Remote Account Opening [2024 Guide]

Remote account opening is a service that certain banks will offer to qualifying clients seeking an international bank account. This style of opening is particularly common in international banking hubs catering to high-net-worth individuals.

The process typically involves submitting the necessary documents, conducting a virtual interview, and making a qualifying deposit. Not surprisingly, financial institutions catering to mobile affluent customers, including some of the best international banks for expats will offer remote opening.

On the other end of the spectrum, remote opening is also available through lower-quality financial institutions typically found in the easiest places to open a bank account. Generally speaking, we suggest avoiding these “easy” options.

In this article, we explore remote account opening. This includes the strategies used to open bank accounts with top financial institutions worldwide 100% online and the major red flags you need to avoid.

KEY TAKEAWAYS

• Not all financial institutions accept an online non-resident application
• Not all banking jurisdictions allow remote opening
• There are some red flags and warning signs you need to consider before applying for an account online
• There are several online account opening methods non-residents can choose from

Use the table of contents to continue exploring more information on what remote account opening is.

Table of Contents

1. What Is Remote Account Opening?
2. How Do I Choose the Right Financial Institution?
3. What Should I Know Before Preparing My Application?
4. How Do I Open an Account Remotely?
5. How Do I Successfully Open an Account 100% Remotely?
6. Frequently Asked Banking Questions
7. Do You Want Help Opening Bank Accounts?

What Is Remote Account Opening?

Remote account opening is the act of opening an account at a financial institution without physically showing up in person. There are several applying methods, including online applications, virtual meetings, and alternate locations.

We’re going to explain these remote application strategies in further detail below.

Before doing so, it’s important to understand that applying for an account online is not nearly as easy as it used to be. Applying for an account 100% remotely is a serious challenge for most people.

This is why this article is going to discuss which strategies you need to use, common mistakes that trip up applications, and how to get started with remote opening today.

Why Has Remote Account Opening Become So Difficult?

Banking laws, compliance rules, AML & KYC procedures, and bank reporting obligations are the strictest they’ve ever been in history and they’re only going to get more intense as time goes on.

The new rules have severely impaired the ease and availability of remote opening at financial institutions around the world. This means that remote opening opportunities at top-notch banks aren’t easy to find because for most banks today, applying for an account remotely for certain groups is a huge compliance risk.

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How Do I Choose the Right Financial Institution?

There are a few factors to consider when choosing between international financial institutions based on applying for accounts online. We share three of them in detail below.

It’s important to note that these three factors ultimately dictate whether or not a particular financial institution allows you to open an account 100% remotely.

1. Domestic Banking Regulations

Choosing a financial institution starts with knowing whether or not you’re legally allowed to open an account online in a given country. After all, each country has different banking regulations. Those regulations dictate whether or not it’s even possible for a bank to accept remote applications.

Due to recent developments around the world (e.g. pandemic), we’re seeing laws, banking regulations, and onboarding procedures change. Several important banking jurisdictions that previously forbid online opening have recently modified their policies, allowing banks to accept remote applications for the first time in years.

Before you spend time and money applying to financial institutions remotely, it’s important you first find a financial institution that has supportive banking regulations, is reputable, and has a stable banking system.

2. Internal Bank Policies

The next consideration is whether or not the specific bank itself allows applicants to apply for a bank account online. Even though a country or local banking regulations strictly prohibit applying for an account online, some financial institutions are likely to make up their own policies. Other banks err on the side of caution and create internal bank-wide policies prohibiting remote applications.

Some financial institutions prohibit opening an account online for several reasons, such as: reducing compliance expenses associated with identity verification, minimizing risk, and eliminating the chance of having an unsavory client slip through. Alternatively, the financial institution is solely focused on the domestic market, so there’s no need to have risky remote opening options available for high-risk applicants or non-residents.

Whatever the case, if your goal is to open an account 100% remotely, it’s important to choose financial institutions with internal policies and local laws that offer this service.

3. Experiences of Similar Clients

Next, and likely the most important, is knowing the experiences of other clients just like you. Even if a financial institution operates in a country where remote opening is possible, and the institution itself allows online applications, it doesn’t mean the financial institution is going to allow you to apply online.

Financial institutions deny applications for a wide range of reasons and while sometimes the exact reasons are difficult to pin down it’s still entirely possible to draw parallels between similar client types and risk profiles.

Knowing the requirements they needed to meet, the documents they needed to submit, who was able to apply online, and who was forced to go into the bank are all helpful tips.

The bottom line, knowing what your peers or clients with the same (or similar) risk profile experienced tells you what specific challenges you’re going to face, what “extra” requirements to expect, where the hidden stumbling blocks are, and ultimately what your chances of success are.

How Do I Find Useful and Accurate Information?

Finding useful and accurate information is done by analyzing bank policies, past opening data, and peer experiences that actually help you open an account online. This is not only time-consuming but also nearly impossible for a single person to handle.

Fortunately, there’s an easier way. If you become a GlobalBanks IQ member, you’ll get access to actionable information and much more through our banking intelligence reports, the GlobalBanks database, and direct support from our team.

In other words, you’ll get all the information, tools, and support you need to find financial institutions and open bank accounts remotely.

Alternatively, continue reading to uncover more information on how to successfully open an account 100% remotely, including what you need to know before you start applying.

What Should I Know Before Preparing My Application?

In addition to knowing which banks accept you, you also need to know which specific banks are financially sound, well-managed, and less prone to operational hiccups.

Here is a list of six warning signs you need to be aware of when searching for financial institutions to open an account with.

Warning Signs to Look For

1. Low-quality financial institutions
2. Extortionate fees
3. Poor customer support
4. Understaffed, underfunded, or lax compliance departments
5. Erratic account freezes & termination
6. Unpredictable correspondent banking relationships

We also share five red flags to be aware of when considering applying for an account online. Sadly, these red flags often go unnoticed, overlooked, or ignored, and ignoring these red flags is an expensive mistake and leads to problems down the road.

The presence of one (or several) red flags below does not mean you skip over a financial institution completely. It means you need to take a closer look and examine if that institution is likely to meet your expectations for quality, stability, safety, and convenience.

Here are five common red flags to watch for when applying for a bank account online..

1. Non-Existent (or Weak) Identity Verification Requirements

Make sure the financial institution you’re choosing follows proper customer due diligence (CDD) procedures when assessing applicants and onboarding new customers. If the institution isn’t properly verifying the identity of its customers and isn’t asking for standard documentation, then something is usually off. Often, this is a sign of poor compliance or a financial institution that is desperate for cash.

These days, financial institutions with poor compliance attract scrutiny from regulators, international authorities, and correspondent financial institutions. This then leads to investigations by authorities, unpredictable waves of account freezes & termination for certain client types, and even bank closures. Some examples from recent years include ABLV in Latvia, BPA in Andorra, Caledonian in Cayman, Versobank in Estonia, and FBME in Cyprus and Tanzania.

Many customers do get their money back (eventually), however, some don’t. It’s important to remember that financial institutions with unpredictable freezes, termination, and account restrictions sometimes leaves you financially stranded and cut off from your money for long periods of time.

2. High Fees for Opening and Maintaining Accounts

Thanks to international competition in the banking industry, there are decent financial institutions with reasonable fee structures, however, many people still get fooled into opening an account with a financial institution that charges extortionate fees.

People who are considering financial institutions that charge abnormally high fees for application submission, to conduct basic initial due diligence, or for opening an account online, need to think twice before applying.

3. Banks Catering to High-Risk Businesses or Individuals

This red flag doesn’t apply to individuals who are involved in a high-risk industry. You’re likely looking for financial institutions that are familiar with and regularly onboard high-risk clients. Individuals who are not involved in a high-risk industry, likely need to avoid smaller banks that are known for taking on high-risk clientele.

Financial institutions that derive a significant portion of their business from high-risk clients often attract scrutiny from authorities and this negatively impacts your account. These financial institutions are often small, based in lower-quality jurisdictions, and charge higher account fees.

4. Require You to Hire Local “Introducers”

Yes, this is a common approach for foreigners looking to open an account online. Hiring a local “introducer” is a useless service that doesn’t serve client interest. It instead exists to put your money into the pockets of local service providers.

Individuals who are eligible to open an account online through an introducer, are also eligible to do it on their own. Now, if a bank requires an introducer, this usually means that they don’t have your best interests at heart and you’re better off banking elsewhere.

5. Require You to Hire Local “Managers” or “Directors”

Some countries do require applicants to appoint a local manager, representative, or director to open an account online (or in person). It’s not uncommon for introducers to say they’re able to help you open an account 100% remotely and then just require you to appoint a manager or nominee director of your company.

The major disadvantage of this approach is three-fold: 1) you give a third party control over your bank account, 2) your business now runs the risk of incurring local tax liability (US LLC, UK LLP, etc), and 3) it’s pricey. Plus, if you ever want to add yourself as a signatory on the account, you’ll need to go through the same due diligence procedures and show up in person anyway.

Many people find that hiring a local representative, manager, or director is too costly and not worth the headache. Other people prefer to simply find a different bank.

Bonus: Other Important Considerations

The above list is not exhaustive. There are several other red flags and obstacles to watch out for when attempting to open an account online. Instead, think of the above as a quick primer to help you think through your own application strategy and options.

You also need to be on the lookout for bank-specific warning signs and danger signals before applying for an account online with a new financial institution. Here is a list of six examples.

• Poor financial health via liquidity and solvency ratios
• High-risk business activities (low-quality lending, toxic investments)
• Located in high-risk jurisdictions
• Located in jurisdictions that are on the FATF black or grey list or the EU non-cooperative jurisdictions list
• Financial institutions that are infamous for having horrible customer support
• Banks with online banking restrictions and operational inefficiencies are known for having bank accounts that are difficult to manage remotely

How Do I Open an Account Remotely?

There are several methods and strategies, as mentioned above, that are used for applying for a bank account remotely. Knowing which ones work best for you ultimately depends on your risk profile, deposit amount, where you’re trying to open accounts and several other key factors.

We cover four common methods that people use when attempting to open an account online below.

If you’re a GlobalBanks IQ member and want to understand your banking options and which specific opening strategies are best for you, just message our team and we’d be happy to help you.

1. Online Application

Applying for an account remotely via an online application requires confirming your identity and personal information, providing all supporting documents, and meeting the bank’s KYC and AML requirements online through the bank’s website.

Most applicants don’t realize that just because a bank allows accounts to be opened online for some groups, doesn’t mean it’s possible for everyone.

Sure, a bank lets you submit your application online, but,, it’s what happens after that submission that matters.

It’’s not uncommon for undesirable applicants to be rejected immediately or are informed that they need to visit the branch in person to resubmit their application.

Note: opening an account 100% remotely is traditionally most difficult for non-residents with limited ties to the country.

2. Alternative Location

Using alternative locations isn’t a fully remote opening option, however, it does save time and money. This is especially true if your desired bank has operations in other locations.

You of course still have to go through the same onboarding process that you’d undergo if you visited your desired branch in person. Taking this approach, however, reduces the overall time and cost of opening bank accounts online.

3. Remote Meeting

Remote meetings involve meeting bankers at mutually agreed-upon locations, often in major cities or even at your home. This option is typically reserved for clients interested in private banking who intend to make a large deposit amount and invest.

We’ve also been able to arrange these opportunities for GlobalBanks IQ members for smaller amounts in remote locations as well.

Clients interested in this approach are usually asked to deposit low seven-figure amounts at mid-tier private financial institutions. Individuals who are interested in accessing more established private banks are required to deposit moderate to high seven figures.

4. Virtual Meeting

Virtual meetings are a cost-effective way to open corporate, personal, and private bank accounts. Using this method, however, requires you to know which financial institutions have allowed virtual meetings for onboarding. This needs to be integrated into the bank’s compliance process. Not surprisingly, not all financial institutions allow this, and some only allow it for certain types of clients in special circumstances.

How Do I Successfully Open an Account 100% Remotely?

Successfully opening an account 100% remotely requires having trustworthy information. This means knowing which combination of remote online opening strategies work for you. Plus, which banks (and bankers) to contact and which banks have internal policies that allow for remote opening for your client profile.

Thanks to our team’s expertise, an extensive network of banks and bankers, and advanced knowledge of which financial institutions are best positioned to help specific client types, we help GlobalBanks IQ members open bank accounts remotely every day.

Equally important, GlobalBanks IQ members don’t waste time applying to financial institutions that don’t meet their objectives.

They instead focus on applying to financial institutions that match their client profile, risk tolerance, and actually value them (or their business) as prospective clients.

Frequently Asked Banking Questions

Below are two of the most common questions we receive from people exploring remote account opening. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Can I Open a Bank Account Remotely?

Yes, you can open a bank account 100% remotely as long as you choose the right bank, meet the bank’s opening requirements, and have a suitable client profile. That said, not all financial institutions offer the option to open an account online. This is why bank selection is an important factor to consider when choosing where to open an account.

Can I Open a Business Account Remotely?

Yes, you can open a business account 100% remotely as long as you choose a bank that offers remote opening. The financial institutions available to you depend on your business, the industry of the business, the location of operations, the location of registration, the citizenship of all shareholders, and much more.

Ready to Explore Your Options?

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.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.