For many foreign non-residents, being able to access international personal banking outside of your home country is critical to growing your wealth.
This is especially true if you live in a country with economic uncertainty, unstable currencies, or a lack of banking products and services.
Understandably though, it can be difficult to know where to access the best banking services abroad.
And even more importantly, which banks will accept clients with your profile, based on what passport you have, where you are a resident, etc.
Read on for everything you need to know on how to unlock the best international personal banking options for your profile.
What is International Personal Banking?
International personal banking is for those looking to diversify their assets by opening bank accounts outside of their home country. Read on to find out if international banking is for you and how to find and apply to the best banks abroad.
Here’s a look at everything we’ll cover in this article…
Table of Contents:
- Who is International Personal Banking For?
- Benefits of International Personal Banking
- Challenges of Unlocking International Personal Banking Services
- Where to Access International Personal Banking Services
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.
Who is International Personal Banking For?
International personal banking is one of the financial elite’s best-kept secrets.
Many people only ever open a single bank account in their home country. The idea of opening another bank account in a country they don’t live in would never occur to them.
If that’s your case, don’t worry. That’s completely normal.
But now that you’re here, you should know that opening an international bank account can open doors to countless opportunities for you. It can keep your money safer, enable you to earn higher interest rates, give you access to a wider variety of investment products and so much more.
Pretty much anyone can benefit from having international personal banking. But it is especially useful for anyone in the following groups…
Client Groups That Should Definitely Have International Personal Banking:
- Frequent non-resident travelers
- Expats or Digital Nomads
- Individuals looking to diversify their assets among safer banking jurisdictions
- Individuals looking for economic stability outside of their home country
- Individuals from the Unlucky Passport Club (what we like to call those from countries that are often black- or grey-listed by banks)
- Individuals planning to retire outside of their country of origin
- Individuals looking to invest in international products & services
With that in mind, not all countries or banks offer international personal banking services to people who don’t live in their country. So, if you don’t know where to go, you’ll have a difficult time opening an account.
That’s why it’s important to apply to banks that cater to foreign non-residents of your client profile.
Before we dive into where foreign non-residents can access international personal banking, let’s first look at the benefits you can unlock by having an international account. This is key to helping you choose the right bank for you.
Benefits of International Personal Banking
As mentioned above, opening an international personal bank account can be a powerful tool. It can afford you many opportunities you likely can’t access in your country of origin.
For instance, international personal banking can protect your money from economic uncertainty and help grow your wealth by diversifying your assets over multiple accounts and jurisdictions.
But, that’s not all.
Here’s a look at the many other benefits foreign non-residents can unlock with international personal banking.
Benefits of International Personal Banking:
- Convenience
- Access to safer and more stable banking systems
- Asset diversification
- Competitive interest rates
- Low to no foreign exchange fees
- Low to no transaction fees
- A more comprehensive range of investment products & services
- Ability to grow wealth with stable currencies
- Access to multi-currency accounts
- And more…
As you can see, there are many benefits that foreign non-residents can access with international personal banking.
Of course, not all banks are the same. So it’s important to know where to go to access these benefits and where you can open an account for your client profile.
Then you need to be able to navigate banks’ complex requirements in order to successfully open an account.
To maximize your chances of opening an international personal bank account successfully, here are some of the most common challenges that you can expect to face in the process.
Challenges of Unlocking International Personal Banking Services
No matter what type of account you want to open or the services you’re after, you’ll always run into challenges as a foreign non-resident when banking internationally.
The challenges aren’t impossible to overcome if you know what you’re doing. But they can be a real headache or can block you entirely if you don’t.
With the proper preparation, most foreign non-residents can unlock high-quality international personal banking services without too much hassle.
However, if you chose the wrong bank, don’t submit the appropriate supporting documents, or aren’t able to meet application requirements, your application will be denied.
With this in mind, let’s look at the common challenges to prepare yourself as a foreign non-resident when opening a bank account to unlock international personal banking services.
Challenges of Unlocking International Personal Banking Services:
- Finding a bank that offers all of the international personal banking services you’re after
- Getting stuck with a bank that doesn’t offer the services you’re after or that charges high fees
- Wasting time & money when you don’t know which bank will accept you
- Being unable to meet bank-specific account opening requirements
- Being unable to support the required deposit level
- Being unable to navigate strict onboarding processes due to increasing compliance requirements
- And more…
As you can see, there are many challenges to opening an international personal bank account.
All of which start with finding the right bank for you. One that offers the banking services that you’re looking for and that will accept your specific client profile.
So, with that said, let’s look at where you, as a foreign non-resident, can access international personal banking services.
Where to Access International Personal Banking Services?
Choosing where to open a bank account to access international personal banking can be tricky. But it’s very worth your time to do the research because it will save you a great deal of time and headache in the long run.
When considering different banks, you want to assess your options based on the following key features:
- Account types available
- Client types they accept
- Currency diversification that is offered
- Access to investment opportunities
- Exposure to stable economies
What most people don’t know is that not all banking jurisdictions accept foreign non-residents. And in some cases, even if a bank does accept foreign non-residents, they might restrict them from accessing certain banking services.
So, to help you out, we’ve broken down the top banking jurisdictions where you can access international personal banking services by specific client types.
Let’s look at each banking option one by one…
The Isle of Man: Expat International Personal Banking
If you’re new to international personal banking and are looking to open a bank account as an expat but can’t meet high deposit requirements, then the Isle of Man might be the right choice for you.
The Isle of Man is an attractive banking option for many expats due to its lower initial deposit amounts, solid banks, and economic stability.
And, since banks here tend to cater to expat clients, it’s no surprise that the Isle of Man has become a popular expat banking solution.
Of course, like banking anywhere, to open an account to access international personal banking services as an expat, you still need to meet bank-specific requirements, overcome account opening challenges, and know which banks will accept you.
We cover the entire account opening process, including how to choose the best bank for expats in our premium members-only report “Banking in the Isle of Man: expat Banking Goes Mainstream”.
You can access this report immediately when you join GlobalBanks IQ.
Panama: Offshore International Personal Banking
Panama is another option for foreign non-residents interested in international personal banking.
Now, despite the bad reputation that this jurisdiction has gained after the Panama Papers, banks here are highly reputable and provide valuable services to foreign non-residents.
In fact, for many, Panama is one of the most accessible international banking hubs available. All thanks to the use of the US dollar, its stable economy, and its stable political environment.
With that said, account opening in Panama can be a challenge. This is because most banks here do not accept foreign non-residents. And, even those that do, have strict account opening requirements non-residents need to meet.
However, with the right information, you can open a bank account in Panama and access international personal banking as a foreign non-resident. You can even open accounts here 100% remotely… if you know where to apply.
If you’re interested in learning more about how you can navigate the account opening challenges, we have you covered from start to finish.
We share everything you need to know about banking in Panama, including which Panamanian banks accept foreign non-residents, how to apply for accounts 100% remotely, and which banks are best suited to different client types in our premium members-only report “Panama Offshore Banking: Ultimate Guide to Account Opening”.
You can access this report immediately when you join GlobalBanks IQ.
Singapore: The Best International Personal Banking Available Anywhere
Now, if you’re looking for the best of the best, Singapore might be worth considering. This is because Singapore offers exceptional international personal banking to foreign non-residents.
However, banking in Singapore comes with a large price tag. Not to mention, much stricter account opening requirements.
That said, with the right account opening strategy, foreign non-residents can open a bank account in Singapore and unlock the unique benefits of international personal banking. Including multi-currency accounts, access to lucrative investment products, and even enhanced asset protection.
If Singapore is the right choice for you, you’re in luck.
We cover the entire account opening process, including who can and cannot open here, and how to get started in our premium members-only report “Banking in Singapore: Global Banking at Its Best (And How to Get in)”.
You can access this report immediately when you join GlobalBanks IQ.
USA: International Personal Banking with Unique Benefits
International personal banking in the United States is another very attractive option for many foreign non-residents.
This is not only because US banks are very open to foreign non-residents, but also because of the lucrative benefits, US banking has to offer. Including a wide range of banking products and services provided by some of the best banks in the world.
But, that’s not all.
Banking in the US allows you to build a US credit history to access US credit cards, financing, and mortgages.
US credit cards are one of the main reasons foreign non-residents are attracted to US international personal banking. This is because US credit cards offer attractive and profitable rewards you can’t access anywhere else in the world. In fact, no other country even comes close.
To top it off, foreign non-residents can open bank accounts and access US international personal banking 100% remotely.
Of course, you need to know which bank, branch, and banker to approach in order to open an account without having to be there physically.
Fortunately, we can help with that.
We cover everything you need to know about opening a bank account in the US as a foreign non-resident, including how to unlock the benefits in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.
