WHERE CAN I OPEN A REMOTE BANK ACCOUNT ONLINE?

April 4, 2020by Daisy0

Where can I open a remote bank account online? Many people believe that they get advantages by opening an account outside the country, but indeed it is a solution that has advantages and disadvantages.

It is, therefore, necessary to carefully evaluate how to act and weigh different situations, starting from the country were to open the online checking account since not all of them are that convenient.

Let’s see some useful information on how to open an online bank account abroad, what are the advantages deriving from such a choice, and also the possible risks to pay attention to.

Who do foreign banks wish to have as clients?

First, the individual must exercise a real and understandable activity. It is essential to understand what its intended use will be, namely: receive salaries, commissions, dividends, or deposits to open a personal international bank account online.

The establishment of commercial relations begins with the presentation of the necessary documentary package, which will serve as a cover letter and demonstrate its reliability as a client. It is essential at first to determine the jurisdiction and the bank, as well as the company that will help you to open the account professionally online.

Where can I open a remote bank account online?

The most important question that many will be asking is: where to open the current foreign account? Which country offers me more significant savings and earnings guarantees? Answering this question is not at all simple. Not only does each state have its legislation on the subject, which provides for rights and duties, but the differences are also perceived between the individual national institutes.

Furthermore, making a case study is always an exercise at risk of change, since we can change the geopolitical conditions from one year to the next.

From savings, we can say that many nations such as Great Britain do not charge stamp duties on current accounts, as well as zero monthly or annual fees and commission expenses, the following things which are now also happening with existing accounts. Then remains to evaluate the returns: those who have recorded higher earnings to customers through interest income in recent years are:

  • Cyprus
  • Serbia
  • Vietnam
  • Bangladesh
  • Mongolia
  • Brazil

These are just a few examples, other rankings that combine profitability with safety see at the top countries such as the Czech Republic, Luxembourg, Sweden, Panama, but also Guatemala, Hong Kong, and Singapore.

Choosing jurisdiction: What do you need to know?

When choosing a country from which you plan to obtain banking services, it is essential to consider several points. An appropriate international bank must carry out its activities in an economically and politically stable area. The chosen jurisdiction must have a sufficiently reliable, solvent, and liquid banking system.

If you wish to deposit trusted banking entities, we recommend opening an international account in Liechtenstein, Switzerland or Luxembourg, as it is in these countries where the most stable and capitalized banking institutions in the world are located.

Also, we suggest that you consider various Fintech products for your daily operations, such as a personal account in a payment system, an electronic wallet with prepaid cards, or money transfer services. These products significantly reduce commission payments for small transfers worldwide, currency conversion, and international card payments. Other attractive jurisdictions that we have not commented on are Macedonia, Latvia, Estonia, Hungary, and Portugal.

When it comes to international banking, there are many options available. The wrong choice of the country can result in unnecessary headaches and setbacks that can end up harming both you and your savings.

What are the advantages of opening a foreign online bank account?

The opening of an online account allows us to access a series of advantages that traditional banking does not offer in many cases or, at least, not under the same conditions.

For example, to get an account without commissions in a traditional entity, it will probably be necessary to direct payroll of a minimum amount or contract products that link us, such as mortgages, credits, or insurance.

Both online and digital banks in which we can only operate through our mobile device, not having to pay the costs of maintaining an office network, allow us to open an account without commissions without asking anything in return.

In addition to this advantage, opening an online or mobile account allows us to access the following benefits:

  • Operational without going to the office. Most enable all operations to be carried out through the banking application or the web (issuing transfers, paying receipts, making direct debits, requesting the issuance of associated cards, etc.)
  • They require a smaller band. The accounts offered by physical banks usually ask for more requirements to eliminate commissions or offer advantages such as free cards.
  • They tend to be more transparent when it comes to publicizing information regarding the conditions of their products, opting for a clear and understandable style.
  • They have more customer service channels, such as social networks, chat, email, telephone, WhatsApp, etc.
  • Both traditional and online or digital banks offer this type of bank account. In the case of conventional entities, if we want a checking account without commissions, we will have to process the remote account registration and, besides, always operate from the app or web, maintaining a digital profile.

How to find the best?

The suggestion to find the best foreign online bank account is to rely on the web to make preventive comparisons, by visiting the most significant number of banks’ websites to get an idea of ​​the offer. The aspects of being evaluated are:

  • Management costs
  • Taxation
  • yields
  • Required documentation

Fortunately, most of these banking giants have multilingual websites or, in any case, almost all have the English version available, to quickly read the parameters that interest us.

What are the risks?

In part, we have already tried to answer this delicate question. The current foreign account may have many advantages at first sight. Still, the situation can change rapidly according to the geopolitical conditions of that area, such as the outbreak of a civil war, an economic or diplomatic crisis.

Think of the case of Greece, which offered very high returns until a few years ago, then the economic and financial situation inevitably precipitated the banking system, too, including the convenience for those who had a current account.

In general, it must be considered that very high returns entail equally proportional default risk factors, so extreme caution is needed when one wants to invest one’s money in a checking account in a foreign country with an unstable political situation. Another related factor is inflation so that a sudden surge could compromise the gains achieved through the account’s interest income.

Conclusion

All these risk factors must make us think seriously before deciding to open an online bank account abroad, even if it must be said that digital communication technology has greatly facilitated the opening and even eventual closure of a statement. Hopefully, this article “Where can I open a remote bank account online” will help you make your decision.

Daisy

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