Currently, the economic prospects are rather unclear. Nobody can be sure how the Covid-19 situation is going to develop. Given these conditions, it is not surprising that many people want to open a foreign bank account to feel more secure. During the lockdown times, traveling to a foreign country is problematic indeed.
Opening a personal account in a foreign bank online is still possible but it has become more difficult than some five years ago. The difficulties are attributable to the toughened banking regulations that have been introduced to combat money laundering and terrorism financing.
What are the advantages of having a personal account in a foreign bank?
In the times of the Covid-10 pandemic, the use of mobile banking applications has increased by 42%. It should not be surprising as mobile banking brings a number of advantages. These include, but are not limited to, the following ones:
- You can open a personal account in a foreign bank remotely: the application document submission, the identification procedures, and the interview with a bank officer – everything can be done online from the country where you are located at the moment.
- You can open a current account, a savings account or a broker’s account in a foreign bank depending on your needs.
- You can easily make payments in foreign currencies: just log in and make a couple of clicks. In addition to that, you can use the ‘recurrent payment’ function.
- You can exchange currencies at beneficial exchange rates.
- You can check your account details at any time: check the balance, see the transaction history, obtain bank statements, and so on.
- You can pay for a product or service in a currency that is not in circulation in your home country.
- You can save a lot of time and money when you do not have to pay personal visits to the bank.
Besides, wealthy individuals can gain access to some additional banking services abroad. In some banks, you can set up an investment account, for example. If you apply for the external asset management services, your investment account will generate even more profit for you.
How much does it cost and how long does it take to set up a personal account in a foreign bank?
The cost of opening a personal account in a foreign bank via the Internet will depend on the country that you choose and the particular bank. The cost can be anywhere between US$ 300 and US$ 4,500 or more. As far as the bank account opening timeframe is concerned, it can also be different. With some banks, setting up a personal account takes about four weeks while with others it may take months and months. To accelerate the process of setting up a personal bank account in a foreign bank we suggest that you apply for our Preapproval service. When you obtain a preapproval of your application for services from a bank, it means that the bank gives provisional consent to provide services to you. Having your application preapproved does not guarantee that the bank will take you onboard but it seriously improves the chances that it will.
What can you do to facilitate opening a personal account in a foreign bank?
Opening a personal account in a foreign bank in Europe is going to be easy if you reside outside the EU. It is possible but it is not easy. However, if you have a legal residence permit in a European country, it is going to make setting up a bank account in the EU much simpler. If you hold a European passport, you are going to have no problems at all when setting up a personal account in Europe. Offshore Pro Group will be happy to help you obtain legal residency or full citizenship in an EU country.
There is one more attractive option though. Banks in the Caribbean are very strong too. Many of them are not less reliable than European banks are. Now, there are five Caribbean states that offer their citizenship to foreigners for investment. The amount of the investment required to become a citizen of a Caribbean country is considerably lower than the cost of acquiring European citizenship or legal residency. We will also be glad to help you apply for second citizenship in that region. Obtaining it normally takes about three months and when you hold a Caribbean passport, opening a personal account in a bank there is going to be a piece of cake.
How can Offshore Pro Group help to open a personal account in a foreign bank?
We provide expert support in opening a personal account in a foreign bank without travelling to the foreign country. Our services include the following:
- Assistance in choosing the jurisdiction where you should set up a non-resident bank account;
- Assistance in determining what type of foreign bank account you need (savings, current, brokers’, etc.);
- Negotiations with the bank on your behalf;
- Assistance in collecting the application documents and preparing them for submission;
- Assistance in completing various bank forms and questionnaires;
- Notarizing the translations of foreign language documents to be submitted to the bank;
- Preparation for the video interview with the foreign bank officer;
- Acting on your behalf at all stages of setting up a personal account in a foreign bank;
- Acquiring a pay card from the bank for you;
- Ascertaining the possibility to manage your bank account remotely;
- Assistance in placing the bank account under discretionary management if you wish to do so;
- Family office services;
- Assistance in structuring your assets and planning inheritance.
The process of setting up a personal account in a foreign bank involves several tasks that are difficult to handle unless you apply for our professional assistance. Please do not waste the most precious of all resources – your time! Get in touch with Offshore Pro Group experts by sending us an email message or writing to us in the online chat. You are welcome to ask any questions related to opening a personal account in a foreign bank: we always reply quickly!
18 January 2021 