Opening an Account for a Migrant in a Foreign Bank

Opening an account abroad is available to many citizens of different countries. You can open an account in a foreign bank as an individual or as a legal entity, for example for your foreign company or offshore entity. This article explains how to remotely open an account in a foreign bank for citizens of other countries.

Account for Foreigners in Europe

For various reasons, some relocated individuals who are citizens of other countries need to open a checking account, obtain a card, or make transfers:

• Receive transfers from friends or relatives
• Receive a salary or other compensation
• Make transfers for children, parents, or work-related expenses
• Conduct purchases or sales of real estate or investments
• For other personal or business reasons

However, in reality, it is often not so simple for several reasons.

Challenges Migrants Face in Opening Banking Products

Many foreigners face difficulties when opening bank accounts and obtaining bank cards. This is mainly because traditional banks usually:

• Require physical presence in branches
• Require a large number of documents
• Take between 3 and 5 days to process applications
• May charge €50–€100 for account opening

How a Relocated Person Can Open a Foreign Account as a Foreigner

Anyone, regardless of nationality, can open an account in a foreign bank in many countries. As a rule, banks work with foreigners under special conditions. If you want to open a bank account abroad for yourself or for a company, including an offshore entity, be prepared to provide additional documents.

Which Country Is Best for Opening an Account Abroad in 2024

If you are expecting a universal answer, there isn’t one. Each situation requires a personalized approach. You need to choose both the country and the bank based on your requirements and capabilities. As of 2024, the most attractive jurisdictions for opening accounts include:

• Cyprus
• Latvia
• Hungary
• Switzerland
• Poland
• Montenegro
• Hong Kong
• UAE
• Serbia
• USA
• Liechtenstein

Our list includes more than 10 countries, but this does not mean you should be limited to only these options. These are simply some of the most popular jurisdictions for 2024, and the list can be extended.

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How and Where to Open an Account Abroad in a Foreign Bank

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Can an Account Be Opened in Other Countries Without Physical Presence?

Yes, it is possible. You do not necessarily need an agent or representative — some banks are willing to exchange documents by mail. Usually, in such cases, a video call may be scheduled as part of the KYC (Know Your Customer) process, during which bank representatives learn more about the client and ask to see the original passport.

Each country and financial service has different requirements. Remote account opening without physical presence is not available everywhere or in every case. Therefore, before making a decision, learn about the situation in the specific country. Sometimes there is another option: most of the process can be completed remotely, but travel may still be required for a final meeting, for example to sign the contract.

Can a Foreign Bank Be Found on Russian Territory?

Banks such as OTP Bank, UniCredit, and others are foreign-owned. A logical question arises: can you open a foreign account through their branches in Moscow or St. Petersburg? However, this is one of the biggest misconceptions. Despite foreign ownership, within Russia these banks are considered local Russian entities and do not offer direct access to foreign banking products from their parent organizations abroad.

Examples include:

• Raiffeisenbank
• UniCredit Bank
• Citibank
• ICBC Bank
• OTP Bank
• Bank of China
• JP Morgan Bank
• Credit Europe Bank
• Intesa
• Sumitomo Mitsui Rus Bank
• Mir Business Bank
• Deutsche Bank
• Indo Bank
• KEB Hana Bank
• DenizBank

These banks may have branches in Russia, but they are treated as local banks and generally cannot offer foreign accounts. This is true for most other banking institutions as well. Exceptions are very rare and usually come with restrictions.

So the answer to whether you can open a foreign account at a Russian branch is usually no. Any exceptions only confirm the rule.

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Advantages of Using Credits for Opening an Account for Foreigners

In a dynamically changing financial landscape, exploring various banking and fintech solutions such as Credits can help you choose the option that best suits your needs:

• No need to visit a bank branch; all processes can be completed online.
• Account opening with a residence permit takes only 1 hour.
• Minimal KYC requirements: just provide ID and proof of address.
• Fully remote IBAN account opening.
• No deposits required; everything is completely free.
• Account opening is free, receiving money is free, and no fees are charged for holding funds in the account.

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Are Russians Allowed to Open Foreign Accounts?

This is an important question, as years ago there were stricter legal and administrative limitations in this area. In more recent years, the situation became simpler in many cases, and many Russians were able to open accounts in foreign jurisdictions depending on the rules of the specific country and bank.

How to Open an Account in a Foreign Bank on Your Own

In many cases, a personal trip to the country where you want to become a banking client may still be required. However, before traveling, you should prepare:

1. Research the jurisdiction.
2. Select 2–3 banks.
3. Find out what documents are required.
4. Obtain recommendations if needed.
5. Plan the trip.

Opening an account on your own always starts with research. You need to understand the jurisdiction you have chosen and any alternative options. For example, it is often believed that opening an offshore account is always profitable, but in reality such products are not suitable for everyone.

Once you have chosen a jurisdiction, you should also choose a bank — ideally two or three. If you only have one option, there is a chance that the trip may turn out to be unproductive. For example, you might discover additional requirements during a personal visit or even be denied due to some bureaucratic detail. Having 2–3 options is more reliable.

Documents for a Relocated Person to Open an Account in a Foreign Bank

Next, you need to learn about the documents required by each bank. The document package for opening a foreign account depends not only on the jurisdiction but also on the specific banking institution. Learn the requirements of one bank, but make sure to check others as well.

When you know which documents are needed, prepare them in advance. Some documents can take several weeks to obtain, so allow enough time for all processes. In many cases, the issue date of a document is important, as some documents may need to be no older than one month.

While preparing documents, begin planning your trip to the country where you want to open an account. Check whether a visa is required. If so, start the visa process early. Plan the duration of the trip based on the time required to open a bank account. In some countries, it may take just a day, while in others you may need to stay for more than a week and visit the bank several times.

Opening a Visa Card in a Foreign Bank

Do not forget the bank card, as issuing a personalized card can take 3–10 days. A Visa card allows remote access and convenient management of your funds, so it is an important part of the banking setup. Many banks also offer international card delivery.

In large banks in non-English-speaking countries, an English version of the agreement is often available. This can partially solve the language issue if you speak English. Another option is to use a translator. These services are usually offered by independent providers, so you should allow time and budget for this as well.

Which Documents Are Required

Each bank has its own requirements, but here is a general example of the documents that may be required:

• The applicant’s foreign passport
• A completed account application form
• A utility bill or other proof of residence
• Registration documents for company account opening

Additional requirements may include a certificate of no criminal record, proof of source of funds, or a bank statement. This list is not exhaustive. You may also be asked to confirm your tax residency and provide other supporting documents, so always check the bank’s requirements in advance.

Remote Account Opening

In many cases, a visa, personal presence, or a residence permit from a European country may still be required.

You can open a bank account remotely in Europe, the USA, Canada, Australia, the UAE, or China in some cases. Many banks are willing to work with foreign individuals and companies. However, each bank has its own requirements for documents, fees, and onboarding procedures.