Opening a Jersey bank account provides plenty of opportunities. While some may find it easier to open a bank account in the UK and just transfer everything to Jersey, the truth is it doesn’t work like this. Based on relatively new legislation, Jersey banks can’t access your UK account.
Now, how do you open a Jersey bank account? Here’s everything you need to know.
Jersey Bank Accounts for Residents
Like pretty much everywhere else, residents of Jersey will find it easier to open an account when compared to non-residents. You’ll have to provide a few details about yourself and help the bank with its due diligence procedures, simple as that.The best part is that most Jersey banks allow you to open an account exclusively online, so you won’t need to walk into a branch.
Some banks may require more documentation from you. For example, if you’re a resident in the UK, you might be asked for your national insurance number. If you’re an American, a bank may request your social security number.
Here are the steps to open an account as a resident:
- Research banks. Given its financial power, Jersey is considered a financial hub, so you’ll find quite a few options. If you’re already with a big bank, you might be able to find a local branch as well.
- Submit your application. All banks in Jersey accept online applications. You will have to include your personal details, but you may also be asked for details regarding your current bank, especially if you pick a branch.
- Upload documents. Get all your documents in order based on the bank’s requirement. Have them scanned, but you can also photograph them. Upload copies of everything. You’ll most likely start with the proof of identity.
- Checking eligibility. Some banks conduct the eligibility check after you upload all documents. Some others do it after you upload the proof of identity only. Either way, your information will be screened.
- Get verified. The verification can be done in more ways. If you use a mobile app, you might be asked for a selfie or perhaps a scan of your face. Some other banks prefer to give you a video call instead.
- Fund and use your account. Fund your account by making a transfer from your current bank. Once activated, you should also get login information for online banking.
Jersey Bank Accounts for Non-Residents
Non-residents can also open a Jersey bank account, but conditions are stricter. You’ll have to offer more details regarding your finances. Besides, many banks in Jersey ask for an initial deposit, so you’ll have to meet it. Furthermore, you need to be aware of reporting conditions where you’re a resident.Like residents, non-residents will be able to open a Jersey bank account without being there in person. Online applications are widely accepted by most banks. In fact, some banks even have international or expat accounts for those without residence.
For example, HSBC has an expat account that gives you full control over your finances when you live in a different country.
Once you apply, banks will conduct a more detailed verification. They’ll also match your details against international databases to ensure that you’re not on any watchlists. Steps to open a Jersey bank account are identical for both residents and non-residents though.
What to Know Before Opening a Bank Account
Jersey is a preferred financial hub among people from all over the world. Offshore banking, in particular, stands out among high-net-worth individuals, companies, and investment funds. Jersey has a tax neutrality, but it's also stable both economically and politically, hence its popularity.Residents and non-residents can open a Jersey bank account in more currencies. GBP is the most popular option due to its proximity to the UK. However, you can also open expat accounts in USD, EUR or other currencies.
Generally speaking, savings accounts offer more options for currencies than current accounts.
British users will usually be tempted to use a bank that’s also available in the UK. On the same note, other foreigners may also find it easier to rely on a branch of the same bank they use back home.
This is only a misconception though. It’s normally easier to open an account locally than to transfer your information over. That’s because most banks in Jersey don’t have access to international information, even if you use the same bank.
Other than that, it’s worth noting that initial deposits for non-residents can be quite high. Some banks may require as much as $100,000 for a bank account or even more. Therefore, when doing your research on banks, make sure you consider this aspect as well.
Think about your credit history and criminal record too. In general, pretty much anyone should be able to open a Jersey bank account if they meet the requirements. However, if you’ve been convicted for any type of fraud in the past, you’ll most likely be rejected.
Hiding fraud from your past won’t work because most banks will look into your credit history and criminal record as well.
Documents Required to Open a Bank Account in Jersey
Here are the documents you’ll usually be asked for:- Proof of identity. All banks accept passports because they’re internationally recognized. Many banks in Jersey will also accept a driver’s license, not to mention national identity cards from a few countries.
- Proof of employment. While not mandatory if you’re a high-net-worth individual, the truth is employment does help when opening a Jersey bank account. Proof of employment consists of pay slips. You can also show other forms of income, such as a business.
- Proof of address. As a resident, you must have an address in Jersey. Proof of address implies a utility bill in your name.
Then, non-residents should also consider tax assessments. In fact, when conducting their verification, most banks will ask about your tax status. They want to make sure you understand the implications with your country, so you may want to discuss this with a tax advisor.
Despite providing all the required documents, some banks will carry out a few extra credit checks. They may show up on your credit history too. They’ll need to ensure you don’t have any outstanding judgments. Besides, if you’ve been made bankrupt before, you have a higher chance of being rejected.
