How to Get an International Bank Account [Free Guide]

Table of Contents

1. Choose the Country
2. Choose the Bank
3. Prepare Your Application
4. Meet Deposit Requirements
5. How to Get an International Bank Account Today

As a bonus, we’re also going to discuss important questions you need to consider before choosing where to apply.

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 international bank accounts in top banking hubs around the world.

Choose the Country

Where do you want to open an account?

Not surprisingly, many people choose where they want to bank based on their specific requirements, such as:

• Returning for vacation annually
• Owning a vacation property or second home
• Paying local contractors or suppliers

Other people want bank accounts in certain countries for more financial reasons, such as:

• Currency diversification
• Exposure to stable economies
• Accessing investment opportunities

Whatever the reason, the fact is that most people can get an international bank account in any country, if they know how.

But, most people don’t know how – instead, they know where they want to open, but they end up struggling.

So, why is choosing the right country so difficult?

Difficulties Choosing Where to Open When Determining How to Get an International Bank Account:

• Changing regulations imposed by bank regulators
• Frequent updates to blacklists and greylists
• Inaccurate details on how to open accounts locally
• Lack of experience navigating the account opening process

One way to overcome these challenges is to open accounts in countries that you know accept clients like you.

With this in mind, we recently covered the top countries where foreign non-residents can get an international bank account in our article “Best Offshore Accounts [Top 7 Countries]”.

This article dives into each of the important factors you need to consider when choosing a country for account opening.

Including which countries cater to which client types, to help you overcome the challenge of deciding where to open.

It also includes a list of 7 countries that offer the best offshore accounts right now – including remote opening and deposit requirements.

Click here to learn more about how to get an international bank account in the top 7 offshore countries.

Choose the Bank

After choosing the country where you want to open, it’s time to select a bank.

Similar to choosing a country, bank selection is highly dependent on client profile, desired benefits, banking needs, and the requirements you can meet.

To help you with this, here’s a list of the key questions to ask when choosing a bank.

Questions To Consider When Choosing a Bank:

• Does the bank accept foreign non-resident baking clients?
• Will the bank accept your specific client profile?
• How much is the initial account opening deposit?
• What are the non-financial opening requirements?
• Are you required to visit the bank in person to open?
• Does the bank offer the type of account you need?
• Does the bank offer the services you require?
• What fees are associated with maintaining the account?
• How much does the bank charge for transfers and services?
• Does the bank have any restrictions on account activity?

Of course, even after answering each of the above questions, it’s possible that the bank will still deny your application.

Common Reasons for Failed Applications:

• Not properly preparing your application
• Not properly preparing for the (video) interview
• Incorrectly presenting your business (*this is very common)
• Labeling yourself or your business as high-risk (when it’s not)
• Not being able to meet the account opening requirements
• Applying to the wrong bank

Obviously, if you choose to apply to the wrong bank, you’ll have to start the selection process all over again.

In some cases, this can mean weeks of extra waiting, many hours of phone calls, and hundreds (sometimes thousands) in costs to get documents verified.

That’s why it’s so important to choose the right bank before you start applying!

There are different ways that you can do this, but ultimately to really know which banks are best for you (or your business), you should be considering a few key factors.

Factors to Include Before Choosing a Bank:

• Determining where people just like you are opening
• Reading reviews on specific banks and bankers before applying
• Confirming the real (not advertised) opening requirements
• Breaking down the alternative banks with similar options
• Reading step-by-step instructions on how to apply at each bank, and
• Preparing your application in a way that ensures opening success

While that might seem like a lot of work to just open a bank account, it’s what’s required if you want to save time, money, and frustration.

And, you can obviously do this on your own, trying to source information from different people on the internet – trustworthy or not.

Or, you can unlock all of this information with GlobalBanks IQ in just a few clicks.

GlobalBanks IQ helps foreign non-residents, entrepreneurs, and businesses get international bank accounts in the fastest and most effective way possible.

You can click here to learn more about GlobalBanks IQ – or read more at the end of the article.

For now, let’s talk about how to prepare your application before applying for an account.

Prepare Your Application

As a quick recap, if you’re getting ready to complete your application, you’ve already chosen the country and the bank where you want to apply.

So, now it’s time to maximize your chances of successfully opening.

To do this, you’ll obviously need to complete the bank-specific application form (or forms) to start the process.

But, banks will also require a number of supporting documents. And, depending on where you’re from, you may need to get these translated or authenticated by official sources.

Fortunately, these steps are primarily administrative, and as long as you follow the bank’s instructions, you should be fine… though they can be prohibitively expensive.

In addition to the application form, the bank will likely require the following. These are the basic requirements you should expect to meet – we break down more challenging requirements below.

Documents Required to Get an International Bank Account:

• Completed account opening application form(s)
• Two forms of government-issued identification
• Proof of residence (in your country of tax residence)
• Bank reference letter (if applicable)
• Proof of income and source of wealth
• Letter from employer (if applicable)
• Personal bank statements for the past 3-6 months
• And more…

That said, there are more difficult requirements you’ll need to overcome when applying for an account.

Common Areas of Concern for Personal Account Applications:

• Presenting a personal profile that the bank will accept
• Providing an accepted form of proof of income
• Providing sufficient proof for your source of wealth
• Demonstrating sufficient economic ties to the country
• Providing an accepted form of tax residency
• Providing an accepted proof of address from your home country
• Being able to meet telephone and SMS requirements

Common Areas of Concern for Business Account Applications:

• Presenting a business profile that the bank will accept
• Not mistakenly flagging the business as high-risk
• Providing sufficient contracts for income verification
• Demonstrating sufficient economic ties to the country
• Providing proof of address in the country of operation
• Being able to meet the bank’s deposit requirements
• Being able to meet telephone and SMS requirements

Many of these requirements can be difficult (sometimes impossible) for the average person to overcome.

This is especially true if you’re trying to figure out how to get an international bank account for the first time.

[Note: We break down specific solutions to each of these challenges in our detailed account opening playbooks and bank profiles, available in GlobalBanks IQ.]

Now, even if you can overcome each of the above challenges, there’s still one major requirement that we haven’t discussed yet… the account opening deposit.

Meet Deposit Requirements

Once your account is opened, it’s time to activate the account. To do so, you’ll need to make the initial deposit.

As mentioned, deposits can vary depending on the bank. But, they can also vary depending on the type of account you want to open.

For instance, if you’re looking to open a private bank account, you’ll be required (obviously) to submit a larger initial deposit.

On the other hand, if you’re looking for a transactional bank account, deposits will be much lower.

And, if you’re looking to open a business bank account, the deposit requirement will be different still.

Ultimately, how much you need to deposit depends on the bank, your client profile, and a range of different risk factors.

That said, here’s a look at a few popular banking hubs along with common deposit requirements for non-resident individuals and businesses.

This should help you to think about where you want to open accounts in relation to the deposit requirements.

Deposit Considerations When Determining How to Get an International Bank Account

[Note: If you want to start opening accounts in any of the countries below, you can unlock our most coveted account opening secrets, strategies, and lists of specific banks in GlobalBanks IQ right now by clicking here.]

As you can see, deposit requirements vary dramatically between jurisdictions and the account you want to open.

So, it’s important to understand what you’re willing to deposit in order to figure out where you should apply.

Otherwise, you could end up spending considerable time and resources trying to open an account that is outside your deposit level.

Of course, if you would like some assistance deciding where to open accounts, we can help.

How to Get an International Bank Account Today

GlobalBanks IQ gives you everything you need to start finding and opening accounts. 

When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.

And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.

Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.

To get started, click here to see if GlobalBanks IQ is the right choice for you. 

You can also view all of the account opening solutions offered by GlobalBanks on our products page by clicking here.