In this article, we’re going to help you answer the question – Can an Indian resident open a foreign bank account?
We have many articles on how to open a foreign bank account for non-residents, expats, and even foreign business owners. But, there are some parts of the account opening process that impact Indian residents specifically.
So, to help you get started, we have put together this guide on foreign banking for Indian residents.
Uncover the reasons why Indian residents might want to consider opening a foreign bank account outside of India and find out where you, as an Indian resident, can benefit the most from opening a foreign bank account.
Can an Indian Resident Open a Foreign Bank Account?
Yes, an Indian resident can open a foreign bank account and it would be a very good idea to do so to diversify and protect your assets. Find out where Indian residents can open foreign bank accounts and how to get started in this article.
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.
Why Would an Indian Resident Open a Foreign Bank Account?
Before we look at where or how to open a foreign bank account as an Indian resident, let’s go over the main reasons why you would want to open a foreign bank account in the first place.
Reasons Why an Indian Resident Would Open a Foreign Bank Account:
- Access to safer, more stable banking systems
- Access to a wider range of investment and banking products
- Reduce political risk
- Ability to earn income outside of your country of origin
- Support business activities abroad
- Access to more sophisticated banking services
- Support personal requirements abroad
- Access specific payment processors & transfer services for business purposes
As you can see, there are many reasons why an Indian resident might consider opening a foreign bank account.
By opening a foreign bank account, you can unlock most, if not all of the following benefits…
Benefits of Opening a Foreign Bank Account:
- Can open multi-currency accounts
- Remote account opening is possible (varies by country)
- Unlock higher interest rates on deposits
- Unlock attractive & profitable credit card rewards
- Ability to avoid excessive foreign transaction fees
- Asset diversification
- Attractive deposit insurance (varies by country)
- Ability to access mortgages & financing
- Accessible online banking platforms
- And much more…
As you can see, there are many benefits to opening a foreign bank account as an Indian resident.
Of course, depending on your client profile, banking needs, the type of account you open, and which banking jurisdiction you choose to open in, the benefits available to you will vary.
However, with the right account opening strategy and some preparation an Indian resident can benefit from opening a foreign bank account.
Now that you know that you want an international bank account, where should you look to open one? Read on for the top 3 banking jurisdictions we recommend for Indian residents.
Where Can an Indian Resident Open a Foreign Bank Account?
When it comes to choosing where to open a foreign bank account as an Indian resident, there are many options to choose from.
But, the best option for you will highly depend on your specific client profile, banking needs, and services you’re after.
And, since each banking jurisdiction has different account opening requirements it can be a difficult process to navigate, especially on your own.
Fortunately, we can help.
Below, are three popular banking hubs in which an Indian resident can consider opening a foreign bank account in.
Let’s look at each option one by one…
Can an Indian Resident Open a Foreign Bank Account in the US?
If you’re looking to acquire a USD account, access US brokerages or investment products, avoid excessive foreign transaction fees, and diversify your assets in a stable banking jurisdiction, then you definitely want to consider opening a US bank account.
And yes, as an Indian resident, you can open a foreign bank account in the US. In fact, you can even do so without ever stepping foot in the country. This goes for both personal and business bank accounts.
Of course, to successfully open accounts here, whether in person or remotely, you need to know which bank, branch, and even banker will open an account for you. And, for Indian residents, opening here can be extremely challenging if you go in without preparation.
However, it is 100% possible.
Though opening a US bank account can be a hassle. It is more than worth it. Because once you open a US bank account, you will gain access to US credit cards. These provide by far the best rewards in the world, in terms of cashback rates, travel perks, and much more.
If you’re interested in unlocking these benefits and more, you need to know how to successfully navigate the account opening process, meet bank-specific requirements, and find which banker to open with.
We cover the specific challenges you’ll need to overcome as an Indian resident when applying to open accounts in the US in our recent free article: Open a US Bank Account From India.
And if you’re ready to open a bank account in the US as an Indian resident today, we can help you navigate the entire process.
We share everything you need to know about opening bank accounts in the US as a non-resident, foreigner, and business owner in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”. This report breaks down the specific benefits you can unlock, how to navigate the account opening challenges, and even how to open 100% remotely.
You can access this report immediately when you join GlobalBanks USA.
Can an Indian Resident Open a Foreign Bank Account in Singapore?
If you have a higher net worth, then another jurisdiction to consider is Singapore.
Especially, if you’re looking to open a foreign business bank account or require private banking services.
This is because Singapore is the holy grail of offshore business banking. Not to mention, banks here offer exceptional private banking services to foreign non-residents.
You can unlock numerous benefits from banking here. Including deposit insurance, access to multi-currency accounts, a wide range of investment products, and much more.
If you want to learn more about the specific benefits you can unlock when opening a foreign bank account in Singapore, check out our free article Singapore Offshore Company Bank Account for more information.
Now, keep in mind that accessing business and private banking services in Singapore doesn’t come cheap, especially as a foreign non-resident. And, many requirements need to be met in order to successfully open an account here.
In fact, Singapore is known for its tough client screening process and high deposit requirements. Banks here are not shy at denying people who cannot meet their standards.
Fortunately, with the right account opening strategy, an Indian resident can open a foreign bank account in Singapore.
And, thanks to our team, we have outlined several proven strategies which have enabled our foreign non-resident clients and their businesses to successfully open bank accounts in Singapore.
We cover these strategies and more in our premium members-only report “Banking in Singapore: Global Banking at Its Best (and How to Get In)”. This report also details the entire account opening process, including which banks cater to foreign non-residents, how to successfully navigate account opening, and how to even open accounts 100% remotely.
You can access this report immediately when you join GlobalBanks IQ.
Can an Indian Resident Open a Foreign Bank Account in Mauritius?
Last but not least, Mauritius is another good banking jurisdiction for Indian residents to consider.
Opening an account in Mauritius is an attractive solution for many Indian residents seeking an offshore bank account with lower deposit requirements.
It’s also an excellent option if you’ve struggled to open elsewhere due to strict account opening requirements.
In general, Mauritius is our ‘backup jurisdiction’ for foreign non-residents and business owners. It’s not our first choice, but it is still a decent option overall.
Note that opening a foreign bank account in Mauritius has its challenges as well. The main one is that banks here require proof of ties to the country and an introduction to open an account.
However, if you know how to approach this and who to contact, it is possible to get everything you need to open an offshore or business bank account here.
Not to mention, with the right information, an Indian resident can open a foreign bank account here from the comfort of their own home.
Yes… that means remote account opening is 100% possible!
We detail the entire account opening process including how to open remotely in our premium members-only report “Banking in Mauritius: Remote Opening for Offshore & Non-Residents”. This report covers everything you need to know about banking in Mauritius. Including who should bank here, the risks of banking here, and the best Mauritius banking options for your specific client profile.
You can access this report immediately when you join GlobalBanks IQ.
As you can see, there are a number of attractive options where an Indian resident can open a foreign bank account.
Of course, the right option for you will highly depend on your banking needs.
If you’re taking your first step into opening a foreign bank account outside of your home country and you’re not entirely sure where to begin, don’t worry. We can help you get started. Here’s how…
Ready to Start Opening Accounts?
Whether you’re ready to open a bank account 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.
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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.