Easiest Place to Open a Bank Account as a Non-Resident

Where is the easiest place in the world to open a bank account as a non-resident?

Well, it depends…

Sure, there are some jurisdictions where pretty much anyone can fly in and open an offshore bank account with no questions asked.

But more often than not, these are low-quality jurisdictions with bad reputations, where it’s really not worth having an account.

Instead, if you know where to go and how to navigate the process of opening an account, you can get bank accounts in some of the best banking jurisdictions in the world. Even without having to fly there in person.

Read on in this article as we go over how we determine which are the easiest banks and jurisdictions to open accounts with and how you can get started opening accounts today.

The Easiest Place to Open a Bank Account

The easiest places for non-residents to open bank accounts are often not the most desirable. Instead, we look for a balance between ease of opening and the quality of banking services. Read on for the easiest, reputable places to open accounts…

But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.

In this article, we’ll walk you through the process of picking where to bank and the common challenges you’ll face in the process of opening an account. While some jurisdictions are far easier to open with than others, there are challenges no matter where you go. We’ll cover all this and more in the following sections…

Benefits of Finding the Easiest Place to Open a Bank Account

In recent years, opening a bank account has become a much more complicated process across the globe.

Many banks will now make you jump through all kinds of hoops in order to open an account. And ask for endless documentation to prove your identity, demonstrate your connection to the country, verify the sources of your funds, and more.

If you go to the wrong country or bank, the whole process can feel like a nightmare. You might just give up in frustration.

And you wouldn’t be the only one…

To save our clients this headache, we’ve scoured the globe for the easiest places to open bank accounts.

Places, where you don’t have to go through exhaustive due diligence processes in order to get an account set up. Places where you don’t need to show business or personal ties to the country.

And best of all, places where you don’t need to physically be there in person to set up an account.

Knowing where to find “easy” jurisdictions and banks to open accounts with can mean saving hundreds, if not thousands, of dollars just in the process of opening an account. Not to mention days of gathering documentation and headaches of going back and forth with bankers.

Here are some of the top perks of applying with high-quality “easy” banks.

Benefits of Finding the Easiest Place to Open a Bank Account:

Can open accounts 100% remotely
No unnecessary travel needed
Convenience
Save time & money
Smooth account opening procedure
No exhaustive documentation is needed for due diligence

The trick to finding the easiest place to open a bank account is knowing which bank and branch will accept you before applying. And, as we mentioned above, you also want to make sure that the bank and jurisdiction are reputable and adequately provide the banking services you need.

Before we dive into how to find the easiest place to open a bank account, let’s first take a look at the challenges you should be aware of as a foreign non-resident. Before you start the process.

Challenges of Finding the Easiest Place to Open a Bank Account

While some places are undoubtedly easier to open accounts with than others, there will be challenges to navigate no matter where you go. Especially as a non-resident foreigner.

But, you can minimize the obstacles by taking the time to find the easiest place to open a bank account for your particular client profile.

That, essentially, is the biggest challenge of the whole process. Because banks don’t publicly publish all of their acceptance requirements. This makes it very difficult to know what your chances will be of success without having inside information.

The challenges of finding the easiest place to open a bank account will depend on the following circumstances:

Your residency/citizenship
How much you can deposit
Banking services & products you’re after
Whether or not you can show up in person to open an account

Every bank will require some basic documentation in order for you to set up the account. These are standard fares across every bank.

Basic account opening requirements:

Personal ID
Proof of address
Funds for the initial deposit

Of course, each banking jurisdiction has specific guidelines that applicants need to follow. Including account opening requirements that can vary between banks, branches, and even bankers.

So to make sure that the process is as smooth as possible, it’s important to familiarize yourself with the bank’s specific requirements before applying.

Now, how can you find the easiest place to open a bank account as a foreign non-resident? Here’s what you should be looking for…

How to Find the Easiest Place to Open a Bank Account

When looking for the easiest place to open a bank account as a non-resident, it’s crucial you know what you should be watching out for in the banks you’re considering.

To help you get started, here are several key features you should consider. These will help you to make an informed decision on whether or not the bank you’ve chosen is the best and easiest place for you to open an account with.

Features to Consider for Finding the Easiest Place to Open a Bank Account:

Reputation of the banking jurisdiction
Process of account opening
Remote account opening
Deposit levels
Bank clientele
Account types

Let’s look at the top three features one by one…

Reputation of the Banking Jurisdiction

For non-residents, it’s crucial to take note of the banking jurisdictions’ reputation and their banking system quality. This allows you to determine if the jurisdiction you’ve chosen is stable and safe to bank in.

Additionally, by understanding the reputation of the jurisdiction you also uncover the type of clients that bank there, account opening challenges, and bank-specific requirements you will need to meet.

Knowing these factors will determine whether or not the banking jurisdiction you’ve chosen is the easiest place for you to open a bank account in.

Process for Account Opening

In addition to reviewing the banking jurisdictions’ reputation, you also need to familiarize yourself with the account opening process specific to the bank you want to apply with. In particular, how long it will take you to open a bank account as a non-resident.

Of course, all banking jurisdictions and banks have different account opening procedures. But, just because they advertise that you can open an account in a day or within hours doesn’t mean it’s a trustworthy option.

Some of the best banks for non-residents require time to open an account. Time doesn’t necessarily mean effort. It can be a sign that the bank has thorough and reputable procedures for opening accounts.

You’ll also want to find out what requirements you will need to meet and what documents you will need to submit. And if you can, find out from others how smooth the process actually is.

This way, you can decide if the bank will be the easiest place to open a bank account.

Remote Account Opening

Another important feature worth considering as a non-resident is if remote opening is an available option to your client profile.

For many foreign non-residents, opening a bank account outside of their home country can be a huge hassle. This is because most banks require an in-person visit to open a bank account, especially for non-residents.

However, many banks do offer remote account opening to non-residents, which can make for a much more convenient account opening process. So if this is a priority for you, it will significantly narrow down the options for the easiest place to open a bank account.

Of course, as we mentioned earlier in this article, finding the easiest place to open a bank account highly depends on your client profile. More specifically, your residency, citizenship, type of account you need, services you’re after, and much more.

And, since everyone’s banking needs are different, the easiest place to open a bank account for you will differ from someone with another client profile.

Fortunately, you can find all the information you need in GlobalBanks IQ.

We break down specific solutions for different client groups in our detailed account opening playbooks and bank profiles, available in GlobalBanks IQ.

When you join GlobalBanks IQ, you’ll gain access to our entire library of premium reports dedicated to helping you find and open the best international bank accounts, including “International Banking Blueprint – How to Start Banking Overseas”.

This report shares secrets that industry insiders don’t want you to know. Not to mention, the dos and don’ts of the international banking world. Including, what you need to know to find the easiest place to open a bank account as a non-resident.

Now, if you’re ready to start opening accounts today and want to know where you can find the easiest place to open a bank account as a foreign non-resident, here’s how…