Banking Abroad – What You Need to Know
Whichever your country of birth or residence is, some countries, such as Spain, allow non-residents to open bank accounts, but in practice, banks will usually ask you to call your local branch to fill out documents or sign. After all, banking is indeed a service for which customers pay, with many conveniences that we take for granted in this day and age.
Non-resident bank accounts in certain countries may still require you to provide documentation in person or have service limitations or higher than usual fees. A notable difference is the account product available to non-residents and the process required to access banking services if you are not present.
German banks offer services far superior to banks in other countries, including easy access to bank accounts and low account opening costs. This is because banking provides some countries with better benefits than others. International interest rates are generally higher than in the US; therefore, having a bank account in another country can be a good investment.
Since opening a traditional bank account can be difficult for non-residents, you can resort to other options such as a multi-currency account, an international account, and a correspondent account. If you want to perform advanced activities such as international transfers, you can opt for an online banking solution. You can also open a bank account in Cyprus, although you may have to work with an intermediary in your country, or visit one of the bank’s major international business units to complete the necessary paperwork.
You may not even need to open a new account if you can find your old bank in the new country. Check your old bank’s website to see if they have banking information while in your new country. Necessity is why when you move to a new country, finding a new bank and opening an account should be one of your top priorities.
Generally, opening a bank account with a traditional bank in another country will require you to be present in that country (for example, to work or live) and will usually also require you to provide sufficient documentation, including passports, visas, and (sometimes) proof of location residence. Some foreign banks require few paperwork, others require a lot of bureaucracy.
Many banks require you to apply in person, especially if you are a resident abroad. Some banks require you to have an address in the country in order to send you a card, such as a friend’s address. International banks may charge a fee for opening an account or every time you receive or withdraw money.
While many wealthy people use international banks, so do ordinary people. People who do offshore banking do so in some parts of the world outside their home country. An offshore bank is broadly defined as a bank located in a jurisdiction or country other than the one in which the depositor or investor resides.
All that’s open is filling out paperwork, providing some basic identification documents, and providing additional information to prove that you’re not going to use the account for illegal activities.
