Business

Non-Resident Foreign Bank Account: Must-Have that You Can Get Online

OK, I can open my account online, and… what?

And that is a logical question for some people. In fact, a foreign or offshore account provides the following opportunities:

  • It will protect your assets much better than in your home country – anyway, two baskets for eggs are always better than one!
  • The laws in your country may be quite good, but no one guarantees that they will not get worse: currency controls may be tightened, for instance. If it happens, you will know what to do as you have a safe airfield.
  • Foreign banks offer good asset diversification and investment opportunities. Why not invest in a promising international project?
  • You will have more financial freedom, and this hardly needs to be explained.
  • Last but not least, you can save on dues and fees payable when you make settlements with international partners.

Does that sound convincing? Well, this is not a full list, of course. Anyway, any person should have an account abroad nowadays – and yes, we say that with confidence. You can read much more on how to open a bank account online for non-residents on our portal or even book a free one-on-one session with our experts to select a bank account that will be your perfect match.

Source: economictimes.indiatimes.com

Non-residents usually want to open a current or a savings account

  • A current account is designed for frequent day-to-day operations, such as transfers, withdrawals, or deposits. You will need it for payments to your foreign partners in any part of the world. Mind that a minimum deposit may be required.
  • A savings account is an instrument used to keep your funds at a certain interest rate or invest in different assets to increase your wealth.

If you open both types of accounts (or a personal account and a corporate one, as an alternative) with the same bank, you will save on banking fees considerably as you will have the right to discounts.

The past decade has seen more and more stringent controls being introduced in the banking area. How is it possible to open an account online then?

Well, the times of pandemic have changed the game, and the banks had to adapt by walking the narrow line between compliance and the need to attract customers. As a result, they have developed the following procedures for online account opening:

  • Sending the documents online plus a video interview with a bank representative
  • Sending the documents by courier
  • Visiting a local branch of the bank in your home country
  • Signing a bank form and its notarization in your home country, and then sending the documents to the bank.
Source: zuniclaw.com

We can give you an honest recommendation: find a professional agent who can introduce you to the bank

The agent usually knows the bank’s requirements and will help you prepare all the documents in the right way. On the other hand, banks prefer working with agents (that represent non-residents) as they can always refer to them if your relations turn sour.

You can read detailed instructions on how to open a personal or corporate account by following the above link to our portal. We have agents who can jump all the administrative hurdles for you.

We wish you a pleasant banking experience and financial safety!

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