When people tend to travel more frequently or make businesses overseas or be interested in oversea investing, it is important to open an oversea bank account. The process of opening a foreign bank account is not as complicated as many people think. You are able to handle this process online or go to the domestic branch of a bank that operates in the country that you are interested in. Here are four steps that you should follow carefully when you are going to open an oversea bank account.
Step 1: Prepare for necessary documents
In fact, each bank has each own requirement when it comes to foreign account, however, there are three certain things that you have to present to the bank:
Identification: You will be required to present at least two forms of identification by most foreign banks. If you don’t bring your identification, you can also present your valid driver’s license or passport. It is expected that the process will take approximately 8 – 12 weeks and cost approximately $100 if you don’t have a passport.
Social Security Number: Usually, most banks request you to provide your social security number which will be used to verify your identity and to review your credit rating.
Birth Certificate: In most cases, when requesting to open an oversea bank account you will be asked to provide a certified copy of your birth certificate.
A part from the three mentioned documents, some offshore banks may request some types of financial reference documents from your current bank, which indicate average balances and a “satisfactory relationship.”lo
Besides, the banks may ask you about the nature of transactions which are expected to take place through the account. In the future, additional documentation must be provided if there is any doubted amount of money in or out from your account.
Step 2: Fill Out The Application
After collecting all necessary documents, you move to the step of application filling. Many reputable foreign banks give their customers option to handle this process through their websites. Remember to read carefully all the terms and conditions given before signing or submitting the application because the some regulations of foreign banks are different from those of local banks.
Step 3: Credit Check
Many foreign banks usually check your credits before supplying you an oversea bank account. Consequently, you should prepare for a good credit. You may face some problems if you own a poor credit, however, you can solve this problem by clearing up any discrepancies on your report, paying off past judgments, and keeping all of your credit card payments current.
Step 4: Deposit Money To The Account
You are able to deposit money to your account by wire transfers and in-person deposits. You are also allowed to transfer money electronically from your domestic account.