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Opening a personal account with a foreign bank

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When you decide to open an account with a foreign bank, you need the assistance of professional experts. If you are concerned about the safety of your money and are looking for a reliable solution, we recommend you asking for qualified advisor in the process of opening an account from our company.

What does it take to open a foreign bank account?

There are certain documentation requirements for opening an account for an individual with a foreign bank. You need to have an identity card, such as a passport or driver’s license. In some cases, a residence permit may be required. Often a bank needs a proof of address (for example, a certificate of registration, a lease or utility bill).

The requirements for opening a personal account with a foreign bank may vary in different jurisdictions.

The bank reserves the right to request additional documents:
  • The information about existing accounts;
  • A bank statement;
  • An employment contract with the employer, the information on income and the duration of the contract;
  • A visa;
  • A confirmation of address;
  • The information about the credit history.
Benefits of opening an account with a foreign bank
  • Using of local currency. Banking operations within a country are usually carried out in a local currency. Therefore, it is very convenient to have a local bank card.
  • International transfers. Opening an international bank account allows you to take advantage of more favorable tariffs, and get some benefits for international money transfers.
  • The access to overseas markets. Foreign investment requires an international account.
  • Investments. For example, investing in real estate.
  • Some banks offer opportunities to owners of business accounts under local tax laws.
Choosing a jurisdiction

In general, banking institutions are divided into 3 categories:

  • European/American;
  • Asian;
  • Offshore.

European (EU) and American (USA) for a long time consider the application for opening an account, request an additional information.

Asian banks target Asian customers. To open an account in Hong Kong, you will need to communicate with the managers of some banks in Chinese or English, it is worth considering, that you will have to speak without an interpreter. Banking institutions in Singapore or Hong Kong are very interested in opening a personal account in Asia. As a disadvantage of the Asian zone, we can highlight the time difference (for Europeans), which leads to inconvenience of communication with the bank.

Offshore banks are characterized by lower prices for services. The disadvantages include the fact, that European countries are biased towards banks from offshore jurisdictions, which can complicate payments.

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Choosing a bank

When choosing a bank, it is necessary based on personal requests and opportunities. To receive assistance in opening a foreign account, an individual needs to contact specialists. Such people are well aware of the current unstable situation in the banking sector and are ready to soberly assess the applicant's chances. We recommend asking for personal advice on opening an account with a foreign bank from IQD Consulting experts.

In general, the procedure for opening a bank account is standard. The difference lies in the list of required documents and the deadlines for submitting an application. Proper maintenance and high-quality preparation of the necessary documents can significantly reduce the time spent on the procedure of opening an account.

Opening a personal bank account online

As noted above, some banks may open accounts via the Internet. Such institutions request scanned copies of documents, offer to send them by Email. IQD Consulting specialists are ready to provide you with relevant information.

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If you need to open a personal account with a foreign bank, contact experienced professionals for assistance.

Since this article is informational, the above material cannot be interpreted as advice. If you need to get more information, ask for personal advice on opening bank accounts from IQD Consulting specialists.

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