Opening an Account for a Migrant in a Foreign Bank

Opening an account abroad is available to most citizens of different countries. You can open an account in a foreign bank as an individual or as a legal entity, for example, for your foreign company or offshore entity. This article discusses how to remotely open an account in a foreign bank for citizens of other countries.

Account for Foreigners in Europe

For various reasons, some relocated individuals who are citizens of other countries need to open a checking account, a card, or make transfers:

• Receive transfers from friends or relatives
• Receive salary or compensation
• Make transfers for children, parents, or work-related expenses
• Conduct purchases or sales of real estate or investments
• For other reasons

However, in reality, it is not so simple to do this for various reasons.

Challenges Migrants Face in Opening Banking Products

Many foreigners face difficulties in opening bank accounts and obtaining bank cards. This is mainly because traditional banks usually:

• Require physical presence in branches
• Require a large number of documents
• Take between 3 to 5 days to process
• Opening an account may cost 50–100 euros

How a Relocated Person Can Open a Foreign Account as a Foreigner

Anyone, regardless of nationality, can open an account in a foreign bank in most countries. As a rule, banks work with foreigners under special conditions. If you want to open a bank account abroad for yourself or a company, including offshore, be prepared to provide additional documents.

Which Country is Best for Opening an Account Abroad in 2024

If you are expecting a universal answer, there isn’t one. Each situation requires a personalized approach. You need to choose both the country and the bank based on your requirements and capabilities. As of 2024, the most attractive jurisdictions for opening accounts include:

• Cyprus
• Latvia
• Hungary
• Switzerland
• Poland
• Montenegro
• Hong Kong
• UAE
• Serbia
• USA
• Liechtenstein
• Hong Kong

Our list includes a little over 10 countries, but this doesn’t mean you should be limited to just these. These are simply the most popular countries for 2024, and the list can be extended.

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How and Where to Open an Account Abroad in a Foreign Bank

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Can an Account Be Opened in Other Countries Without Physical Presence?

Yes, it is possible. You don’t necessarily need an agent or representative—some banks are willing to exchange documents by mail. Usually, in such cases, a video call may be scheduled as part of the KYC (Know Your Customer) process, during which bank representatives learn more about the client and ask for an original passport to be shown.

Each country and its financial services have different requirements. Remote account opening—without physical presence—is not available everywhere or always. Therefore, before making a decision, learn about the situation in the specific country. Sometimes, there is another option—most interactions can be done remotely, but travel might be required for a final meeting, for instance, to sign the contract. Part of the interaction happens remotely by mail or via the bank’s app, and another part requires a personal visit.

Can a Foreign Bank Be Found on Russian Territory?

Banks such as OTP Bank, Unicredit, and others are foreign. The logical thought arises to open a foreign account through their branches in Moscow or St. Petersburg. However, this is one of the biggest misconceptions. Despite being foreign, within Russia, these banks are considered local Russian entities and do not have direct product ties to their parent organizations abroad.

Examples include:

• Raiffeisenbank
• Unicredit Bank
• Citibank
• ICBC Bank
• OTP Bank
• Bank of China
• JP Morgan Bank
• Credit Europe Bank
• Intesa
• Sumitomo Mitsui Rus Bank
• Mir Business Bank
• Deutsche Bank
• Indo Bank
• KEB Hana Bank
• DenizBank

All three have branches in Russia that are considered “local banks” and cannot offer foreign accounts. This is true for most other banking organizations as well. Exceptions are very rare and generally come with various restrictions.

Thus, the answer to whether you can open a foreign account at a Russian branch is clear: no, you cannot. All exceptions that ever existed only prove this rule.

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Advantages of Using Credits for Opening an Account for Foreigners

In a dynamically changing financial landscape, exploring various banking and fintech solutions, such as Credits, can help you select the most suitable option for your needs:

• No need to visit a bank branch; all processes can be done online.
• Account opening with a residence permit takes only 1 hour.
• Minimal KYC requirements: just provide ID and address proof. Only a passport is needed.
• Fully remote IBAN account opening:
  • No deposits required; everything is completely free.
  • Account opening is free, receiving money to the account is free, and no fees are charged for holding funds in the account.

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Credits is a modern multi-service financial fintech platform that provides EU citizens and other residents with a residence permit with quick access to banking and cryptocurrency services through a convenient mobile app or web browser interface.

Are Russians Allowed to Open Foreign Accounts?

This is an important question, as 15 years ago, there was a law requiring Russian citizens to obtain special permission to open an account abroad. In 2022, the situation is much simpler, and most Russians can freely open accounts in their desired countries and in as many banks as they find convenient.

How to Open an Account in a Foreign Bank on Your Own

In most cases, a personal trip to the country where you want to become a banking client will be required. However, before traveling, you’ll need to prepare:

1. Research information on the jurisdiction.
2. Select 2–3 banks.
3. Find out what documents are required.
4. Obtain a recommendation.
5. Plan the trip.

Opening an account on your own always starts with research. You’ll need to learn about the jurisdiction you’ve likely chosen and any alternative options. For example, it’s often believed that opening an offshore account is profitable, but this can be challenged by reality. Such products are not suitable for everyone, so market research is the first step you need to take.

Once you’ve chosen a jurisdiction, you’ll need to choose a bank—ideally two or three. If you only have one option, there’s a chance that when you arrive, the trip may be unproductive. For instance, you might discover certain requirements during a personal visit or even be denied due to some bureaucratic detail. Having 2–3 options is more reliable.

Documents for a Relocated Person to Open an Account in a Foreign Bank

Next, you need to learn about the documents required by each bank. The document package for opening a foreign account depends not only on the jurisdiction but also on the specific banking organization. Learn the requirements for one organization, but be sure to check others as well. We’ll discuss the minimum document requirements for opening an account in a foreign bank in more detail later.

When you know which documents are needed, they should be prepared. Some documents might take several weeks to obtain, so allow enough time for all processes. Most often, the document's date is important, as some may need to be no older than one month. Start with the most time-consuming documents when preparing.

While preparing documents, begin planning your trip to the country where you want to open an account. Check if a visa is required. If so, start the visa process. Plan the duration of the trip based on the time required to open a bank account. In some countries, it takes just a day (or even less!), while in others, you may need to spend more than a week and visit the bank several times.

Opening a Visa or Mastercard in a Foreign Bank

Don’t forget the bank card, as making a personalized card can take 3–10 days. Visa or Mastercard cards allow remote access and management of your funds, so they need to be obtained. Many banks offer the option of sending cards internationally.

In large banks in non-English-speaking countries, an English version of the agreement is often available—this partially resolves the issue if you speak English. Another option is to use a translator. These services are usually offered by independent companies unrelated to banking organizations, so you need to allow time and budget for finding a translator.

Which Documents Are Required

Each bank has its own requirements; here is a general example of required documents:

• The applicant’s foreign passport
• Completed account application form
• Utility bill or other proof of residence
• Registration documents (for company account opening)

These last documents are only needed if you want to open the account remotely (some banks allow remote account opening). Unusual additional requirements may include certificates of no criminal record and documents proving financial standing, such as a bank statement. This is what is often requested as additional information. However, this list is not exhaustive; you may also be asked to confirm your tax residency and provide other documents, so always check the bank’s requirements in advance.

Remote Account Opening

In most cases, a visa, personal presence, or a residence permit from a European country will be required.

You can open a bank account in Europe, the USA, Canada, Australia, the UAE, or China remotely. Many banks are willing to work with foreign individuals and companies. However, each bank has its own requirements for documents, fees, and registration.