How to open a bank account abroad?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Some ten years ago, Russians could open an account abroad only with the permission of the Central Bank of the Russian Federation, or living in another country. Times have changed, now an individual can freely choose any bank in countries recognized by the Central Bank of the Russian Federation as trustworthy.

Before you open an account in a foreign bank, you need to find out everything about its capabilities. Firstly, this is an excellent chance to entrust your funds to one of the most reliable world banks, and not be limited to Russian financial institutions. Secondly, savings will be protected from the devaluation of the national currency. It should be noted that the interest on accounts compared to Russian banks abroad is much lower. The tax service of the Russian Federation will not be able to freely control deposits, but upon request, foreign banks are still required to provide all the necessary data.

Before you open a bank account, you need to understand that it can only be used for spending or savings. For example, American banks are more profitable precisely for spending. The procedure for opening an account can take up to three months, allit will take the organization time to verify the identity of the client.

There are only two ways to open a bank account. The first is the personal presence of the client with a full package of documents at the bank office. The second way is to transfer all the powers to open an account to an intermediary firm. In this case, the client must only provide samples of his signature, it is not necessary to be present in person.

There is also a third way to open a bank account - via the Internet. But it is acceptable only for those who live in that country. For non-residents, this option is completely unsuitable. Today, many foreign banks accept foreign clients with caution, there are even those that have blacklisted Russia, respectively, Russian citizens in such financial institutions are not able to open an account.

Before opening a US bank account, in most cases you must have an SSN, proof of identity. You will also have to fill out a special questionnaire, answering standard questions about whether there is real estate, open accounts in other banks, what is the composition of the family, place of work, etc. They may also be asked to provide a receipt, which would indicate the address of the client's residence.

Many foreign financial institutions put some kind of restrictions, which do not hurt to know before you open a bank account. For example, in order not to pay monthly for account maintenance, you need to keepa certain amount of money or belong to a specific social group.

Some entrepreneurs are interested in the question of how to open a bank account in order to hide income from the tax service of the Russian Federation. This can be immediately forgotten, as many institutions have launched an intensified fight against money laundering. They look with suspicion at clients who very often receive large sums from the CIS countries on their account. A person will either have to explain where he gets such income from, or the bank simply blacklists him and strikes him out of a number of his clients.

Opening an account in a foreign bank is not difficult, you just need to go through a certain registration procedure. It will be easier for those who have small amounts of money, as there may be some problems with a highly profitable business.