Where is the easiest place in the world to open a bank account as a non-resident?
Well, it depends…
Sure, there are some jurisdictions where pretty much anyone can fly in and open an international bank account with no questions asked.
But more often than not, these are low-quality jurisdictions with bad reputations, where it’s really not worth having a bank account.
Instead, if you know where to go and how to navigate the process of opening a bank account, you can get bank accounts in some of the best banking jurisdictions in the world. Even without having to fly there in person.
- There are important banking features to look for when choosing a bank to open a bank account with
- The best banking jurisdiction and bank for you will depend on your client profile, banking needs, and the type of account you are looking to open
- With the right information, non-resident individuals can benefit from opening a savings account or checking account through offshore banking
- Deposit amounts, account fees, and account types will vary from bank to bank
- Non-resident individuals can open a bank account online 100% remotely
In this article, we’ll walk you through the process of picking where to bank and the common challenges you’ll face in the process of opening a bank account. While some banking jurisdictions are far easier to open with than others, there are challenges no matter where you go. We’ll cover all this and more in the following sections…
Table of Contents:
- Easiest Place to Open a Bank Account
- Benefits of Finding the Easiest Place to Open a Non-Resident Bank Account
- Challenges of Finding the Easiest Place to Open Bank Accounts
- How to Find the Easiest Bank for Account Opening
- Ready to Explore Your Options?
Easiest Place to Open a Bank Account
The easiest place to open a bank account as a non-resident is often not the most desirable. Instead, we look for a balance between ease of opening and the quality of banking services. Read on for the easiest, reputable places to open 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-resident individuals open bank accounts in top banking hubs around the world.
Benefits of Finding the Easiest Place to Open a Non-Resident Bank Account
In recent years, opening an account has become a much more complicated process across the globe.
Many banks will now make you jump through all kinds of hoops in order to open an account. And ask for endless documentation to prove your identity, demonstrate your connection to the country, verify the sources of your funds, and more.
If you go to the wrong country or bank, the whole process can feel like a nightmare. You might just give up in frustration.
And you wouldn’t be the only one…
To save our clients this headache, we’ve scoured the globe for the easiest banking jurisdictions to open an account in.
Banking jurisdictions, where you don’t have to go through exhaustive due diligence processes in order to get a bank account set up. Banking jurisdictions where you don’t need to show business or personal ties to the country.
And best of all, places where you don’t need to physically be there in person to set up an account.
Knowing where to find “easy” jurisdictions and banks to open bank accounts with can mean saving hundreds, if not thousands, of dollars just in the process of opening an account. Not to mention days of gathering documentation and headaches of going back and forth with bankers.
Here are some of the top perks of applying with high-quality “easy” banks.
Benefits of Opening Bank Accounts With “Easy” Banks
- Remote opening & online banking is 100% possible
- No unnecessary travel needed
- Save time & money
- Smooth bank account onboarding & opening procedure
- No exhaustive documentation is needed for due diligence
- Reasonable deposit levels
- Lower account fees
The trick to finding the easiest jurisdiction and bank to open an account with is knowing which bank and branch will accept you before applying. But also, understanding the account fees associated with the specific bank, its onboarding process, its deposit requirements, and much more.
As we mentioned above, you also want to make sure that the bank and jurisdiction are reputable and adequately provide the bank account and the banking services you need.
Before we dive into how to find the easiest bank for opening an account with, let’s first take a look at the challenges you should be aware of as a foreign non-resident. Before you start the process.
Challenges of Finding the Easiest Place to Open Bank Accounts
While some banking jurisdictions and banks are undoubtedly easier to open bank accounts with than others, there will be challenges to navigate no matter where you go. Especially as a foreign non-resident.
But, you can minimize the obstacles by taking the time to find the easiest bank and jurisdiction for opening an account for your particular client profile and banking needs.
That, essentially, is the biggest challenge of the whole process. Because banks don’t publicly publish all of their banking acceptance requirements. Nor do all banks offer remote opening or online banking. This makes it very difficult to know what your chances will be of success without having inside information.
The challenges of finding the easiest bank for opening an account will depend on the following circumstances:
- Your residency/citizenship
- How much money you can deposit
- Banking services & products you’re after
- Whether or not you can show up in person to open an account
Every bank will require some basic documentation in order for you to set up the account. These are standard fares across every bank.
Basic Account Opening Requirements
- Personal ID
- Proof of address
- Funds for the initial deposit
Of course, each banking jurisdiction has specific guidelines that applicants need to follow. Including specific requirements that can vary between banks, branches, and even bankers.
So to make sure that the process is as smooth as possible, it’s important to familiarize yourself with the specific banking requirements you need to meet before applying for a bank account.
Now, how can you find the easiest bank for opening an account as a foreign non-resident? Here’s what you should be looking for in a bank and banking jurisdiction…
How to Find the Easiest Bank for Account Opening
When looking for the easiest bank for opening an account as a non-resident, whether you’re looking to open an account online or in person, it’s crucial you know what you should be watching out for in the banks you’re considering.
To help you get started, here are several key banking features you should consider. These will help you to make an informed decision on whether or not the bank you’ve chosen is the best and easiest place for you to open an account with.
Features to Consider for Finding the Easiest Bank to Open Accounts With
- Reputation of the banking jurisdiction
- Process of opening bank accounts
- Opening an account online & remotely
- Account deposit levels
- Bank clientele
- Account types (checking account, savings account, multi-currency account, etc.)
- Bank account fees
Let’s look at the top three features one by one…
Reputation of the Banking Jurisdiction
For non-residents, it’s crucial to take note of the banking jurisdictions’ reputation and their banking system quality. This allows you to determine if the jurisdiction you’ve chosen is stable and safe to bank in.
Additionally, by understanding the reputation of the jurisdiction you also uncover the type of clients that bank there, opening challenges, deposit levels, account fees, and bank-specific requirements you will need to meet.
Knowing these factors will determine whether or not the banking jurisdiction you’ve chosen is the easiest place for you to open an account in.
Process for Opening Bank Accounts
In addition to reviewing the banking jurisdictions’ reputation, you also need to familiarize yourself with the bank’s onboarding process specific to the bank you want to apply with. In particular, how long it will take you to open an account as a non-resident.
Of course, all banking jurisdictions and banks have different opening and onboarding procedures. But, just because they advertise that you can open an account in a day or within hours doesn’t mean it’s a trustworthy option.
Some of the best banks for non-resident individuals require time to open an account. Time doesn’t necessarily mean effort. It can be a sign that the bank has thorough and reputable procedures for opening bank accounts.
You’ll also want to find out what requirements you will need to meet, including the deposit levels, and what documents you will need to submit. And if you can, find out from others how smooth the process actually was for opening an account.
This way, you can decide if the bank will be the easiest option for opening an account.
Opening an Account Online & Remotely
Another important banking feature worth considering as a non-resident is if remote opening is an available option to your client profile.
For many non-resident individuals, opening an account outside of their home country can be a huge hassle. This is because most banks require an in-person visit to open a bank account, especially for a non-resident.
However, many banks do allow non-resident applications to apply and open online bank accounts 100% remotely. This can make for a much more convenient opening process. So if this is a priority for you, it will significantly narrow down the options for the easiest banks for opening an account with.
Of course, as we mentioned earlier in this article, finding the easiest jurisdiction or bank for opening an account with highly depends on your client profile. More specifically, your residency, citizenship, type of account you need, services you’re after, and much more.
And, since everyone’s banking needs are different, the easiest bank for opening an account with for you will differ from someone with another client profile.
Fortunately, you can find all the information you need in GlobalBanks IQ.
We break down specific banking solutions for different client groups in our detailed bank account opening playbooks and bank profiles, available in GlobalBanks IQ.
When you join GlobalBanks IQ, you’ll gain access to our entire library of premium banking reports dedicated to helping you find and open the best international bank accounts, including “International Banking Blueprint – How to Start Banking Overseas”.
This report shares secrets that industry insiders don’t want you to know. Not to mention, the dos and don’ts of the international banking world. Including, what you need to know to find the easiest bank and jurisdiction for opening a bank account as a non-resident.
Now, if you’re ready to start opening bank accounts today and want to know where you can find the easiest jurisdiction and bank to open an account with as a foreign non-resident, here’s how…
Ready to Explore Your Options?
If you’re ready to find the easiest place to open a bank account today or you’re just starting to explore your bank account options, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening bank 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.