Where and How Do Individuals Open Personal Accounts With Foreign Banks Remotely?

Your freedom and opportunities to open bank accounts with foreign banks remotely is an essential commodity in today’s rapidly changing realities. 

Before the COVID-19 pandemic, most banks wouldn’t even consider interviewing applicants online or accepting e-copies of documents. Likewise, only a small fraction of banks would allow telework and workflex just a couple of years ago. Nowadays, however, a fairly wide range of banks increasingly rely on digitization, ICT, Apps, AI, IoT, video communication, Cloud technologies, and other cutting-edge innovations and working arrangements. Technically, many financial institutions are ready to open accounts over the Internet. But has the setting up of a remote bank account with foreign banks become any easier? 

Choosing banks for opening personal accounts in foreign banks

Concerns about one’s freedom of movement and entrepreneurship across the world, plans to move to some nice unspoiled location also determine where and how people open personal accounts with foreign banks. Many international clients get increasingly interested in opening accounts in the CARICOM countries, especially where they can obtain citizenship by investment (Dominica, St. Lucia, etc.). Passports of these island states allow freedom of movement due to visa-free access to many countries.

Common sense suggests that the desire to protect assets determines where and how people open personal accounts in foreign banks. Over the past year, accounts in currencies other than the euro have become more popular with international clients. Even those who already have an account with a European bank are seeking to open a new account in a non-EU country, such as Switzerland or Liechtenstein.

An alternative to foreign currency accounts are accounts in physical precious metals – gold, silver and platinum. The crisis urges HNWIs to diversify the risks because gold is a highly liquid asset, which will remain a means of exchange and accumulation of wealth in any situation. You can open an account in precious metals in Switzerland, Singapore, Hong Kong, and some Caribbean states.

Let’s look at some banks that are ready to open an account remotely to private persons from other countries:

In Liechtenstein 

• Multi-currency accounts; the main currency can be the euro or Swiss franc. Transfers in US dollars are not possible.
• The account is opened remotely without a video interview with the banker.
• Banking services are available in English and German.
• The required minimum balance in the account at all times is 5 thousand euros or Swiss francs.
• Personal MasterCard and VISA cards are offered.
• Customer deposits are insured for up to 100 thousand Swiss francs.

We recommend this bank in Liechtenstein to foreign first-time clients who want to have a European account with low minimum deposit requirements. It is also ideal for those who are looking for a stable and reputable bank to save and increase their savings.

In Portugal

• Single currency accounts; the main currency is the euro.
• Remote opening of accounts is possible without video identification of the client.
• Banking services are available in English and Portuguese.
• The initial deposit required to activate the account is 35 thousand euros. Subsequently, you need to maintain this amount in the account.
• VISA cards are available.
• The maximum insured amount is 100 thousand euros.

The recommended bank in Portugal will suit those who want to have a European account as part of their plan to get a Golden Visa and citizenship in Portugal. Many individuals apply to open personal accounts with foreign banks in Portugal. However, this particular bank is most friendly to non-residents, sets unsophisticated requirements for documents, and offers low rates. Also, this Portuguese bank provides a full range of life insurance and pension savings programs.

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In St. Lucia

• Banking services are provided in English and Spanish.
• While there is no minimum deposit requirement, the recommended amount is 5 thousand US dollars.
• There’s also no minimum balance requirement, but if it’s under 5 thousand US dollars, the service fee increases.
• It’s possible to open a multi-currency deposit account. The minimum amount is 25 thousand US dollars.
• MasterCard and VISA credit cards are offered but must be backed by a deposit (125% of the credit limit).
• The account is opened remotely after the bank receives notarized documents by courier and the minimum deposit.

This option is suitable for those who would like an overseas account with a stable, conservative bank. This bank in St. Lucia is a subsidiary of a leading financial group in St. Lucia whose shareholders include the government of St. Lucia, insurance, and other major financial corporations in the Caribbean region.

In Curaçao

• Offers a wide range of banking products, fast high-quality service, as well as advanced Internet banking.
• It is possible to open a savings account with attractive interest rates in U.S. dollars or euros.
• Several deposit programs are available for a term of 30 days or more.
• The bank offers VISA cards.
• The minimum balance on the account must be 10 thousand U.S. dollars or euros.
• The account is opened after the bank receives your documents by mail.

The recommended bank in Curaçao is a sound choice for individuals eager to open personal accounts with foreign banks, mostly to diversify risks and capital growth.

In Dominica

• This bank is regulated by the Ministry of Finance of the Commonwealth of Dominica.
• There are no requirements for minimum initial deposit or account balance.
• Bank account opening is fairly quick and the account maintenance rates are low.
• Online banking and a mobile app for iOS and Android are available.
• You can obtain and use MasterCard and VISA debit cards, and virtual cards to exchange fiat money for cryptocurrencies and vice versa.

A bank in the Commonwealth of Dominica is a beneficial option for private persons intending to open personal accounts with foreign banks for online trading on major stock and commodity exchanges. It will also be ideal for those working with cryptocurrency, as they can set up a single account for digital and fiat assets.

In Panama

• Account opening is done remotely, but you need to send documents to the bank by courier.
• The main currency of the account is U.S. dollars, but the euro and other currencies are also available upon request.
• The recommended minimum deposit is 20 thousand U.S. dollars.
• You can open a savings account with interest accrued on the balance (minimum amount – 3 thousand U.S. dollars).
• Time deposits are available for 30 days and up (minimum amount – 10 thousand U.S. dollars).
• The cards are issued by MasterCard, Union Pay and VISA with concierge service, insurance, plus lounge access at  airports.
• There is online banking and a mobile app for iOS and Android.

This bank in Panama will be of interest to those individuals who open personal accounts with foreign banks remotely to save for their children’s education and other purposes.

Please note that private persons can also open accounts with payment systems. In many cases, it is a faster, easier, and more comfortable way of getting a foreign account. We recommend, for example, payment systems of Lithuania and Great Britain.

The procedure for opening personal accounts in foreign banks 

Whenever you intend to open your Foreign Bank Account, you will need to prepare and submit the required set of documents:

• passport (a notarized copy)
• proof of address
• proof of legal origin of the funds.

Besides, you may need a letter of recommendation from your current bank, your CV, and other papers specified by the bank of your liking. 

Our consultants have mastered years of successful experience in helping individuals open personal accounts in foreign banks. We will hand-pick for you the right foreign bank that will fully meet your scope and requirements. You can order assistance in personal or corporate banking abroad, ask questions about offshore opportunities. Please prepare your list well in advance to learn as much as you need during your session with our expert. 

Each foreign bank has its specific terms and rules. Please note that the most difficult task is to prepare the documents, because any mistake may cost you time, extra expenses, and may become the reason for rejection. 

With our help, you will be able to open an account in a foreign bank remotely. Many banks do not advertise this possibility, while you need to be aware of and comply with the requirements for the application portfolio, to submit your papers in due order.

The steps for opening personal accounts in foreign banks remotely are as follows:

If you would like to simplify the process as much as possible, avoid risks and enhance your success chances (we know how to present you to a foreign bank in a favorable light), please contact us at our e-mail address, on the phone, or in messengers given on this page.