The answer to “How many bank accounts can you have?” is as many as you want.
But, what’s even more surprising is that foreign non-residents can open 100% remotely in top jurisdictions around the world.
So, if you’re looking to start building your portfolio of accounts, you can click here to begin with the easiest place to open a bank account.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How Many Bank Accounts Can You Have?
- Why Should I Open Multiple Accounts?
- Who Can Open More Than One Bank Account?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
How Many Bank Accounts Can You Have?
How many bank accounts you can have is entirely up to you. For individuals from developed countries, including AU, CA, EU, UK, US, and more, this can include accounts in your home country, overseas, or offshore. That said, certain countries do restrict foreign accounts. So, before applying, it’s important to confirm possible restrictions.
But, now that you know you can have as many bank accounts as you want, the real question is how many bank accounts do you need?
Well, that’s a difficult question to answer…
Each person (or business) is entirely different. They have different client profiles, risk profiles, involved jurisdictions, transaction needs, portfolios, investment goals, and more.
With this in mind, it’s important to take a strategic approach when considering where to open accounts. This includes choosing countries and banks based on how they match your client profile and banking requirements.
Of course, consideration also needs to be given to the opening requirements, such as proof of address documents, deposit requirements, onboarding practices, remote vs in-person opening, and much more.
In the next section of this article, we’ll take a look at one of the most important considerations when it comes to deciding how many bank accounts you should have, which is why open multiple accounts to begin with.
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Why Should I Open Multiple Accounts?
There are many good reasons for opening multiple accounts, which we’ll discuss below. But, the best reason for having multiple bank accounts is to make sure that your money can never be held hostage by one bank, one country, one currency, or one political system.
And, while that may seem inflammatory, it’s not. Many people around the world face the reality of corrupt governments, poorly managed banks, and highly volatile currencies. In these situations, having multiple bank accounts is a necessity.
But it’s not just the citizens of developing nations that need to consider opening multiple accounts, there are compelling reasons that citizens of developing countries should consider as well.
Reasons to Open Multiple Personal Accounts
- Open accounts with stable international banks
- Maintain savings in less volatile currencies
- Protect retirement funds from runaway inflation
- Shield accounts from corrupt bankers or governments
- Access to a wider range of investment products
- Higher-interest deposit accounts with low-risk
- A wider range of banks to choose from
- Support for international lifestyle and frequent travel
Reasons to Open Multiple Business Accounts
- Reduce foreign transaction fees
- Hold international currencies to cover expenses
- Receive payments from international clients
- Reduced taxes (in very rare situations – but it is possible)
These are just a few of the benefits that both individuals and businesses can access by opening multiple bank accounts. But, if you are wondering how many bank accounts can you have, there are probably unique benefits that you will be able to access not listed above. If you would like to explore these benefits, take a look at GlobalBanks IQ below and learn how you can start opening accounts today.
Who Can Open More Than One Bank Account?
Anyone can open more than one bank account if they can meet the opening requirements. Likewise, if an individual wants to open accounts outside of their home country, they will need to choose banks that cater to their client profile.
Frequently Asked Questions
Below are three of the most common questions we receive on this topic. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Happens if You Have Too Many Bank Accounts?
When individuals have too many bank accounts, they may struggle to maintain minimum balances, track details, or manage their relationships. Additionally, they may find that the account maintenance and transaction fees become too burdensome. If this is the case, the account holder may want to consider reducing the number of accounts they maintain at any one time.
Is There a Limit on How Many Bank Accounts You Can Have?
No, there is no limit on how many bank accounts you can have. You can have as many local, international, and offshore bank accounts as you want. In most cases, this is a necessary step for banking, political, economic, and financial diversification away from an individual’s home country or primary bank.
How Many Bank Accounts Does an Average Person Have?
Based on data collected by our team through member feedback and surveys, the average person has between three and four bank accounts. This includes accounts in their home country and in foreign countries. In many cases, individuals reported having accounts in multiple countries.
Do You Want Help Opening Bank Accounts?
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.
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