Are you a non-resident looking to open the best foreign bank accounts?
If so, you’re not alone.
The best foreign bank accounts can offer many benefits to the right clients. Including asset diversification, access to multiple currencies, and the ability to bank in more stable banking jurisdictions.
Of course, there’s not just one bank that’s best for all non-residents. The one that’s right for you will depend entirely on the type of account you’re looking to open and on the products, services, and benefits you’re after.
So, if you’re ready to find out where you can open the best foreign bank accounts for your client profile, you’ve come to the right place!
Read on below as we break down everything you need to know on how to find and open the best foreign bank accounts.
Can You Open the Best Foreign Bank Accounts?
The best foreign bank accounts differ from person to person. It all depends on your banking needs and client profile. More specifically, the type of account you want to open and where you can open it. Read on to find out how and where to find the best foreign bank account for you.
In this article, we’ll share everything you need to know about how to find and open the best foreign bank accounts as a foreign non-resident.
We’ll do so by uncovering the banking jurisdictions suitable for the following specific account types: personal, business, private, offshore, and digital.
Here’s a look at everything we’ll cover in this article…
Table of Contents:
- Benefits of Opening the Best Foreign Bank Accounts
- How to Find the Best Foreign Bank Accounts For You
- Challenges of Opening the Best Foreign Bank Accounts
- Where to Open the Best Foreign Bank Accounts
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.
Benefits of Opening the Best Foreign Bank Accounts
For many foreign non-resident individuals (and their businesses), opening the best foreign bank accounts can unlock lucrative benefits that you likely can’t access in your home country.
For instance, if you live in a country where inflation is out of control, the currency is unstable, and the economy is failing, opening a foreign bank account offshore might be worth considering.
Doing so can minimize your financial exposure and enable you to diversify away from economic risks in your home country. Allowing for more opportunities to access safer banks and more stable banking jurisdictions.
But, that’s not all.
Here’s a look at the many other benefits you can unlock when opening the best foreign bank accounts.
Benefits of Opening the Best Foreign Bank Accounts:
- Access safer banks & banking systems
- Reduce political & economic risk
- Diversify your assets across multiple jurisdictions
- Deposit guarantees (varies by country)
- Access stable currencies
- Less risk of frozen accounts or account closures
- Unlock credit card rewards (varies by country)
- Remote account opening
- Access to a wider range of banking products & services
- And more…
As you can see, opening the best foreign bank accounts can offer many benefits. In fact, if you choose the right bank, you can unlock most (if not all) of these benefits.
But, knowing how to find the best foreign bank accounts isn’t always an easy process to navigate.
You need to know which banks offer the banking services, products, and benefits you’re after. And most importantly, which banks will open accounts for your specific client profile.
To get started, let’s look at the key features you’ll need to know to find the best foreign bank accounts for your client profile.
How to Find the Best Foreign Bank Accounts for You
To ensure you’re opening the best foreign bank accounts, there are several features you need to consider before applying to open.
First, you want to make sure that the bank provides the benefits and services that you are looking for.
Then you want to check if you are eligible to open an account there.
If you ignore these features when applying to open an account, you’ll likely end up having your application denied. Or worse, you’ll end up opening an account with the wrong bank, where you’ll find yourself charged outrageous fees, dealing with horrible customer service, and/or facing account restrictions.
So, before applying, review the following list of things you should be looking at to choose the best foreign bank account for you.
Features to Look for When Choosing the Best Foreign Bank Accounts:
- Deposit level
- Clients they cater to
- Account opening requirements
- Banking products & services they offer
- Reputation of the banking jurisdiction
- Currencies they offer
- Account fees (maintenance, transactions, withdrawals)
- Benefits they offer
It’s important to consider each of these features for a few reasons.
First, understanding the account opening requirements, including the initial deposit amount, will help identify which banks you’re able to afford.
Second, knowing the banks’ reputation will help you to determine whether the bank you’ve chosen is located in a stable and safe banking jurisdiction.
And of course, you’ll want to be sure that the bank you’ve chosen offers the banking products and services you need for yourself or your business.
Once you’ve picked the best foreign bank account for you, you’ll need to familiarize yourself with some of the challenges you may face during the account opening process.
So, with that in mind, let’s look at the account opening challenges you’ll need to navigate to successfully open the best foreign bank accounts as a foreign non-resident.
Challenges of Opening the Best Foreign Bank Accounts
If you’re not well prepared, finding a bank with the best foreign bank accounts can be an extremely frustrating process to navigate.
This is because not all banks accept foreign non-residents to open accounts.
But, finding the best foreign bank accounts isn’t the only challenge you’ll face. There are many account opening challenges non-residents will need to overcome to successfully open an account.
Let’s look at the challenges you’ll need to properly navigate when opening the best foreign bank accounts…
Challenges of Opening the Best Foreign Bank Accounts:
- Finding a bank that is suited to your client profile
- Navigating a strict onboarding process
- Choosing the wrong bank can become costly
- Meeting the deposit requirements
- Many banks require in-person account opening
- Some banks only accept applicants of a certain residency
- Banks may not offer the type of account you’re after
- Being unable to provide proof of local ties (varies by country)
- Being unable to meet bank-specific requirements
- And more…
As you can see, there are many challenges non-residents need to navigate to find and open the best foreign bank accounts.
For many foreign non-residents, the last point is one of the hardest challenges to overcome. This is because most go into the account opening process without knowing what to expect. Specifically, without knowing the bank account opening requirements for their specific client profile.
And while the account opening requirements are usually available on the bank’s website, there are always several unknown account opening quirks and requirements that only people on the inside know about.
Of course, each individual’s experience will vary. The specific requirements you need to meet will differ from someone who is a resident of a different country, has a different asset level, or works in a different industry.
So, before applying, it’s important to consider these variables: type of account, benefits you’re after, features to look for, and challenges you’ll need to overcome.
That way, you can make an informed decision on where to open the best foreign bank accounts based on your banking needs.
Where to Open the Best Foreign Bank Accounts
As mentioned above, choosing where to open the best foreign bank accounts for your client profile will depend on your banking needs. Specifically, on the type of account, you need to open.
For instance, if you’re looking to open the best foreign bank accounts for business purposes, there are specific banking jurisdictions worth considering. But, these banking jurisdictions will likely not be a suitable option if you’re looking to open a bank account to access private banking services.
So, to help you get started, we have put together a list of banking jurisdictions based on specific account types.
Let’s dive into each of them one by one…
Best Foreign Bank Accounts for Personal Banking in Singapore
Some of the best foreign bank accounts for personal banking are in Singapore. It’s also a good option for foreign businesses as well. This is because Singapore is known for its stable, well-managed, and conservative banking system. This has given the country a reputation for being one of the best banking jurisdictions in the world.
Naturally, this makes Singapore a popular banking hub for many foreign non-residents.
Though it can be tough to open accounts here. To successfully open the best foreign bank accounts here, you must know which banks to approach. But also, what their account opening requirements are before applying.
Otherwise, you’ll likely be denied immediately. They are very careful who they let in here.
We detail the entire Singapore account opening process for foreign non-residents in our premium members-only report “Banking in Singapore: Global Banking at Its Best (And How to Get In)”. This report outlines the specific banks that cater to non-residents. But also, how to successfully navigate account opening challenges and even how to open the best foreign bank accounts remotely.
Best Foreign Bank Accounts for Private Banking in Switzerland
For private banking for foreign non-residents, you’ll find the best foreign bank accounts in Switzerland. Private banking includes wealth management, investment planning, luxury financing options, and much more.
As you can imagine, opening a private bank account in Switzerland is very difficult. After all, Swiss banks can afford to pick and choose who they open accounts for here.
This can be seen in Swiss banks’ strict onboarding procedures and the long lists of bank-specific requirements non-residents need to meet in order to open an account.
And of course, you must also be able to make an initial deposit in the range of US $500,000 and $3,000,000.
But, if you can meet all the requirements, you’ll find yourself with one of the best foreign bank accounts for private banking in the world.
To learn more about private banking in Switzerland and how you can open the best foreign bank accounts here, check out the articles below. Or, if you’re ready to start the process of opening an account today, check out GlobalBanks IQ, our flagship product that will guide you through every step of the process.
Best Foreign Bank Accounts for Business Banking in the USA
Next up, if you’re looking for the best foreign bank accounts for your business, then look no further. The US is one of the most attractive business banking options for foreign business owners.
This is the case for many reasons. The first of which is that US banks don’t require proof of ties to the US. Or, proof of residency in order to open accounts. On top of that, US banks offer a number of unique benefits to foreign businesses. These benefits include a wide range of banking products and services and the ability to build US credit history to access credit cards, financing, and mortgages.
This is a big deal because US credit cards offer by far the most attractive and profitable rewards in the world. No other country even comes close.
Though the US is a great banking jurisdiction overall, keep in mind that not all banks offer the same benefits. Or, will accept foreign non-residents. So, to be able to open an account successfully here, you need to know which bank, branch, and even banker to open with.
If you’re interested in learning how to open the best foreign bank accounts in the US for your business, we’ve got you covered.
Our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses” covers everything you need to know about opening business bank accounts in the US. Including how your business can open a US bank account 100% remotely.
Best Foreign Bank Accounts for Digital Banking in Europe
If you’ve struggled with opening accounts in traditional banks, a great alternative is to open an account with a digital bank. Nearly all of the best digital banking platforms can be found in Europe.
This is a popular option for non-residents that are unable to meet bank-specific account opening requirements, such as proof of an EU address and phone number.
That’s because, with the right information, you can open accounts with some digital banking platforms without needing to provide proof of these requirements.
To do so, you need to know which digital banks to go to. Additionally, you need to know which digital banks accept foreign non-residents.
We cover everything you need to know to find and open the best foreign bank accounts in Europe as a non-resident individual in our premium members-only report “European EMIs for Non-EEA Individuals”. This includes a breakdown of each digital banking platform, who they are suitable for, and what to expect during the account opening process.
Best Foreign Bank Accounts with Low Deposit Requirements in Panama
If you’re looking for a great offshore bank with low deposit requirements, Panama is a great option.
Unlike most offshore jurisdictions, Panama’s economy is based on the USD. This makes Panama an attractive option for foreign non-residents seeking offshore banking options with the use of the US dollar.
Best of all, foreign non-residents can open accounts in Panama 100% remotely… if done properly.
Of course, like banking anywhere, bank selection is important. Especially, as most banks in Panama don’t accept foreign non-residents. Only a select few do, so you need to know where to go.
There are also a number of weird quirks when it comes to Panama banking that can catch you off guard and block you from opening an account if you come in unprepared.
Fortunately, we outline everything you need to know about offshore banking in Panama as a non-resident in our premium members-only report “Panama Offshore Banking: Ultimate Guide to Account Opening”.
This report covers the specific banks that accept foreign non-residents, how to apply for accounts 100% remotely, and which banks are best suited to different client types.
Ready to Start Opening Accounts?
Whether you’re ready to open the best foreign bank accounts today or you’re just starting to explore your options, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you.