Opening a bank account comes with some requirements. In most countries, you need to be 18 or older. In many countries, you can do it entirely online. Even if you can’t do it fully online, you can at least start the application. Now, how about getting a bank account in another country? How about an international one?
There’s obviously the possibility of opening an international bank account online, but there are more factors you need to think about. Your nationality, residency, country where you want to open the account or bank requirements are just some of the main things that can affect your options.
These being said, here’s what you need to know before attempting it.
Benefits of Opening an International Bank Account Online
Normally, any bank account can be used anytime, anywhere, as long as you have a card for it. Basically, you could open a bank account in the Czech Republic, get a card for it and use it anywhere, from Mexico to Australia. Sure, there will most likely be some conversion fees, but overall, it’s totally doable.Now, an international bank account may give you the option of more currencies. Unless you go for an online payment platform that allows instant conversions with minimum fees, chances are you’ll need to open the account in the currency you require. Other currencies work too, but conversion fees won’t be too nice.
The possibility to open an international bank account online makes things even better. Having money in a different country allows you to diversify your wealth a little. It’s also a good idea if you travel a lot, not to mention the option to benefit from better tax systems or investment opportunities.
Being able to do everything online means you won’t even need to travel to a local branch. You can submit documents online, complete a few forms and conduct some sort of verification.
Verification could be by a video call or just selfies. Either way, you can do it from the comfort of your home, yet it depends on the bank’s requirements, as well as the general laws and regulations of the respective country.
Most Common Requirements
The main requirements depend on the country and the bank. Even if a country allows opening bank accounts online, it doesn’t mean your desired bank does. Therefore, you’ll have to research local banks and their requirements too.If you can do it entirely online, here are some of the main documents you’ll need to provide:
- At least one form of identification. Some banks will do with one ID, others will require at least two. A passport is the most common option. A driver’s license will also work, since it’s a photo ID. Some banks accept national IDs as well, as long as they have your photo and date of birth.
- Proof of address. Again, you might be asked for more than just one document. Proof of address could go in more direction. A recent utility bill in your name is the most desired one. If your address is on the driver’s license, that could work too. Recent bank statements may also be accepted.
- Personal information. When completing a form to open an international bank account online, you’ll also be asked for personal details, such as your full name, date of birth, address, citizenship and other data.
Some banks will ask for other documents too:
- Proof of employment. You might have to provide your employer’s details too, maybe a few pay slips as well.
- Tax information. If you’re a tax resident in another country, you may need to request a certificate from local authorities.
- Source of money. If you’re asked for a deposit, some banks will also need to see your current bank statement or other proof that your income comes from legit sources.
- References. While not always a general rule, references from your current bank detailing the relationship may also be required.
Online Vs. In-Person Account Opening
If you’ve never had a bank account before, it might be a good idea to do so in person. Of course, check the requirements upfront and make sure you have all the documents. Chances are you’ll have some questions as well, hence the necessity to do it in person.On the other hand, if you’re interested to open international bank account online, you may already have an account with a local bank, so you probably know how it works.
Now, doing it online obviously offers more convenience. Assuming you have all the documents, you just need to scan them or take pictures of them during the verification. It’s quick, easy and you won’t need to leave your home.
On the same note, it also depends on where you want to open the account.
For example, you could be trying to open an international bank account online in your own country. An international bank account will give you access to more currencies, not to mention the option to benefit from better conversion rates and lower fees for international transactions.
In this case, you can also do it in person if you have questions, since you should be able to find a local branch.
However, if you want to open an international bank account online in another country, trying to find an online version is clearly better. Unless you’re about to travel to that country anyway, it’s no point spending a fortune on flights and accommodation, just to open a bank account.
At the same time, keep in mind that many banks won’t allow you to just walk in and complete a form for a bank account straight away. In the UK or Greece, for example, you’ll need to make an appointment first.
Sure, you can make an appointment as you walk in, but your meeting could be in a week or two.
Based on all these, trying to open your account online is probably the best way to sort your international expenses out.
Sure, verification could be more extensive. You might be asked to take a video call with a bank representative or maybe upload more documents than if you did it in person. But overall, it’s a much more convenient option than doing it in person.
