Open Bank Account in Jersey

Our local specialists can help you open a bank account in Jersey from preparing the necessary documents to assisting with the bank’s due diligence process.

Who can open a bank account in Jersey?

Both individual and businesses from Jersey:

• Jersey residents;
• foreign nationals;
• sole traders;
• partnerships;
• limited companies;
• limited liability partnerships;
• charities and other organizations.

Eligibility is determined individually by each bank. For example, some business banking products are specifically available to business operating in Jersey or elsewhere in the Channel Islands.

Our specialists can help applicants identify banks whose eligibility requirements correspond to their residence and company structure.

What are the steps needed to open a bank account in Jersey?

Clients who wish to open a corporate bank account with one of the available bank branches in Jersey will need to comply with the following:

• provide information: it is common for banks to ask for information about their clients; this is a standard due diligence process;
• provide documents: these include copies of the director’s and shareholder’s identification documents and proof of address as well as their tax identification number, along with documents for the company that will hold the account;
• fill in the application: the standard application form is provided by the bank and will include information about the company and account parties;
• others: applicants will also be asked to provide a separate statement with the signatures of all the parties to the account.

What are the documents needed for opening a bank account in Jersey?

The list of documents depend on the bank and the applicant’s circumstances. In most of the cases, you will need:

• a valid passport or another identity document;
• proof of residential address;
• information about employment;
• tax information;
• Social Security or National Insurance details, where applicable;
• information concerning the source of funds.

The personal information and documentation is part of the bank due diligence procedures.

What are the main financial services provides in Jersey?

A shortlist of banks in Jersey includes the following:

• Lloyds Bank;
• Barclays Bank;
• BNP Paribas;
• Citibank;
• HSBC and others.

Investors interested in opening a bank account in Jersey can choose from this list or other available financial services providers.

How long does it take to open a business bank account in Jersey?

It usually takes between one and six months, depending on the bank you go with. A straightforward business structure might move through faster, but if your application involves several shareholders, you should expect additional checks.

Can a Jersey bank account be opened remotely?

Some of the banking steps can be done online. Whether you can open an account remotely really depends on the bank and the specific account.

Certain Jersey banks let applicants handle applications and identity verification fully online. Others might still require certified documents, extra verification steps or even a meeting.

Our specialist in company formation in Jersey can check the procedure applicable to the selected bank and help clients prepare the documentation before starting the application.

Why does the bank ask about the source of funds?

To prevent money laundering and financial crime. The bank needs to know:

• where the money entering the account originates;
• if the transactions are consistent with the applicant’s financial or business profile.

Contact us for more details on how we are able to assist you in opening a bank account in Jersey.