There are a lot of benefits to having a bank account abroad – both for you and your business.
But, it can be very time-consuming and expensive to travel internationally… just to open an account.
After all, it’s not guaranteed that you’ll be able to successfully open an account with the first bank you walk into. So that means you’ll have to budget multiple days just in case.
Luckily, there are high-quality banks that let you apply for accounts remotely and open a business bank account online.
Not only will this save you time, but it can save you hundreds, if not thousands of dollars on flights, visas, hotels, transportation, and more.
Sound ideal to you? Read on as we cover the best business banks to open remotely with.
Best Business Banks to Open Remotely
You can save a lot of time and money if you don’t have to physically go to a bank to open an account. But where can you find the best business banks to open remotely with? Read on to find out which are the best jurisdictions for remote opening and what you need to know to successfully open accounts in them.
Ready to get started? Here’s a look at everything we’ll cover in this article…
Table of Contents
- What Are the Benefits of Choosing the Best Business Banks?
- How to Choose the Best Business Banks to Open Remotely?
- Where Can You Find the Best Business Banks?
- Ready to Open an Offshore Bank Account?
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
What Are the Benefits of the Best Business Banks to Open Remotely With?
If you know the best business banks to open remotely with, as a foreign business owner, you can gain access to opportunities you likely can’t access in your home country.
Whether you have a large operating business seeking a corporate account or you’re looking for the best business account for startups, there are options to choose from. These include remote account options that can help you hedge against economic uncertainty, give you access to better payment processing systems, and/or help you reduce business expenses.
And if you can open the bank account remotely, without having to leave your country and your business… even better.
Here’s a look at some of the key benefits foreign business owners can take advantage of when choosing the best business banks to open remotely with…
Benefits of Choosing the Best Business Banks to Open Remotely:
- Access to multi-currency accounts
- Deposit guarantees
- Access to a wider range of business banking services
- Economic and political diversification
- Access to stable banking jurisdictions
- Avoid unnecessary travel expenses
- Ability to protect your business from economic uncertainty
- And more…
As you can see, there are many benefits to choosing the right business bank to open remotely with.
Of course, depending on which bank you choose to open an account with, the benefits will vary. They may also vary based on your specific client profile.
Because of this, it’s important to know how to go about the account setup procedure, specifically the company bank account opening process. In other words, you need to know how to choose the right bank for your client profile and banking needs.
The first step to doing this is to learn how to open an account, where you can open an account remotely, and what steps to take to do so properly. This includes knowing the bank-specific requirements you’ll need to meet ahead of time.
With that in mind, let’s look at how foreign non-resident business owners can open with the best business banks 100% remotely.
How to Choose the Best Business Banks to Open Remotely?
When you’re choosing a bank to open an account with, the two main things you need to look out for are 1) whether or not the banks meet your banking needs and 2) whether they will accept your particular client profile.
It’s important to note that depending on the structure of your company, specifically if it’s a Sociedad Anónima, can be referred to as a different type of corporation in different countries this can impact the type of accounts available to you.
This will help you to formulate your account opening strategy so that you can successfully open the best bank account for your needs.
To find the right bank for you, there are several important questions you first need to ask yourself and the bank before applying…
Questions to Ask Before Applying:
- Who does the bank cater to?
- Are there fees associated with opening a business bank account online?
- What benefits does the bank offer to someone with your specific client profile?
- How much does the bank charge for monthly maintenance fees?
- Does the bank charge international transfer fees?
- Does the bank offer multi-currency accounts?
- Are there restrictions on cross-border transactions?
- What is the account opening deposit requirement?
- Does the bank offer the specific currency you require?
- Is the banking jurisdiction on any blacklists?
If you know the answers to these questions before applying, you’ll not only save time and money but even more importantly, you’ll avoid getting stuck with the wrong bank.
The next thing you need to ask about is the specific requirements you need to meet to open and maintain the account. For example, which supporting documents do you need to submit and how much you’re required to deposit upon opening?
Depending on the country, bank, and even banker you choose to open with, the requirements can vary. Requirements can also vary depending on your client profile. Specifically, your citizenship, the industry of your business, and where your business operates from.
But to give you a general idea of what kinds of requirements you will need to meet, here are the typical items required by the best business banks to open remotely with…
Documents Required to Open Accounts Remotely:
- Two forms of government identification (business owner & all directors)
- Bank-specific application forms
- EIN (Employer Identification Number) confirmation letter
- Articles of Organization
- Clear reason for wanting to open a business bank account
- Partnership agreement (if applicable)
- Existing bank statements (3-6 months)
- Description of the company’s business activity
- Proof you’re able to support the initial deposit requirement
- And more…
Now, just because a bank has the option to open a business bank account remotely, that doesn’t mean the option is available to everyone.
That’s why it’s critical to ask these questions ahead of time, to find out if remote opening is a possibility for you.
Now that you know what to ask, the next step is to find out where you should be looking.
Let’s take a look at some of the key banking jurisdictions that welcome foreign business owners to open business bank accounts remotely.
Where to Find the Best Business Banks to Open Remotely With?
Not every country allows its banks to open accounts remotely for foreigners. And overall, it can be a difficult task to navigate the different account opening requirements across countries. Especially given that banking laws, compliance rules, and account opening procedures differ dramatically between jurisdictions.
Luckily, we’ve done the groundwork for you. As you’ll see below, we’ve outlined some of the best banking jurisdictions for remote account opening for foreign businesses. So, with that said, let’s dive into each jurisdiction one by one…
Open Accounts Remotely With the Best Business Banks in the US
When it comes to opening a bank account remotely for a foreign business, the US is at the top of the list of banking jurisdictions.
This is because, unlike other banking jurisdictions, banks in the US do not require proof of ties to the US or proof of US residency to open an account and there are many remote opening options (if you know where to go).
Of course, that doesn’t mean opening an account opening here is easy.
There are many other account opening requirements that foreign businesses need to meet. And, depending on the bank you choose to open with, the requirements can vary dramatically.
But, it’s 100% possible. And if you can successfully open an account here, you will be able to unlock a wide range of lucrative benefits. Including, most prominently, access to US credit cards.
In fact, opening a bank account in the US not only gives you access to US credit cards but also enables you to build a US credit history for financing and mortgages. All without having to be physically present in the country to open the account.
If you’re interested in learning more about the best business banks to open remotely within the US and how your business can benefit, you can access our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses” for more information.
You can access this report immediately when you join GlobalBanks USA.
[Note: When you join GlobalBanks USA our team of experts will help you find the best business banks to open remotely with. In fact, we will even make direct introductions to bankers for account opening. Click here to learn more.]
Open Accounts Remotely With the Best Business Banks in Singapore
Next on our list of jurisdictions that offer remote opening for foreign businesses is Singapore.
Singapore has an excellent reputation for its well-capitalized and rock-solid banks. And, compared to most other countries, Singapore’s banking system is very economically and financially stable.
So, it’s no surprise that many foreign business owners want to open business bank accounts here.
Unfortunately, opening accounts here can be an extremely difficult process to navigate. Not to mention, expensive.
But, if you know which bank, branch, or banker to speak with directly, it is entirely possible to open a business bank account remotely here.
Of course, you’ll need to understand the account opening quirks and requirements before applying.
We detail the entire account opening process for foreign business owners, including the client groups that can and cannot open here, and how to get started in our premium members-only report “Banking in Singapore: Global Banking at Its Best (and How to Get In)”.
You can access this report immediately when you become a GlobalBanks member.
Open Accounts Remotely With the Best Online Business Banks in Europe
Next up, is the EU. The EU is home to a wide range of online banking solutions —including Electronic Money Institutions (EMIs), fintech platforms, and digital banks— all of which offer remote account opening by default.
Today, more foreign business owners are moving towards online banking solutions than ever because of the convenience and accessibility it offers.
This is also because account opening with traditional brick-and-mortar banks in the EU is extremely challenging for non-residents. This is especially true for foreign business owners that are unable to provide an acceptable local address.
Fortunately, digital platforms in the EU are more lenient with it comes to providing proof of address. Not to mention, they are less risk-averse and offer a wider range of currencies compared to other traditional EU banks.
If you know where to go, you can open business accounts with digital banks in Europe 100% remotely.
We cover how you can open a business bank account through the top fintech and EMI platforms in Europe in your premium members-only report “European EMIs for Non-EEA Businesses”.
You can access this report immediately when you become a GlobalBanks member.
Of course, these jurisdictions are just a few examples of where you can find the best business banks to open remotely with. And, depending on your client profile, there are other options worth considering.
You can find out all of your options in our premium members-only report “How to Open International Bank Accounts for Offshore Companies” which covers everything you need to know about how to open business bank accounts remotely with the best business banks.
If you’re ready to get started in finding the best business banks to open remotely with, we can help…
Ready to Open an Offshore Bank Account?
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.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
