When it comes to international banking, it is often difficult to open a bank account without a physical presence in a given country. However, thanks to technology, the internet, and the widespread adoption of video calls, this is starting to change. We're starting to see a reversal in some banking policies that previously required in-person visits over the past five to ten years.
Now, for the first time, a select number of mainstream banks are even carrying out customer onboarding without physically meeting with a banker.
Traditional banks are allowing customers to open a bank account with a physical presence. This is shocking. Especially considering that opening accounts at most banks around the world is becoming more difficult as regulations increase.
However, among this sea of difficulties, there are few highly sought-after banks that make special exceptions.
For some banks, this is only a lesser-known part of their account opening policy.
Meanwhile, other banks only exempt certain types of people or companies from physical presence requirements. And in other banks, opening a bank account without a physical presence is only available through certain bankers.
When it comes to banking, the more money you have, the easier everything will be. Banks want to deal with wealthy customers and larger companies with high turnover because they are more profitable. Whether it's making loans, generating transaction fees, charging management and performance fees for investing your wealth or other services, the larger the deposit, the more money the bank can earn.
Therefore, it is not surprising that customers looking to open private bank accounts and deposit large sums of cash receive special attention from bankers.
In other words, instead of having to personally visit a branch, the bank will come to you. And if you are a wealthy customer looking to invest in other markets, access specific products or diversify your banking portfolio, this can certainly be a convenient way to open a bank account without the need for a physical presence in the bank's country.
Non-resident banking is becoming increasingly difficult around the world.
The catalyst? Increasingly stringent banking, information sharing and compliance regulations. And of course, massive data leaks, public scandals, money laundering cases, and the general misuse of non-resident accounts by some bad actors only make it worse.
As a result, any non-resident individual (or company) looking to open a bank account without a physical presence knows how difficult things can be, unless it goes hand in hand with Foster Swiss, as a consultant we are up to date with all the regulations and requirements of our network of banks worldwide.
The key to success is to monitor account opening policies at a wide range of banks, knowing which banks actually allow remote opening, which bankers to contact, and what types of customers can open remotely, without visiting the bank in person.
The expected amount for the ideal deposit varies, as well as the bank's expectations for that deposit. That is, if you are opening an account remotely in Portugal, you can pass with a deposit of $300, while, in Singapore you will require at least $ 150,000.
In other countries, deposit requirements are much higher and there may be an expectation that you will invest a large part of capital in affiliated banking products. The point is that as a non-resident, regardless of how much you want to deposit, there are options to open a bank account without a physical presence.
Bank account for offshore companies
Offshore companies are one of the most contentious issues in the world of international banking. For that reason, many people think that it is no longer possible to open a bank account without a physical presence when it comes to offshore entities. But that's not true. You just need to know what you're doing, have the right information, and know which countries, banks, and bankers you should contact.
In addition, your personal risk profile, source of funds and whether or not you can pass due diligence matters. And it is critical to find banks and bankers who are familiar with your structure, industry, and customer profile. Most people simply have the wrong strategy and falsely conclude that it is "impossible" for banks to open up the chosen structure.
As in private banking and non-resident customers, there are some important considerations for offshore businesses. These include where your company is incorporated, how much you plan to deposit, the description of your business and the industry in which you are involved, the source of funds, the estimated transaction flow, and of course, the ultimate beneficiary (UBO).
If your company fits the bank's risk parameters, can pass due diligence, uses the right account opening strategies, and appears to be a profitable customer, you will usually be able to open an account.
Of course, that requires you to approach the right banks. And while most people think offshore companies can bank in remote offshore jurisdictions these days, that's actually not the case at all.
You need to determine which account opening strategies are best for you. Finally, you need to carefully examine which banks will accept you realistically.
Otherwise, opening an account can be time-consuming and extremely expensive.
This is especially true if you have to repeat the process two or three times.
Here are some of the options you have to open a bank account without a physical presence:
Increase the size of the deposit so that your banker comes to you
Use an international bank that does not require in-person visits
Find a bank that has integrated new technology to replace physical meetings
Delay your in-person meeting until a later date
Foster Swiss, an international consultant, can advise you throughout the process of opening an offshore account, both for companies and personally. We will provide you with all the information to carry out a successful transaction.
Before you try to open a bank account without a physical presence, make sure that it is really worth banking at the bank you have chosen. Unfortunately, many banks that open a bank account without a physical presence are pressured by presenters, referral agents, and corporate service providers.
These groups often have a clear conflict of interest because banks pay them to introduce customers. In other words, these presenters have no motivation to help you find the best banking solutions.
If you want to open an offshore bank account, Foster Swiss can advise you. We help you in practically everything, we provide personalized advice from the moment of choosing the bank that best benefits you, until the opening of your offshore account.
For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com