from recognized jurisdictions.
High risk bank accounts for online gaming sites
Setting up a corporate account in a bank can be a complex process especially if you are setting up for a business classified as high-risk. Each country can have different and difficult procedures. The simplest approach, when choosing which is the easiest bank to open a business account in European countries, is to consider setting up a multi-currency business bank account with one of the many new EMI and Fintech services. Look for an account that enables multi-currency balances, fund transfers, IBAN account identification and making payments internationally. When standard banking services are offered, this makes the process of trading within European countries much simpler.
Another thing worth considering is to engage us to handle the set-up process.
With our knowledge and experience here at GBO, we have helped many customers navigate through the complexities of finding a suitable bank, ensuring that you can operate simply and effectively.
Documents needed to open a high risk bank account
The requirements can vary between countries, and also individual banks. The following are typical demands:
- Detailed proof of incorporation
- Certificate of incorporation
- Articles of association
- Details from the company register with information about the company’s directors and shareholders
- Proof of identity for each director and senior manager as well as majority shareholders (usually over 10% stake) of the company
- Proof of address of the company, with some validation (utility bills, etc.)
Some banks may request additional documentation and subject the company’s application to more scrutiny, requiring confirmations like source of funding, beneficial ownership etc.
Banks will always perform a KYC (know your customer) scrutiny of the application and can require further information. It’s important to get all of the documents ready and correct from the beginning because the banks may decide against you without further discussion if they perceive a lack of professionalism. Let us walk you through this process and get it right the first time!
Why you should get GBO to help you
GBO provides you with a reliable full turnkey solution with a dedicated professional account manager dedicated to your requirements. We have 12 years in the gaming consultancy business and guarantee a smooth and simple process. We will assist you with locating accepting banks & payment service providers, please contact us for Curacao online casino license.
Can I set up an offshore bank account for my online gaming business?
Yes. This is especially advantageous if you are setting up your holding company inside the EU, because this enables the use of SEPA and SWIFT facilities. These make fund transfers fast and safe. The location of the bank does not play any role in online gambling destinations like Curacao, and Malta is already part of the EU.
Must I visit the bank to open the account?
Many banks now allow you to open your account remotely by completing the process online through their web portal. The required documents can be submitted via courier or even through secured document transfer applications. Talk to us to find out which bank will allow these for you.
How much will it cost to open an online gaming bank account?
All banks have their own fee schedules, usually made up of a flat activation fee. As well, some may require a minimum balance deposited, and could charge for KYC.
What are the main features the bank should offer for online gambling customers?
- What currencies can the account hold and transfer?
- Can the account be used to send and receive transfers to the jurisdictions where your customers and suppliers are located?
- What are the fees and charges that apply for the businesses account?
- With your chosen account what level of customer service will be available to you?
- Can you access your corporate bank account remotely – is there mobile banking?
- Can you have multiple signing rights for your chosen account?
- Does the business account come with cards you can use to pay suppliers or employees?