We’re going to talk you through the step-by-step process of how to open an international bank account online. No, it’s not easy. But, with a bit of guidance, you will be able to successfully open the account you want or need.
What exactly does this process require?
It requires you to have the right information and bank contacts, know the limitations of your profile, and understand how to position yourself as a desirable customer.
KEY TAKEAWAYS
- It is 100% possible for non-residents to open international bank accounts online
- Not all banks abroad allow you to open an account remotely
- You can find high-quality and low-quality remote opening options
- Banks with no deposit requirements typically charge higher fees
- There are many benefits to opening a bank account remotely
Feel free to use the table of contents to continue exploring more information on how to open an international bank account online as a foreign non-resident.
Table of Contents
- Introduction
- Can I Open an International Bank Account Online as a Non-Resident?
- Why Open International Bank Accounts Online?
- What Are the Challenges of Opening an Overseas Account?
- What Are the 8 Steps to Opening an Online International Account?
- How Do I Find Where to Open an Account Online?
- What Are the Best Options For Opening an Online Bank Account?
- Frequently Asked Banking Questions
- Do You Want Help Opening Bank Accounts?
Introduction
Opening an account online, from overseas, or from the comfort of your home all refer to opening a bank account remotely. It simply means that the bank doesn’t require customers to physically come into the branch to open an account. The account opening process is completed fully online from the comfort of your home.
Remote opening options can be found in higher-quality jurisdictions with reputable financial institutions as well as lower-quality jurisdictions typically considered among the easiest places to open a bank account in the world. Generally speaking, sticking to higher-quality jurisdictions is always advisable.
There are, however, a few caveats. Opening a bank account is not all sunshine and rainbows, especially when you’re opening an account remotely overseas. The process of opening an account abroad is challenging and there are plenty of disadvantages, especially if you choose the wrong bank. We dive into these challenges and so much more below.
Can I Open an International Bank Account Online as a Non-Resident?
Yes, you can open an international bank account online as a non-resident as long as you choose the right financial institution, meet the proper requirements, and have a suitable client profile. Bank selection is an important factor to consider since not all banks are suitable for every client type.
We explain the formula for how to open an international bank account online successfully below. We also cover why people choose to open international bank accounts online, the many benefits it has to offer, and the challenges to expect when applying for an account online.
Do You Want to Explore All Your Offshore Banking Options?
Why Open International Bank Accounts Online?
There are many reasons why people consider opening international bank accounts online. We cover six of these reasons below. It’s important to note, however, that whether or not you choose to open an international account online ultimately comes down to your banking preferences, financial goals, and the type of account you want to open.
1. Convenience of Remote Opening
It’s easier and faster to open an account online. You don’t have to take a 7-hour flight and spend the night in a hotel room just to visit the bank in person.
You have the ability to apply online, submit any supporting documents that are needed, and you’re done… without leaving the comfort of your living room.
2. Cost of Opening and Maintaining the Account
Not having to travel to open a bank account is a money saver. You don’t have to pay for flights, hotels, local taxis, or possibly a local address.
It’s important to note, however, that banks that do allow online opening aren’t always cheaper. Some financial institutions hit you with other banking fees, making it more expensive than if you are to open an account in person in the long run.
3. Accepts Foreign Non-Residents
Many financial institutions that allow accounts to be opened online are willing to accept international clients and foreigners.
This means the bank typically doesn’t require customers to show proof of a local address, a local tax ID number, or have any ties to the country.
4. More Lenient Account Opening
Financial institutions that allow customers to open bank accounts online sometimes have more lax bank account opening rules. This is especially true for smaller, “shoe-box” banks that are poorly capitalized and desperate for depositors.
The bank’s objective is to make the process of opening an account as easy as possible so they attract as many depositors as possible.
Warning: If you’re trying to enter the international banking world by opening accounts remotely, there’s a strong chance that you’re forced to deal with lower-quality banks. This means taking on greater risk.
5. Accepting Unlucky Customers
Many international financial institutions that offer remote account opening also frequently accept nationalities and residencies from high-risk countries that other banks won’t.
They’re also more friendly to high-risk businesses that are unable to open accounts elsewhere or that are involved in high-risk industries. This includes offshore companies with no economic substance or ties to the country.
6. Lower Initial Deposits Within International Banking (Sometimes)
Some financial institutions offering remote account opening require lower (or no) opening deposit or minimum balance thresholds. This means that customers are not required to deposit a certain amount of money to open an account.
It’s important to note that some financial institutions that don’t require deposits typically have higher account fees. This is why it’s crucial to be selective about the financial institutions you apply to.
What Are the Challenges of Opening an Overseas Account?
Opening an international account completely online overseas as a foreign non-resident comes with many challenges, including limited banking options, lower-quality banks, and higher account fees.
We dive into each of these challenges in more detail below, starting with limited banking options.
Limited Banking Options
Depending on your client profile, the country you’re opening the account in, and where you’re opening the account from, the banking products and services available to you are limited.
Oftentimes, opening a bank account in person opens the doors to more opportunities and selection of financial institutions
Before applying, it’s important to understand your banking needs and financial goals to ensure you are choosing a suitable bank to open an account with.
Lower Quality Banks
Not all financial institutions that allow you to open a bank account remotely are created equal. Some institutions often have undesirable elements, limitations, or weaknesses. Below is a list of 15 examples to look for when choosing an international or offshore bank to open an account with.
- Poor financials
- Unstable correspondent banking relationships
- Horrible customer service
- Extortionate fees
- Long wait times
- Inexperienced management or staff
- Low-quality online banking
- High ratio of lost incoming & outgoing international money transfers
- Extreme requirements of supporting paperwork
- Located in an undesirable or high-risk jurisdiction
- Poor KYC & AML standards
- Low-grade account security
- Restrictions on transfer size and frequency
- Currency limitations
- No deposit insurance
Higher Account Fees
Financial institutions that open accounts online and have low (or non-existent) deposit requirements, often charge higher fees for items normally free at other banks.
The solution? Find financial institutions that open accounts remotely with reasonable fees. Below are 12 examples of the types of banking fees to watch out for.
- Bank account opening fee
- Annual bank account fee
- Monthly maintenance bank account fee
- Higher than normal fees for transfers
- Foreign exchange fees
- Bank account statement review fees
- Historical accounts statement review fees
- Bank reference letter fees
- Bank account closure fees
- Lost transfer via SWIFT tracing fees
- Annual debit card fee
- International transaction fees on debit card spending
What Are the 8 Steps to Opening an Online International Account?
There is an 8-step process you need to follow to successfully open an international bank account online as a foreign non-resident. This process is not too different from opening an account in person. The big difference between remote opening and in-person opening is remote account opening typically requires more paperwork and a longer KYC and AML procedure over the Internet.
8-Step Account Opening Process
- Identify the banks that allow remote opening
- Confirm the bank’s opening requirements and make sure you’re able to meet them
- Compile all of the required documents and information you need
- Complete the online application form
- Submit the supporting documents
- Answer any follow-up questions that the bank asks
- Receive information, codes, and materials needed to activate your account
- Activate your bank account
The actual steps you need to take and the documents that are required depend heavily on the bank you choose. Knowing how to find where to open an account online as a foreign non-resident is another important step in successfully opening an account. We share more on this below.
How Do I Find Where to Open an Account Online?
Being able to open an international bank account online successfully depends on various factors, including your citizenship, residency, banking needs, and deposit level. The outcome also depends on the bank you choose, the country you’re applying from, and whether or not you’re able to support the bank’s opening requirements.
You ultimately need to find a bank that best fits your banking needs.
How do you know which financial institutions actually allow your specific client profile to open international bank accounts 100% online?
You’re in luck. We discuss several lesser-known online remote account opening options and strategies in GlobalBanks IQ.
With GlobalBanks IQ you also get access to the GlobalBanks Database which currently has more than 50+ banks from 250+ countries, most of which allow remote account opening for different client types.
Here’s a sneak peek inside the GlobalBanks Database which is used to quickly search for and identify the best banks for every situation and client type, based on several criteria.
Interested in learning more about GlobalBanks IQ? Visit the products page from the main menu above.
What Are the Best Options for Opening an Online Bank Account?
Determining which financial institutions allow you to open an account online is a tedious and time-consuming task. This is because there are specific types of banks that you need to be targeting.
Additionally, each individual bank has a different set of criteria, prerequisites, and requirements that determine who is allowed to apply for an account online and who has to physically come into the branch.
Finding the best banking option for you requires analyzing each bank’s account opening requirements, procedures, and must-have supporting documents.
You also need to identify which banks allow customers to open an account offshore 100% remotely with your particular characteristics or client profile.
Then you need to do research to determine which financial institutions are best suited and most accepting of your particular client profile.
Before applying to open a bank account abroad, you need to know if the bank has any hidden requirements, restrictions, or preferences that are not listed publicly.
Often, the only way to find out the bank’s hidden account requirements is by talking to bankers, bank employees, customers, and applicants who went through the bank’s application process themselves.
We share all of this information in the GlobalBanks Database and within our GlobalBanks Intelligence Reports. These reports pinpoint which banks are best suited to the specific needs of each client group.
Frequently Asked Banking Questions
Below are three of the most common questions we receive from people exploring how to open an international bank account online. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open an International Account Online With an Offshore Bank?
Yes, you can open an international account online as long as you choose the right bank, overcome the onboarding process, and have a suitable client profile. The financial institutions available to you depend on your citizenship, residency, banking needs, deposit level, and much more.
Can a US Citizen Open an International Account?
Yes, a US citizen can open an international account. Bank selection is an important factor to consider since not all international financial institutions accept US citizens.
What Is the Easiest Country to Open a Foreign Bank Account?
The easiest country to open a foreign bank account in depends on the person applying for the account. This is because not all financial institutions overseas are suitable for the same client type. It’s important to choose financially stable banks that cater to similar client types, have requirements you are able to meet and offer the banking services you’re after.
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
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+ 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.
You can learn more on the products page from the main menu above.
