For many foreign non-residents, being able to access international personal banking outside of your home country is critical to growing your wealth.
This is especially true if you live in a country with economic uncertainty, unstable currencies, or a lack of banking products and services.
Understandably though, it can be difficult to know where to access the best banking products and services abroad and which international bank account is best suited for you.
And even more importantly, which banks will accept clients with your profile, based on what passport you have, where you are a resident, etc.
KEY TAKEAWAYS
- Opening personal bank accounts internationally can unlock endless opportunities for the right clients
- Some specific clients should look into opening international bank accounts
- Opening accounts internationally can be challenging if you aren’t prepared
- Account opening requirements will vary between jurisdictions, banks, branches, and even bankers
Read on for everything you need to know on how to unlock the best international personal banking options for your profile.
Here’s a look at everything we’ll cover in this article…
Table of Contents
- What Is International Personal Banking?
- Who Is International Personal Banking For?
- What Are the Benefits of Opening a Personal Bank Account Internationally?
- What Are the Challenges of Unlocking International Banking Services?
- Where to Open International Personal Bank Accounts?
- Ready to Open an Offshore Bank Account?
What Is International Personal Banking?
International personal banking is for those looking to diversify their assets by opening bank accounts outside of their home country. Read on to find out if international banking is for you and how to find and apply to the best banks abroad.
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 an international bank account in top banking hubs around the world.
Who Is International Personal Banking For?
International personal banking is one of the financial elite’s best-kept secrets.
Many people only ever open a single bank account in their home country. The idea of opening another account in a country they don’t live in would never occur to them. Whether you’re looking to open an account abroad, want to know how to open a bank account in Mexico, or are looking to bank in sophisticated banking jurisdictions, there are options worth considering.
If that’s your case, don’t worry. That’s completely normal.
But now that you’re here, you should know that opening international bank accounts can open doors to countless opportunities for you. It can keep your money safer, enable you to earn higher interest rates, give you access to a wider variety of investment products and so much more.
Pretty much anyone can benefit from having an international account. But it is especially useful for anyone in the following groups…
Client Groups That Should Definitely Have a Personal International Bank Account:
- Frequent non-resident travelers
- Expats or digital nomads
- Individuals looking to diversify their assets among safer banking jurisdictions
- Individuals looking for economic stability outside of their home country
- Individuals from the Unlucky Passport Club (what we like to call those from countries that are often black- or grey-listed by banks)
- Individuals planning to retire outside of their country of origin
- Individuals looking to invest in international products & services
With that in mind, not all countries or banks offer banking products and services, including international debit cards, to people who don’t live in their country. So, if you don’t know where to go, you’ll have a difficult time opening an account.
That’s why it’s important to apply to banks that cater to foreign non-residents and your specific client profile.
Before we dive into where foreign non-residents can access international personal banking, let’s first look at the benefits you can unlock by having an international account. This is key to helping you choose the right bank for you.
What Are the Benefits of Opening a Personal Bank Account Internationally?
As mentioned above, opening a personal account internationally can be a powerful tool. It can offer you many opportunities you likely can’t access in your country of origin.
For instance, opening an account internationally can protect your money from economic uncertainty and help grow your wealth by diversifying your assets over multiple accounts and jurisdictions.
But, that’s not all.
Here’s a look at the many other benefits foreign non-residents can unlock when opening international accounts.
Benefits of Personal International Banking:
- Convenience
- Access to safer and more stable banking systems
- Asset diversification
- Competitive interest rates
- Low to no foreign exchange fees
- Low to no transaction fees
- A more comprehensive range of investment products & services
- Ability to grow wealth with stable currencies
- Access to multi-currency accounts
- And more…
As you can see, there are many benefits that foreign non-residents can access with international bank accounts.
Of course, not all banks are the same. So it’s important to know where to go to access these benefits and where you can open an account for your client profile.
Then you need to be able to navigate banks’ complex requirements to successfully open an account.
To maximize your chances of opening an international account successfully, here are some of the most common challenges that you can expect to face in the process.
What Are the Challenges of Unlocking International Banking Services?
No matter what type of account you want to open or the services you’re after, you’ll always run into challenges as a foreign non-resident when banking internationally.
The challenges aren’t impossible to overcome if you know what you’re doing. But they can be a real headache or can block you entirely if you don’t.
With the proper preparation, most foreign non-residents can unlock high-quality international banking products and services without too much hassle.
However, if you chose the wrong bank, don’t submit the appropriate supporting documents, or aren’t able to meet application requirements, your application will be denied.
With this in mind, let’s look at the common challenges to prepare yourself as a foreign non-resident when opening an account internationally.
Challenges of Opening Personal Accounts Internationally:
- Finding a bank that offers all of the international personal banking services you’re after
- Getting stuck with a bank that doesn’t offer the services you’re after or that charges high fees
- Wasting time & money when you don’t know which bank will accept you
- Being unable to meet bank-specific account opening requirements
- Being unable to support the required deposit level
- Being unable to navigate strict onboarding processes due to increasing compliance requirements
- And more…
As you can see, there are many challenges to opening personal accounts internationally.
All of which starts with finding the right bank for you. One that offers the banking products, services, and banking privacy that you’re looking for and that will accept your specific client profile. It’s important to understand that not all banks operate the same. Individuals who are looking for an extra layer of banking privacy since bank tellers can see their balances will look at more sophisticated banking jurisdictions.
With that said, let’s look at where you, as a foreign non-resident, can open personal accounts internationally.
Where to Open International Personal Bank Accounts?
Choosing where to open an account to access international personal banking can be tricky. But it’s very worth your time to research because it will save you a great deal of time and headaches in the long run.
When considering different banks, you want to assess your options based on the following key features:
- Account types available
- Client types they accept
- Currency diversification that is offered
- Access to investment opportunities
- Access to wealth management
- Exposure to stable economies
What most people don’t know is that not all banking jurisdictions accept foreign non-residents. In some cases, even if a bank does accept foreign non-residents, they might restrict them from accessing certain banking products and services.
So, to help you out, we’ve broken down the top banking jurisdictions where you can access international personal banking by specific client types.
Let’s look at each banking option one by one…
The Isle of Man: Expat International Personal Banking
If you’re new to international personal banking and are looking to open an account as an expat but can’t meet high deposit requirements, then the Isle of Man might be the right choice for you.
The Isle of Man is an attractive banking option for many expats due to its lower initial deposit amounts, solid banks, and economic stability.
And, since banks here tend to cater to expat clients, it’s no surprise that the Isle of Man has become a popular expat banking solution.
Of course, like banking anywhere, to open an account here as an expat, you still need to meet bank-specific requirements, overcome account opening challenges, and know which banks will accept you.
We cover the entire account opening process, including how to choose the best bank for expats in our premium members-only report “Banking in the Isle of Man: Expat Banking Goes Mainstream”.
You can access this report immediately when you join GlobalBanks IQ.
Panama: Offshore International Personal Banking
Panama is another option for foreign non-residents looking for personal international bank accounts.
Now, despite the bad reputation that this jurisdiction has gained after the Panama Papers, banks here are highly reputable and provide valuable services to foreign non-residents.
In fact, for many, Panama is one of the most accessible international banking hubs available. All thanks to the use of the US dollar, its stable economy, and its stable political environment.
With that said, account opening in Panama can be a challenge. This is because most banks here do not accept foreign non-residents. And, even those that do, have strict account opening requirements non-residents need to meet.
However, with the right information, you can open bank accounts in Panama and access personal international banking products and services as a foreign non-resident. You can even open accounts here 100% remotely… if you know where to apply.
If you’re interested in learning more about how you can navigate the account opening requirements, we have you covered from start to finish.
We share everything you need to know about banking in Panama, including which Panamanian banks accept foreign non-residents, how to apply for accounts 100% remotely, and which banks are best suited to different client types in our premium members-only report “Panama Offshore Banking: Ultimate Guide to Account Opening”.
You can access this report immediately when you join GlobalBanks IQ.
Singapore: The Best International Banking Services Available Anywhere
Now, if you’re looking for the best of the best, Singapore might be worth considering. This is because Singapore offers exceptional banking products and services to foreign non-residents.
However, banking in Singapore comes with a large price tag. Not to mention, much stricter account opening requirements.
That said, with the right account opening strategy, foreign non-residents can open bank accounts in Singapore and unlock the unique benefits of personal international banking. Including multi-currency accounts, access to lucrative investment products, and even enhanced asset protection and wealth management.
If Singapore is the right choice for you, you’re in luck.
We cover the entire account opening process, including who can and cannot open here, and how to get started in our premium members-only report “Banking in Singapore: Global Banking at Its Best (And How to Get in)”.
You can access this report immediately when you join GlobalBanks IQ.
USA: International Personal Banking with Unique Benefits
Personal international banking in the United States is another very attractive option for many foreign non-residents.
This is not only because US banks are very open to foreign non-residents, but also because of the lucrative benefits, US banking has to offer. Including a wide range of banking options provided by some of the best banks in the world.
But, that’s not all.
Banking in the US allows you to build a US credit history to access US credit cards, financing, mortgages, and more.
US credit cards are one of the main reasons foreign non-residents are attracted to US international banking. This is because US credit cards offer attractive and profitable rewards you can’t access anywhere else in the world. In fact, no other country even comes close.
To top it off, foreign non-residents can open bank accounts and access US international personal banking options 100% remotely.
Of course, you need to know which bank, branch, and banker to approach in order to open an account without having to be there physically.
Fortunately, we can help with that.
We cover everything you need to know about opening bank accounts in the US as a foreign non-resident, including how to unlock the benefits in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.
You can access this report immediately when you join GlobalBanks USA.
[Note: When you join GlobalBanks USA, our team will help you find the best bank in the US for you and will make direct introductions to bankers for account opening. Click here to learn more.]
Now, if you’re interested in opening personal bank accounts internationally and are not sure where to start, you can obviously use the information in this article to guide your search. Or, you can get started right now with the help of GlobalBanks IQ.
Ready to Open an Offshore Bank Account?
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
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+ 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.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.