Opening a bank account abroad – reasons, difficulties, solutions
In what cases will you need to open an account abroad? First of all, we need to note that there are two different types of tasks – bank accounts for individuals and bank accounts for businesses / companies.
Let us start seeing the first situation – bank accounts for individuals. Such necessity can arise, for example, in the following cases:
- If you live abroad or go abroad regularly;
- To ensure reliability and safety of your funds;
- To receive dividends or other income abroad;
- To ensure confidentiality;
- Risk diversification — keeping funds in different countries;
- To purchase and carry out further management of the real estate abroad.
One shall take into account the following parameters when choosing a country and a bank to open a private person account:
- Stability of banking system and country in general;
- Banking services quality;
- Convenient access;
- Distance from your permanent place of residence;
- Reasonable requirements on the minimum account balance.
It is important to note that the choice should be based not only on the personal preferences, but, clearly, on the facts regarding which banks and which countries offer the appropriate services. For example, a bank account in Switzerland is prestigious and reliable, but you should have substantial funds to open it – most banks in this country set high minimum balances for accounts (from half a million euros and higher).
Reasons for opening bank account abroad for businesses / companies
Availability of a bank account abroad can be the essential condition of successful and efficient operation for the companies carrying on international business. The following tasks can serve as examples of such situations:
- Efficient cooperation with foreign partners: payments and receipt of funds on various contracts and in different currencies;
- The necessity of operating on a certain market with the mandatory condition of a local account availability;
- The necessity of operating with certain currencies of other countries, for example with the United Arab Emirates dirham.
- Registration of a subsidiary or an independent foreign company and opening a bank account.
In addition to such essential factors as reliability and stability of banking institutions, a possibility of operative funds managing via the Internet, as well as the total quickness of payments, cost of services and the volume of documents on payments that may be requested by a bank is a very important condition when opening a corporate account.
Let us summarize the abovementioned facts. Now we understand all the diverse whys and wherefores and situations when you may need to open private or corporate foreign bank account. But what practical solutions are available nowadays? In fact, these days there are not many options due to the harsh requirements of banking institutions. If you need an efficient banking service alongside with a reasonable volume of required documents, the UAE banks look to be the ideal solution for both individuals and companies.
For individuals: the amount of minimum required account balance starts from a few thousand dollars. Only standard documents are required.
For companies: there is an opportunity to open bank accounts to carry on business quickly and effectively. The amount of minimum required balance is also not very high.
Besides, with our support, you have no difficulties when preparing all the documents and opening accounts abroad. We provide assistance at all stages, including the initial period of working with a bank.