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How much time is required for the procedure of opening an account in a Western European bank?
The procedure for opening an account with a Western European bank takes somewhat longer than it does with a Hungarian bank, and may take anything from 1 week to 3 months, depending on the bank. This is generally because the bank needs time to study the documents received for consideration and to verify bank references concerning owners, directors and persons authorised to manage the account (the concept of the bank reference is discussed below). The bank then decides whether or on to accept the client's application for an account.
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