Do banks actually verify the residency document?

Clearsky Network · Oct 1, 2023

From experience banks yes, EMIs dont.
In addition, banks might send you security tokens to your address, therefore, you will need to be present in the location you indicate during application.
As mentioned above social media checks are also performed to identify your location.

Creocree · Oct 2, 2023

From my experience working with European banks and EMIs, I can say for sure that they do not verify this kind of information. At least in all the years of work this has not happened

nobel · Oct 2, 2023

What if you pay with your credit card in another country often?

Revoltec · Oct 3, 2023

nobel said:
What if you pay with your credit card in another country often?

Revolut does this. If they notice you keep using your card in another country for a few months they will ask you to confirm your tax residence. However it is just by pressing a button on the screen.

Onassis · Oct 3, 2023

Revoltec said:
Revolut does this. If they notice you keep using your card in another country for a few months they will ask you to confirm your tax residence. However it is just by pressing a button on the screen.

What's the worst they could ask for? A tax residency certificate and/or a proof of address?

Revoltec · Oct 3, 2023

Onassis said:
What's the worst they could ask for? A tax residency certificate and/or a proof of address?

They do not ask for that for now. Just a window pops up and says "We have noticed that you have been using your card a lot in country A recently, please confirm that country B still is your country of residence" and that's it.

Onassis · Oct 3, 2023

Revoltec said:
They do not ask for that for now. Just a window pops up and says "We have noticed that you have been using your card a lot in country A recently, please confirm that country B still is your country of residence" and that's it.

So they don't actually give a s**t and it's just to please the regulators. Hopefully it stays that way for the foreseeable future.

Benzouser · Oct 9, 2023

Cloudbanck said:
Indeed banks generally can't verify your address.

There are special cases though, like Sweden (and I presume the other Nordics) where you don't change your address at Banks, and nobody would ever ask you for a utility bill as a proof of address. Instead you change your address in the government managed population registry, and then the Banks automatically get your new address from this registry.

So you could keep your address in Sweden in this registry, but then you'd be a tax resident in Sweden, and nobody wants that of course!

Or you put an address abroad in this registry, and that's fine, because you can live anywhere in the world and still keep a Swedish bank account.

Well not really the case any more! . . .when you lose your SPAR reg, then your local SWE bank can delete your acoount and revoke your BankID . . i have krux with this now :/ . . .also if u have Swedbank you can not have a account if u live abroad.

EliasIT · Nov 3, 2023

Paul Tudor Jones said:
SCENARIO: You lived in a certain country for a 5+ years, have paid all taxes there.
You left the country and notified the authorities you left.

You still have the ID card of that country and use it to open new bank accounts. You have all the address proof, bank statements with your previous address etc.

Do banks actually verify with the local authorities if you are still a resident?

No they don't. Sometimes it can be a Win sometimes it can lead to double taxation. So do proper research on your own situation.

Do banks actually verify the residency document?

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Do banks actually verify the residency document?

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