How to Open International Bank Accounts for Businesses
How to Open International Bank Accounts for Businesses
Your Guide to Successful Bank Account Opening for International Businesses
Accessing the right banking services has never been more critical (or difficult) for businesses...
In this article, you'll get the same powerful hacks and insights that we give our GlobalBanks Insiders-- shaping the way they find, approach, apply to, and leverage offshore & international bank accounts to help their businesses around the world.
Being able to send and receive money, process payments, and access cash where and when you need it can make or break your business.
Obviously, you need bank accounts that meet your needs. But they can’t cost you a fortune to operate. And they definitely can’t be at risk of getting shut down on a whim.
In this article, we’re going to help you find banks that meet these requirements, and a lot more.
BUT there’s a lot that we’re not going to cover. Including the account opening secrets that we share in our “Business Banking Starter Guide.“
If you’re on this page, you’re probably trying to resolve your business banking needs. Or, you might be looking to capture more benefits for your business through banking opportunities abroad.
Whatever the case, you’ll find the answer in this article. And by the end, you’ll have the direction you need to move forward and find international and offshore accounts that serve your needs.
But finding the right bank isn’t easy. And without the right information, it can be a confusing process.
You need a bank that gives you complete confidence that you’re money is safe and that you’ll be able to access it whenever you need it.
We’ll talk about the variables that make a great business bank. And we’ll help you determine what’s most important to you below.
When it comes to banking for business, finding the right bank account can reduce costs, offer you better security, and provide a wider range of banking services.
That means your business’ money is safer, more accessible, and ready to support you and your business when you need it most.
While there are banks to choose from in every country, certain banks are better suited to your business needs than others.
And many of the best options can be found in international & offshore banking jurisdictions, not developed western countries like the US, Canada, or in Europe.
But it’s not all sunshine and rainbows in international & offshore banking jurisdictions either…
This is especially true if your company is from an offshore or international jurisdiction!
International regulators increasing pressure on such companies, making it very difficult for them to open accounts.
This means that good people with legitimate businesses are being stonewalled and forced to stay local — making it impossible to do business overseas.
In fact, the new rules of the banking world have become so overbearing and expensive, that banks have just started rejecting new customers altogether.
Fortunately, there are solutions and a range of international and offshore banks for businesses to choose from.
You just need to know where to look and how to choose the right banks.
But choosing the right banks also means knowing which specific benefits you’re trying to capture…
We could write an encyclopedia on the benefits that businesses can get from offshore & international banking… it’s a huge subject.
So instead of going into the nitty gritty details of every single benefit, we’re going to cut to the chase and talk about the most important benefits that your business can immediately start benefiting from.
In this section, we’ll talk about the benefits and how you can get them through offshore & international accounts…
If you run a business that has any cross-border operations or deals with other currencies, having an offshore bank account can be incredibly beneficial.
An offshore or international bank account helps businesses keep costs down by making funds available in their operating currencies. They can also result in decreased foreign exchange rates and transfer costs.
For example: If a Canadian company that banks in Canada needs to pay US dollars for business expenses and the CAD plummets against the USD, the Canadian company would have to pay considerably more for those expenses.
So while the Canadian company may have a USD account at its Canadian bank, Canadian banks also have unfavorable currency exchange rates and fees. Because, hey, they can do that.
If, instead, the Canadian company had opened a USD account at a US bank (an offshore bank account), they could reduce their currency risk, achieve favorable exchange rates from USD to CAD, and enjoy the USD appreciation against CAD.
Every day, this exact scenario plays out for businesses engaged in cross border business!
Those owners that take the time to identify banks with the best rates for their operating currencies will save money and protect their businesses from currency fluctuations.
Although banks in onshore jurisdictions (like your home country) are less likely to welcome clients in high-risk industries, it’s not uncommon for offshore & international banks to be more open to high-risk businesses.
In fact, as you start to explore offshore banking further, you may discover that certain jurisdictions actually cater to specific high-risk industries.
For example: Businesses engaged in online gambling might look to Cyprus, Malta, or the Isle of Man for account opening. These are jurisdictions that deal with, and therefore understand, gambling businesses.
On the other hand, crypto millionaires flock to jurisdictions that are comfortable with crypto as a source of wealth. This is especially true if they allow for transactions with crypto exchanges.
High-risk businesses might find Mauritius more accommodating to their banking needs.
And those in adult entertainment, gaming, cannabis, pharmaceutical products, and high-volume Amazon FBA businesses might be attracted to different banking jurisdictions altogether.
Why does this matter?
Because, by choosing an offshore banking jurisdiction that understands your business type you are less prone to account closures and freezes.
This is because the bank and bankers will understand your industry and are comfortable dealing with individuals engaged in such business activities.
If you do business internationally, protecting yourself against currency swings is important and makes good financial sense.
You can protect yourself from currency risk by having an offshore bank account that allows you to hold multiple currencies affordably.
In addition, having the ability to hold and trade different currencies can also protect your money from political and economic crises.
But the benefits of offshore banking and bank accounts extend beyond these advantages.
In fact, diversifying your currency holdings can reduce expenses, give you access to emergency funds abroad, and protect you from unpredictable currency swings.
Unfortunately, holding foreign currencies in a domestic bank account can be expensive. And if it is affordable, the currencies they offer will often have the same risks as the local currency.
One of the best ways to access cost-effective currency diversification is through an offshore bank account.
In most offshore banking hubs, you can choose from a wide range of international currencies, from major economies to developing markets. And you can hold them much more affordable than in your home country.
In fact, it’s not uncommon for offshore banks to offer multi-currency accounts by default. That means you can hold a variety of currencies for free. Many times, you can hold up to ten or more currencies with a single offshore bank.
This not only reduces your risk but also increases the opportunities you get from being able to quickly act when you see opportunities or risks on the horizon.
Opening a bank account for a business that is registered abroad is becoming increasingly difficult. Yes, account opening for a large and established foreign company is easy. But, it can be incredibly difficult for startups, small businesses, and international entrepreneurs.
For instance, banks in your home country might refuse to open accounts for foreign companies. Or, if they do, they may require the foreign company to jump through a lot of expensive hoops.
One of the benefits of offshore bank accounts is that banks abroad are more familiar with the banking needs of foreign companies, non-residents, and international businesses.
As a result, offshore banks are often a great solution for any business. Especially those that are struggling to open a bank account at home.
The need for asset protection, yes even for business, has never been higher. This is especially true if your business is engaged in any type of professional services.
But it’s not just professional service businesses that need to protect their assets. There are countless reasons why someone can sue your business. So the need for asset protection extends to absolutely everyone.
While there is no such thing as 100% protection, a foreign bank account can help make your business a less attractive target for litigation, help diversify (and grow) your business assets, and minimize risk. In fact, without an offshore bank account, your business is exposed.
And your assets aren’t just at risk when one of the above claims goes through. In the US, or in any litigious country, it’s easy for an overzealous judge to freeze assets before due process. That’s very difficult to do if all your business’ assets are in a foreign country.
Asset protection is a major benefit of offshore banking. By simply opening a bank account in a foreign country, you can legally protect your business from overreaching governments, ambulance chasing lawyers, frivolous lawsuits and acquisitions, unwarranted account freezes and seizures, and the long arm of the law at home.
Plus, you ensure that you’ll always have cash available to protect yourself when you need it most!
If you’re ready to have your business benefit from international & offshore banking then the next step is to open a bank account abroad.
To help you get started, we’re giving you our Non-Resident Banking Starter Guide for FREE right now… but this is a limited time offer. So grab it while it’s available!
It’s important to tackle some of the obstacles you’ll undoubtedly face when opening international or offshore bank accounts for your business.
After all, though the world is more linked than ever before, regulations are growing and opening accounts is becoming much harder.
In reality, discrimination is alive and well in the banking sector and if you own a business in certain industries you will face a lot of problems.
If your company is non-resident where you want to bank, does not have tax residency in any jurisdiction (yes it’s possible), or is involved in certain industries, you’re going to be turned away by most banks.
The reason for this, quite simply, is that your business will be seen as a high-risk in the eyes of banks and regulators.
As more and more businesses bank outside of their home countries, governments are trying to hold on. They don’t want to lose hold of your money, your information, and “their” tax dollars.
Now, before going any further, it goes without saying: don’t use offshore banking to evade taxes. This is a horrible strategy that does not work.
In fact, today, banks are unable to keep up with the ever-increasing demands of regulators and the increasing compliance burden that they’re being asked to carry.
The problem is that most people don’t know the new rules of the game. They go in blind. Choose the wrong bank. Carelessly slap together application answers.
They don’t understand the bank’s sensitivities, likes and dislikes, account opening quirks, or the best strategies…so they end up being denied.
As a prospective client at a bank, it’s your job to make the bank comfortable and convince them that they want to serve your business banking needs.
After all, whether you’re opening a bank account or sitting down at a restaurant, everyone appreciates a client that is easy to serve.
Understand the system and the players. Work with bankers and make life easy for the compliance team.
Make it easy for them to “tick” their boxes. After all, they’re not the enemy. They’re just trying to do what regulators tell them to do, and avoid being penalized in the process.
In other words, don’t go into the process thinking that your business is entitled to an international or offshore bank account just because you want one.
Certain branches might cater to certain industries, prefer certain business types, require particular minimums, or have varying degrees of openness towards your industry.
Knowing the bank and branch’s preferences and sensitivities beforehand is key, especially if you’re not planning to make an initial six-figure deposit.
In other words, unless you know which banks and branches to speak with, you could very quickly find yourself wasting a lot of time and money trying to open a bank account for your business.
You need to prep carefully and strategically before setting foot in a bank or interacting with bankers. That means clearly understanding your banking goals. And you need to know the benefits that you’re actually after.
That means you need to be aware of the risks and disadvantages of the bank, bank account, and more.
You know, those little, hidden “cons” that no one talks about – like hidden fees, internal policies, restrictions, and compliance quirks.
And that’s where we come in…
Over the years, we’ve seen a growing number of banks in traditional banking jurisdictions making moves to meet the needs of businesses from around the world.
These international and offshore banks often tailor their offerings to appeal to the very unique needs of their international clients.
But it’s important to note that the country you choose to bank in is as important as deciding where to live, or where to buy an investment property.
You wouldn’t buy a house or move your family to a war-torn neighborhood. So don’t put your money there!
That’s why our analysts have spent thousands of hours analyzing banks, speaking to bankers, digging through paperwork– all to identify the best banks and countries for you to open accounts!
We talk to bankers, regulators, compliance officers, economists, advisors, and, of course current customers to understand what’s really going on behind closed doors, inside of the world’s most secretive industries.
Through our research, we’ve discovered several banks in multiple jurisdictions that are hidden gems and will open accounts for businesses in pretty much every industry.
Yes…opening an international or offshore bank account for your business can be complex. But, we’re going to simplify it for you.
We do this through our premium membership platforms.
If you’re interested in private banking but you’re not a GlobalBanks member and you’re ready to start opening bank accounts, you’re only a few clicks away from having all the information and tools you need at your fingertips.
When you join GlobalBanks, you get instant access to our archive of Banking Intelligence Reports including proven strategies for opening accounts all over the world, details on bank preferences and sensitivities, customer case studies, and information on what not to do.
You also get access to the GlobalBanks Database which includes easy-to-digest bank profiles, analyst insights, account opening contacts, and unique opportunities at over 250 banks in 50+ countries.
PLUS, if you choose to become a GlobalBanks USA or GlobalBanks Insider, you’ll also receive real-time analyst support including direct banker introductions.
The only question is, are you ready to start opening accounts?
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Below is a selection of our free articles, all focused on helping your business access more benefits, make more money, and protect your cash through offshore & international banks.