Opening a Private Banking Account Online11 min read

Opening a Private Banking Account Online11 min read

Opening a private banking account is simpler than many people expect thanks to innovative digital platforms like The Kingdom Bank that streamline the application process. 

In this article, we’ll walk through the step-by-step process of opening a private account in digital banking while exploring some key questions many individuals have around eligibility requirements, application procedures, and approval timelines. 

By the end, you’ll have a clear understanding of what’s involved and why The Kingdom Bank may be the best option for beginning your private banking journey.

What are the Eligibility Criteria for Opening a Private Banking Account?

Most private banks establish minimum criteria that must be met in order to qualify for services intended for high-net-worth clients. 

At The Kingdom Bank, the main eligibility requirement centers around investment thresholds. Specifically, you’ll need liquid assets totaling at least USD 250,000 that can be invested through the bank. 

Liquid assets include holdings like stocks, bonds, mutual funds, savings accounts, and time deposits that can easily be converted to cash.

While USD 250,000 may sound high, keep in mind private banking is aimed at affluent individuals with sophisticated investment needs. The minimum ensures anyone opening a private banking account has substantial wealth under management that merits personalized service. It’s also not unusual for thresholds at other private banks to be even higher. 

The Kingdom Bank’s criteria strike a fair balance of accessibility for qualified clients without compromising service standards. As long as you meet the investment minimum, you’re eligible to apply.

What Documentation is Required to Open a Private Banking Account?

Documentation requirements are straightforward for qualified clients to open an online banking account at The Kingdom Bank. 

During the application process, which we’ll explore in more depth later, you’ll need to provide:

• Valid photo identification like a passport or driver’s license
• Proof of residence no more than 6 months old like a utility bill
• Verification of source of wealth like tax returns or business financials

Additional documentation may be needed depending on circumstances, but The Kingdom Bank aims to keep the process as simple as regulations allow. You won’t find extra hassles or unnecessary paperwork at most other online private banks. 

By focusing on core verification needs upfront, The Kingdom Bank lays the groundwork for efficient account opening once the application is complete.

How Does the Application Process for a Private Banking Account Begin?

Ready to start your application? 

Here are the basic steps to open a private banking account through The Kingdom Bank’s digital platform:

• Complete the online application form – This captures your contact information, investment goals, and wealth profile. Expect to provide details shared earlier like ID, address, and source of wealth documentation.
• Submit identity verification – The Kingdom Bank utilizes technology to swiftly verify your identity online. This may involve uploading identification images or a short video call.
• Onboard your initial deposit – Transfer in your minimum opening deposit of USD 250,000 to activate account features and services. The Kingdom Bank accepts wire transfers and selects crypto assets.
• Conduct know-your-customer screening – Automated screening tools analyze profiles for money laundering risks according to international regulations.
• Open your account – Once all reviews are passed, your private banking account is instantly opened and ready to use online!

The entire process takes only a few business days from application to activation when all requested documentation is provided promptly. 

That type of rapid account opening is rare among traditional private banks but common at innovative players like The Kingdom Bank leveraging modern tech.

How Long Does It Take to Open a Private Banking Account?

As we saw above, the streamlined process at The Kingdom Bank means most applications are approved within just a few business days. 

That fast timeline holds true assuming:

• You meet the USD 250,000 minimum investment requirement
• All requested documentation is supplied correctly on the initial application
• No unusual circumstances arise requiring extra vetting during reviews

If additional information is needed from the client or reviews take slightly longer, approval may be pushed back by about a week. 

However, even then you’re looking at a maximum 10 business day wait which is still lighting quick for private banking requirements.

Some less digitally mature competitors can drag out new private account openings for several weeks or even months in certain cases. Not only that, you’ll likely jump through more bureaucratic hoops along the way at traditional brick-and-mortar institutions.

The Kingdom Bank’s pure-play online model is built from the ground up for fast, convenient private banking. 

So whether joining in a matter of days or at worst a couple weeks, clients can start growing their wealth right away without lengthy delays.

Why Choose The Kingdom Bank for a Private Banking Account?

By now you have a strong grasp of how to open a private account in a digital banking setting through The Kingdom Bank. 

But what are the key reasons this institution may be preferable over alternatives? 

Here are a few compelling benefits to consider:

• Cutting-edge tech platform – As a pioneer in web-based private banking, The Kingdom Bank makes wealth management simple through an intuitive digital interface. Advanced tools put control at your fingertips.
• Personalized support – Each client receives dedicated customer service from an experienced relationship manager focused solely on their needs. Whether advice, execution or anything in between, support is always on hand.
• Robust investment options – Beyond standard offerings, The Kingdom Bank provides exposure to unique opportunities in private equity, real assets, cryptocurrencies and more tailored to sophisticated investors.
• Streamlined globally – As an offshore private bank based in the Commonwealth of Dominica, The Kingdom Bank enables easy international electronic transactions without geographical restrictions interfering.
• Competitive service levels – Despite the affordable minimums, The Kingdom Bank guarantees five-star concierge treatment akin to funds ten times its size thanks to tech-driven efficiency.

The Kingdom Bank brings private banking into the modern digital era with an unbeatable blend of advanced technology, top-tier expertise, global access and exceptional value – making it truly the premier choice for starting your private account journey.

Are you ready to experience wealth management reinvented with The Kingdom Bank? 

Simply visit The Kingdom Bank to start your application now and begin enjoying all the platform has to offer high-net-worth clients worldwide. 

The future of private banking is now, so don’t wait – apply today and let The Kingdom Bank empower you to reach your investment goals faster than ever!