Acing Your Bank Video Interview: Tips and Techniques

It is becoming increasingly popular in 2024 to establish bank accounts abroad. Obviously, the trend is driven by the desire of individuals and businesses to diversify and protect their assets. They also see it as a way to access the international financial sector and improve their business environment. Suffice it to say that such accounts provide access to a broad range of investment options and promote smoother international transactions, offering you protection against political and economic fluctuations.

Would you like to set up an account with an overseas bank? Please note that it requires a thorough understanding of the host country’s legislation and the bank’s internal procedures. Although in-person meetings are standard, remote options are also available when necessary. In these scenarios, video interviews are crucial as they allow banks to confirm the client’s identity, understand their needs, and secure transactions.

To avoid possible service denials at an international bank, thorough preparation for the video interview is a must for every customer. Below, the Q Wealth team will detail the questions you may expect and provide a step-by-step guide to ensure the successful completion of this critical phase in the account opening procedure.

Why would you open a foreign bank account?

An international bank account is a flexible financial tool, relevant for both businesses and private persons. For individuals, opening a personal account provides several benefits:

• receiving transfers from abroad without any extra restrictions or charges
• protecting and growing their funds
• simplifying transactions and withdrawals in foreign countries
• engaging in investment opportunities, including property and securities purchases
• streamlining personal financial management.

For more information about how you can open an account with a foreign bank please refer here.

For companies, an overseas bank account is key to efficiently carrying out their business activities. Here’s what they can do with it:

• efficiently allocate assets to reduce potential financial risks
• leverage the tax benefits available to them
• smoothly process their transactions
• draw international investors.

Remote account opening

As technology advances and remote banking procedures become more efficient, numerous international banks are now providing the option to open accounts remotely. This process allows its participants to interact online through a variety of services and platforms. Most often, video interviews are an integral part of it.

Banking services that enable remote account openings are commonly provided by these institutions:

• Offshore banks incorporated in the Cayman Islands, Bermuda, Seychelles, Hong Kong, and Singapore, among others.
• Neobanks. These international organizations offer banking services without being traditional banks. They come with digital financial solutions like e-wallets, prepaid cards, and international money transfers for both legal and natural persons.

To remotely set up a personal or corporate account with these financial institutions applicants are required to complete a thorough verification process. The procedure is designed to reduce the risk of fraud, and any detected fraudulent activity could lead to a service denial. An essential part of this verification is the video interview. Your failure to participate in the interview or submit the required identity verification documents will certainly hinder the account opening process.

Video interviews: why do banks hold them?

Video identification is used to introduce the financial institution’s manager to the applicant. During the online meeting, the manager performs several duties:

• Confirms the authenticity of the information and documents provided by the client and verifies their identity.
• Records client requests, considering the current situation.
• Gathers additional details. The manager inquires about the client’s financial health, reasons for opening the account, and other pertinent factors during the video interview.
• Builds a connection, as the video interview encourages better interaction and strengthens trust.

Effective approaches to bank video interviews

The approaches to conducting interviews differ based on each bank’s technical rules and policies. Typically, these instruments are used to secure remote client interactions:

• Online video communication tools, e.g., Zoom, Skype, Microsoft Teams, and Google Meet, which are accessed through unique links.
• Dedicated banking platforms for video interviews. You can reach them via the bank’s website, mobile app, or through your payment system.

Some banks may come with hybrid interviews, starting with an online interview and followed by an in-person meeting. In this case, applicants first complete their remote verification and then are asked to visit the bank and meet with a manager. In rare instances, banks might allow applicants to record video answers to set questions and submit them via their personal account.

Your video interview: getting ready

To pass a video interview with a bank representative, you should pay careful attention to every stage of the process. Remember that precise preparation is essential. This is what it includes:

• Fully grasping the bank’s criteria for the video interview, including its procedural rules and expected standards.
• Gathering all necessary documents to confirm your identity, address, and income. Be prepared for possible requests for additional details and materials like resumes, business plans, or your partners’ contact info.
• Testing your technical equipment that is necessary for the video call, including your computer, webcam, microphone, and any other devices.

How to pass your video interview with the bank with flying colors: follow our recommendations

A video interview with a foreign bank representative is as significant as a face-to-face meeting. This certainly explains why applicants should consider several important considerations:

• Effective communication in English is a must, or a translator should be arranged.
• Confident responses to the manager’s questions are crucial. Try to show no hesitation and never dodge any uncomfortable questions.
• Your responses and the information provided by you in banking forms or questionnaires must match.
• You should be ready to clearly explain why you decided in favor of this particular bank.

The questions the manager asks will differ depending on the client’s needs. For those opening a personal account, the bank may ask about the account’s intended use and your income sources. Questions may also include the applicant’s education, activities, and employment history.

When you are about to open a business account, the conversation becomes more in-depth. The interview will explore the company’s business operations and client base. The bank will seek information on its marketing approaches, target demographics, expected revenue, financial goals, and various aspects of business operations.

Certainly, such a video interview is a critical step in the remote account opening process. Please keep in mind that careful preparation and maintaining a professional manner throughout the interview will make a lasting good impression on any bank representatives.