Don’t put all your eggs in one basket – we all know that, right? And we are convinced that almost every person should have a foreign or offshore bank account, just in case. There are risks in every country, and diversification is the key that we all know about – but sometimes forget to use.

In this article, we will focus on the basics. If you feel that you need more details or you need a free consultation on the foreign bank account opening, find out more information here.

Let’s look at the main reasons why people may want to open a foreign account:

Protection of assets from the risks existing in your country of residence (and they do exist even if you have never thought about them). Here are some of them just to give you an idea:
  • Currency devaluation
  • Seizure of your funds
  • Currency controls being suddenly tightened
  • More financial freedom and opportunities: investment in promising projects becomes easier
  • International partners will trust you more if you have an offshore bank account
  • You can enjoy rapid wire transfers
  • You can pay fewer fees for transactions

There are two types of accounts that are popular with non-residents:
  • Current accounts to be used for frequently made operations (SWIFT transfers, depositing or withdrawing money, and so on). Check the minimum balance required by some banks to keep the account operational.
  • Savings accounts to keep your money long-term and invest in instruments like shares and other securities.
Suppose you decide to open both with one bank (as an alternative, set up a personal and a corporate account in the same bank). In that case, you can easily transfer funds between accounts and take advantage of lower banking fees.

Many clients who are conscious of their time want to open an online account with a foreign or offshore bank. The good news is that it is possible, but you are unlikely to succeed without a good expert to help you. Here are some things that you should know:
  • Banks want to work with a trusted person. At the application stage, you need to be recommended by a professional to be onboarded more quickly and willingly.
  • Experts simply know the ropes. They will help you submit the documents once and get the desired result in 99% of cases – well, they don’t work magic, let’s be honest.

Find a good consultant if you want to save time, money, and effort.

There are three major questions about a foreign bank account: why open it, how to open it, and where to open it - and this is what we would like to discuss next. And that’s where a credible expert will help you once more, as the choice of jurisdiction, and a bank largely depends on your needs.

One of the best-known banking jurisdictions is, of course, Switzerland. Swiss banks can open an account online after a video conference with you. Read an article on top 10 banks in Switzerland if you feel this is your chosen jurisdiction. One of its top priorities is privacy, and banks are charged enormous fines if they violate banking secrecy.

Non-resident accounts can be opened online in many European banks, but you must choose the best one that meets your needs. For example, if you need a crypto-friendly European bank, we would recommend Liechtenstein.

Suppose you are a client whose top priority is asset protection. In that case, you can open one bank account in Europe and another one in a reliable jurisdiction outside Europe to diversify risks as much as possible. Popular non-European destinations include Belize, Saint Lucia, Panama, Singapore, and the Cook Islands, to name just a few.

Suppose you have successfully opened an account. Be sure to comply with the following recommendations to keep your account operational at all times:
  • Back up all your transaction with documentation, such as invoices.
  • Promptly respond to the bank’s questions.
  • Agree on any unusual operations with the bank in advance
  • Any changes in your details should be notified to the bank without delay
  • Update your certificates and any other documents before they expire
  • Use a professional scanner (not your phone) to make scans of documents to be sent to the bank
In conclusion, we would like to emphasize that our experts have reasonable offers to suit every taste and pocket. Follow the link above to take advantage of a free consultation available at our portal, where we will help you choose the proper jurisdiction and bank according to your needs. Money is the blood of life, so keep it in order!