About the nature of the power of attorney at the bank – Loan for working abroad

In this article we will present the most important issues regarding a power of attorney in a bank when the applicant is abroad. It would seem that this is a very simple activity, and yet it is worth knowing a little more about it so as not to get into trouble.

About the nature of the power of attorney at the bank

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Every bank account owner should immediately make sure that a trusted person is authorized to his account. There are various situations in life, both planned and unplanned. The attorney will then be able to settle matters for us at the bank. All you have to do is give him a power of attorney .

The power of attorney procedures at each bank may differ and this is due to the bank’s internal procedures. We can grant a power of attorney when we are abroad. The world is getting “smaller and smaller”, we are members of the European Union, which also facilitates the power of attorney . In addition, Poland is a party to the Hague Convention, which was signed in 1961, and whose goal was to simplify the completion of all official or banking formalities.

There used to be problems related to this, but nowadays we can draw up a power of attorney abroad to perform activities in Poland. If we want to take a loan in Poland through , we can use two options. The first is the power of attorney through the consul. The second option is a power of attorney through a foreign notary public. Importantly, the proxy does not have to be present when preparing the notary’s authorization . It is created only by the statement of the person who wants to be represented.

What is a power of attorney at all?

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By choosing an attorney we entrust him with a very important role and trust him. Every legal act that he performs on our behalf within the limits of his powers will have consequences for us, i.e. the persons represented.

When we create a power of attorney at the bank, we should also specify the scope of what we want our proxy to be able to do for us. It depends on our decisions what the authorized person will be able to do on our behalf. We can simply establish a general power of attorney, where our representative will be able to perform exactly the same operations on our account as we do. Then there are no restrictions on using the account and deciding on it. We can also specify the exact scope of what we authorize. It is very important to clearly indicate the actions that this person can perform for us (e.g. the proxy will be able to perform financial operations on the account, but only up to the amount specified by the account holder).

Permanent power of attorney?

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We can determine that the authorization granted has no time limit, i.e. the representative has the right to banking activities on our behalf until further notice. However, we can determine in advance what period of time the power of attorney is valid (month, half year, year). There is also an option to grant such authorization once, for a specific activity.

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