The password must have between 8 and 15 characters with the following requirements
- Minimum one number (0-9)
- Minimum lowercase letter (a-z)
- Minimum one uppercase letter (A-Z)
- Minimum one special character "#?!@$%^&*-+<=>"
- Example password 99azTR?!@
To open a bank account outside of your country of residence to accept payments from your online store sales is an ideal complement to save taxes and avoid paying high commissions for currency exchanges. To understand better the advantages of opening a bank account outside of your country of residence, we must analyze first the differences between a payment gateway and a bank account.
Many people confuse the terms payment gateway or virtual terminal (merchant account + payment gateway) with a bank account (account with a debit card to deposit funds and use it later for personal or corporate needs). The difference between these two is that a payment gateway has a credit account with the bank called merchant account number, while a bank account can be opened separately without the obligation to have a credit with a financial entity.
The acquiring bank is paying daily by wire transfer the credit operations that were processed by the virtual terminal, and that is why the main factors analyzed when granting a new merchant to an e-commerce is a nature of business, the level of risks and the country where the client has an account to collect his funds. When you contract a virtual terminal or a payment gateway, the acquiring bank or payment processor has to transfer to your bank account the funds generated from the sales. These sales can be paid in your country of residence or outside of it.
Customers who need to open a bank account abroad have 2 options: European Union and outside the European Union.
The wire transfer payment system of the European Union works by IBAN. The advantage of this payment system is that it is very economical, and the funds kept on bank accounts are insured for an amount of 100,000 euros. The recommended countries to open a bank account in the European Union are: United Kingdom, Lithuania, Estonia, Bulgaria, Czech Republic, Slovakia, Malta, Portugal, Cyprus and Switzerland.
The system of wire transfer payment outside the European Union works by SWIFT. Unlike IBAN the process is slower (2-5 days) and opaquer. The recommended countries to open a bank account outside the European Union are: Puerto Rico (USA), Belize, Hong Kong, Singapore, and St. Vincent and the Grenadines.