To get the best possible bank accounts open you need to be pragmatic. 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 and avoid being penalized.
In other words, don’t go into the process thinking you are entitled to a bank account and that the bank you choose will automatically accept all non-residents– they won’t!
Certain branches might cater to certain industries, prefer certain client types, require particular minimums, or have varying degrees of openness towards non-residents.
Knowing your 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 branch (and even banker) to speak with, you could very quickly find yourself wasting a lot of time and money trying to open an account.
So you need to prepare carefully and strategically before setting foot in a bank or interacting with bankers.
You need to clearly understand your non-resident 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…