Bank accounts without a physical address are more common in jurisdictions offering cross-border banking than in onshore jurisdictions.
Not surprisingly, expats, digital nomads, and retirees who are constantly on the move can benefit from easier onboarding when opening these accounts.
In short, it’s an account that doesn’t require the applicant to demonstrate a physical address during the account opening process.
Not surprisingly, this kind of request is common when people are considering accounts in top-tier financial hubs with strict onboarding procedures. So, we’ll take a look at address requirements in the context of international and offshore accounts below.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Bank Account Opening Considerations
- Physical Address Considerations
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Bank Account Opening Considerations
If you’ve ever applied for a bank account, you know account opening requirements can be onerous. Depending on where you’re applying, they can include everything short of your birth certificate. This is especially challenging for individuals in occupations that require travel and who do not have a fixed permanent address.
But there’s a reason for all the documentation. Banks are ultimately trying to verify your identity and confirm that you’re not a risk to the bank. They want to avoid customers with difficult-to-verify identities, who might be affiliated with illicit activities, or engage in high-risk transaction behaviors.
Now, you might be wondering how your address fits into all this…
Well, similar to the other supporting documentation provided when applying for a bank account, your physical address can help corroborate your identity.
Of course, there are other practical benefits as well. For instance, having a physical mailing address allows the bank to send you notices, bank statements, debit cards, etc.
That said, depending on which country you’re in and which bank you’re applying to, address requirements vary and certain types of addresses may be viewed differently.
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Physical Address Considerations
While the topic being covered is “bank account without a physical address,” the real solution isn’t finding an account that has no address requirements.
Instead, applicants should look for banks with address requirements that they (the applicant) can realistically meet.
This might include having an existing address that is acceptable or having the specific types of proof of address that the bank deems acceptable. For example, some banks won’t accept bank statements, credit card statements, or cell phone bills as valid proof of address. So, if those are the only types of proof you have, you’ll have to look for another bank.
What is Proof of Address for Bank Account Opening?
In almost all countries around the world, applicants are required to provide an address. This is standard practice.
That said, in certain countries, expats, digital nomads, retirees, or anyone looking to open an account can meet the address requirements by using a foreign address. In fact, this is even possible at some banks in the United States.
This means you can use an address from your home country to open a bank account. So, you won’t be required to provide proof of a local address at all.
Physical Business Address for Banking
Now, if you’re looking to open a business bank account, the address requirements can vary. But, it’s possible for foreign and non-resident companies to open accounts in many countries without a local address. It just depends on the bank and their particular address requirements for business applicants.
In fact, opening accounts without a local address is a common practice when business owners seek local bank accounts to support international contractors, employees, suppliers, and customers.
Commercial Street Address for Banking
Commercial street addresses include retail and office locations that foreign non-residents can rent for their businesses.
It’s important to note that obtaining a commercial street address for the purpose of opening personal accounts is not (usually) advisable. The reason for this is simple: If your business doesn’t actually operate from those locations, banks don’t usually accept them.
In fact, in many places around the world, bankers will do a quick “Google Maps” check to see if the address looks like a mail-forwarding provider. If it is, you’ll either be asked for a new address or denied immediately. We discuss this in greater detail in our advanced reports, available to members of GlobalBanks IQ.
So, it’s best to either find an address that’s known to be accepted by banks or find banks that will accept the type of address you have (and can already prove).
Frequently Asked Questions
Below are two of the most common questions that we receive from people exploring how to open a bank account without a physical address. If you have any further questions, don’t hesitate to get in touch with us directly.
Can I Open a Bank Account Without Address Proof?
In most cases, you will be required to provide proof of address when opening a bank account. This is used to verify your identity and support future bank correspondence. However, there are exceptions.
Note: Depending on where you choose to apply, it may be possible to open an account by using a foreign address from your home country.
Can I Use a Virtual Address for a Bank Account?
In certain cases, banks will accept a virtual address to open a bank account. However, this ultimately depends on the bank, its onboarding policies, identity verification requirements, and the address you choose. For example, many banks will not accept mail forwarding addresses owned by large companies, certain types of virtual addresses (e.g. PO Boxes), or mail forwarding addresses that are classified by the government or the country’s postal provider as a commercial forwarder.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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