How to open an offshore bank account remotely in 2020? What documents are required to open a current account abroad for an individual? How long does it take to open an account offshore?
Being aware of the importance of the current economic depression and your need for recommendations from professional experts, we have decided to compile and update all our answers to your questions about offshore bank accounts.
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Before you set up an offshore account via the Internet, you should consider and compare its features.
Opening a current account abroad without visiting the bank is a simple and straightforward process today, but you should be aware of the potential benefits, reservations, and other consequences of your choice.
It is very important to choose the right financial product that will facilitate the growth of your savings, expedite the merging or division of capital flows, never limit your foreign currency payments, enable any international operation.
What should you consider while choosing an offshore bank?
Your choice of a particular account abroad should be made with consideration of your purposes and the relevance of the bank services/account functions to your needs. Before you decide to open an account, we recommend that you should pay attention to the following aspects:
- the main bank account features
- availability of the online banking service
- variety of currencies accepted if you need a multi-currency account
- terms of getting personal and corporate credit and debit cards linked to your account
- international transfer systems (eg SWIFT, SEPA etc)
- minimum deposit amount and minimum balance accepted
- monthly/annual fee for the account and bank card maintenance
- foreign currency exchange rates
- deposit safety and insurance (if applicable)
- online cash flow control tools (for example: integration with Xero or other book-keeping software)
- bank reliability and rating
- support in your language
Besides, it would be reasonable to analyze beforehand if the overall political and economic situation is stable in the country where you are planning to keep your money.
How can an individual open an account in an offshore bank remotely?
To open a current account via the Internet, an individual needs to submit a standard set of documents:
- a scan of your national ID and your international passport
- details of your TIN (taxpayer ID number) in some banks
- the proof of your address
- the proof of your source and origin of wealth
Besides, depending on the compliance rules and procedures of your offshore bank, other documents may be requested. Please note that all documents listed above must be submitted according to the internal requirements of the chosen bank. In particular, they might need to be notarized, or certified by some other professional such as a lawyer, accountant, or Offshore Pro Group staff member. If they are not English or another language specified by the bank, they might need to be translated. Most importantly, all copies should be clear (for example: all four corners of your passport must be visible on the copy, for verification purposes)
In some cases, the bank or the payment system may request a selfie and the photo of the first page of your passport, as well as documents proving your address.
Is it safe to submit the scans of your documents remotely? Yes, it is quite safe. To protect confidentiality and bank secrecy is the foreign banks’ legal duty, so you can rely on their measures to keep your data safe. European financial institutions, for example, work under the General Data Protection Regulation (GDPR)
Why does an offshore bank check the client’s documents and profile?
Foreign banks always carry out a compliance assessment and verification of the required documents when opening an offshore current, checking or savings account, thus eliminating their own reputational and operational risks.
The know-your-customer principle (KYC) is part of the so-called “due diligence process.” It is a way to comply with legal obligations by verifying the origin of your wealth and funds, to prevent fraudulent operations, and combat money laundering and financing of terrorism.
What questions do banks ask their customers when opening offshore accounts?
As a rule, the bank’s compliance staff may ask about the purpose of opening the account, expected turnover, the nature of future financial transactions, as well as your residence address, and they may additionally request copies of your recent utility bills.
How quickly can you open an account offshore without visiting the bank in person?
The speed of opening any kind of offshore bank account abroad depends on the choice of the bank, jurisdiction, and availability and compliance of your documents. On average, the process of opening an account takes a month. But if time is your priority, you can always use the services of certain international banks where your account can be ready in 1 or 2 days.
Sometimes, Electronic Money Institutions are a faster alternative. The scope of services of these payment systems includes transactions that are similar to the functions of a bank account. You can even get a payment card and have it delivered to you within a few days by courier – or it can be sent by mail if less urgent.
However, in real life, any business deal and solution depends on the specific situation. If you need our free individual support and advice, please do not hesitate to contact our experts using the online chat options, WhatsAp, by email firstname.lastname@example.org or any other convenient channel.
Where can you open an offshore online bank account without visiting the bank in 2020?
Over recent years the process of opening an account offshore has become easier… yet more sophisticated due to the strict requirements stipulated for potential clients. Every offshore bank wants to be sure that it will not face any risks by opening an account for you.
That is why a document confirming the legitimate source of your wealth and funds is critically important at the time of verification of your profile. Besides, we have to remind you that not all overseas banks are ready to open accounts for non-residents.
To answer the question about where you can open a bank account online, we would need to know your purpose and needs: whether you seek a higher degree of safety for your assets in multiple currencies, or you want to set aside your funds for savings and put your money to work for you offshore… or you are looking for fewer restrictions for your international payments.
If you are interested in online banking and services, today it is possible to open offshore bank accounts in many countries including: Switzerland, Liechtenstein, Luxembourg, UK (offshore bank accounts), and Lithuania. This is particularly important for those who are applying for residence or citizenship by investment. In any case, the choice of jurisdiction, as well as the choice of the necessary financial instrument should be selected individually.
To help you open an account abroad with thorough consideration of all details, we recommend our PRE-APPROVAL service which will guide you to a well-balanced decision after you analyze the banks pre-selected for you according to your requirements.
We have also started a special Youtube channel, where we regularly share useful and, most importantly, relevant information about the international banking sector. You can watch it free of charge. Just sign in and keep up to date with all the news.
It will be much easier and safer to resort to our advice and services when opening an offshore bank account without visiting a bank. If you need professional help, including a no-obligation assessment of your profile, advice on the best choice of the country for your bank account, and the bank matching your purposes, please contact us by any of the channels on our site or email@example.com.
Can an offshore bank refuse to open an account online?
Yes, an offshore bank may refuse to open a current account if the client has not properly documented proof of the source of wealth, or if some suspicious transactions with the already existing account have been detected, or when the client’s residence is considered high risk. But even in such situations, it is best to consider the chance of refusal together with a professional from Offshore Pro. If you have already received a refusal, don’t worry! Our experts are on hand to help you open an account in some other offshore bank without you needing to go there in person. Never mind that it might seem that absolutely all banks in the world have refused you 🙂
Is there an alternative to a traditional offshore bank account?
We can recommend the Payment Systems like Electronic Money Institutions as the most convenient and functional alternative to opening a foreign bank account. EMIs offers a full scope of all the necessary bank account functions and transactions, operates in dozens of currencies, and provide access to international transfer systems. They also allow multiple payments, salary or affiliate payment projects, and of course credit card merchant accounts. If you are quick sending the required documents, you can set up your EMI account in 1-2 days. The first thing you need to do is contact Offshore Pro Group via WhatsApp or live chat, as that is the fastest way to reach our offshore professionals and get started.
Why open a current account offshore?
May individuals and legal entities decide to open accounts in an offshore bank for protection and diversification of personal assets. Besides, if you want to get access to multiple currencies, investment opportunities, securities, citizenship by investment, and overseas property acquisition abroad – a foreign bank account is a must-have tool for you!
For more information on banking abroad and citizenship by investment, please feel free to contact our experts today!