How to Open an Account with an Offshore Bank Online?

An account with a foreign bank offers its holder a lot of advantages. Before we share our experts’ advice on how to open it, let us explain what we mean by a ‘offshore bank’. This article is about opening an account abroad, not with a bank branch in your country. For example, European banks operating in Russia are essentially Russian, even if they are based on foreign capital. So they are exposed to the same risks as all other local banks, while the ultimate purpose of opening an account with an offshore bank is to protect yourself from such risks.

You can open an account abroad on your own or with the help of a seasoned professional who specializes in such services. Our experts have years of experience of setting up offshore accounts in many parts of the world. Read their advice and feel free to send further questions to our e-mail address given above. If you decide to request our fee-based professional help, we promise to get back to you promptly. 

Anyway, everything begins with the choice of the bank.

How to choose a country in which to open an account with a foreign bank online?

When choosing a jurisdiction, first of all, it is necessary to consider the purposes for which you need an account abroad. For example, West European banks are, of course, prestigious, but most of them are not interested at all in rendering cash and settlement services to non-residents. Therefore, they may not suit customers in search of such services, as their purposes will never be met. Such transactions are better carried out, for example, through banks in Latvia or Estonia.

For another example, banks in Singapore and Hong Kong always welcome foreigners who do business in Southeast Asia. Singapore has modernised a lot recently, so that remote account opening is now available.

A Swiss bank account will suit those whose main priority is to maintain their capital rather than participate in active international trade. Switzerland sets high requirements for the minimum balance, and the number of transactions is limited.

When choosing a country, it is important to have up-to-date information on the political and economic situation in the region, including not only the current affairs but also the near-term trends. Our experts can help you keep track of the trends in the country of your interest.

How to choose an offshore bank in which you can open an account online?

Choosing the right bank is perhaps the most difficult objective you need to achieve before opening an account in an offshore bank online. By taking your business and assets beyond the political boundaries you can significantly expand your opportunities. However, besides the new prospects, you will expose yourself to new dangers. To overcome or resist them you’d better prepare in advance!

Applicants should never be so naive as to believe that offshore banks are eager to fight for every client! Please accept the common truth: many banks are by no means in need of new customers. On the contrary, they can afford to be very choosy… and prefer to select low-risk customers with all rigor and thoroughness. Opening an account with an overseas bank can therefore be quite challenging. Especially if you decide to open it on your own. A wise approach would be to thoroughly prepare for long negotiations with representatives of the bank. Please note that even the language barrier may complicate things.

When choosing a foreign bank, you need to pay attention to such parameters as the bank’s rating, the minimum deposit size, the requirements to the depositor, the cost of service, and availability of additional services.

The value of the minimum deposit is expected to be quite big. You should never venture to open an account with an offshore bank if your capital is less than 10 thousand dollars/euros, even if the bank does not set any particular requirements for the amount to be deposited on the account. Please note, however, that many financial institutions maintain strict standards for minimum deposits. On the other hand, if you plan to transfer a big sum in euros or dollars to your account, you can expect to be offered more favorable conditions of services designed specifically for VIP clients.

Requirements set for depositors. All banks will carefully check the origin of your wealth, and some may even require you to present testimonials. The fact is that not all foreign banks are happy to see millionaires among their depositors. Therefore, you will still have to prove your trustworthiness.

Account maintenance fees. They can range from a modest minimum amount to huge sums. For example, in Switzerland, the total cost of the annual maintenance can be  €1,000 per year, and a fixed per-transaction fee can equal €5.

Optional services. Some banks offer their customers, for example, to invest in securities or pension funds. Thanks to this, you can hope to make up for the low interest rate.

How to take advantage of your chance to open an account with an offshore bank online? 

Individuals can open private accounts with almost all foreign banks supporting non-resident banking service. Some banks offer remote account opening so that customers would not need to visit the country in which the bank is located.

To open an offshore company’s account with a foreign bank, you need to submit a portfolio of corporate documents, as well as documents about the persons who are to be appointed as a manager and signatory to the account. The main feature is that all necessary documents can be submitted electronically. All documents need to be translated, usually into English, and often notarized. In some cases, it may be necessary to Apostille the offshore company’s documents.

Due to the pressure from the world’s major economies, the policy of opening an offshore account online is constantly being reviewed. To be on the safe side, banks are required to collect as many credible details on their clients as possible and are particularly interested in testimonials from the bank serving the customer locally.

At first glance, the account opening process looks quite straightforward and simple, but without knowledge of each bank’s nuances, it would be harder to succeed without professional guidance. Banks prefer to accept papers via professional agents of non-resident applicants. When trying to act on your own you will inevitably incur extra costs in terms of wasted efforts, time, and expenses. It takes time to approach banks and find out that your application cannot be processed because of a certain internal bank’s policy which you will not find out about through open sources. Our professional experts can help you compile a convincing application portfolio and open an offshore account online. Non-resident banking introduction services is one of our areas of long-term expertise. You are welcome to contact us at the e-mail address given at the top of this page or via messengers.