If you are already determined to open your bank account, you should prepare for it. You must carefully understand your banking objectives and be clear about your strategy. You need to know for sure what benefits you are really looking for from offshore banking.

Knowing the bank perfectly is your duty, you have to be clear about the risks and disadvantages of the bank, types of bank accounts, among others.

It is advisable to look for banks that already have as clients companies or legal forms similar to yours. This way you will understand that you are not a high risk customer for them.

Opening an offshore account is difficult, but at Foster Swiss we make it easy. Here we will show you some common obstacles that clients encounter when applying for a bank account abroad.

• Failure to take the application process seriously and respond with weak and ill-thought-out responses.

• Assuming that banking is a "right" rather than a privilege and taking a sloppy approach to openness.

• Not understanding the real questions bankers ask or answering poorly.

• Not having the specific documents and supporting evidence they request.

• Activation of additional compliance and due diligence requirements by accident.

• Not understanding the language of banks and being alerted by the wrong words.

• Being unable to explain in a way that makes sense for compliance.

• Not explaining what your business consists of correctly.

It is essential to be prepared when applying for an account abroad, otherwise it will be a sure failure that will become a waste of time and money.

But you should also know that being rejected by banks is a common result, although with the advice of Foster Swiss this can be avoided.

It's a sure hit if specific strategies, intelligence reports, and banking details from our database are used to inform your offshore banking applications. These strategies, combined with country reports and advice from Foster Swiss, ensure that your transaction is complete.

The first thing applicants should know are the basics of the offshore account opening process.

• Connect and build rapport with bankers in a variety of settings.

• Know what scares banks when evaluating new customer requests and during interviews.

• The preferences, likes and dislikes of the bank's clients, compliance concerns and peculiarities of opening accounts.

• What motivates bankers in particular and how to make your banker an advocate for your request?

• Identify banks that have approved requests from clients similar to you.

• Prepare applications based on specific needs and interests of the bank.

• Highlight strengths while sharing all necessary information and documents during banking interactions.

For more information about our services contact our consultants via email info@fostersiwss.com