Earning abroad is an opportunity that most people give up due to the hurdles they have to face. One of these is the hassle of an international bank account. While the local accounts can cater to international transactions, it can get costly due to the excessive charges. Using the debit and credit cards comes with an international fee. Using the ATM for international transactions charges foreign ATM fee too. Sending and receiving money has its own charges. With all these expenses, opening an international bank account does seem like a hassle worth the shot. Here are the few things to consider before signing up for opening an international bank account.
Of course, opening any bank account requires some documentation. If this is being done in another country, the list of required documents is only longer. You are most definitely going to need your passport and at least one copy. Papers showing your identity are a must. Other than your passport, your birth certificate will be required for this reason. You will also have to show a legal proof of your residence. Some banks will even need you to write an official statement stating your reason for opening the account. After all this, you need to make an initial deposit to get the account open. The exact list of required documents will vary from country to country and bank to bank. Some offshore company owners make use of nominee directors to help ease this process of signing up for a bank account.
Of course, every country has a strict policy that deals with international investors. You need to consult with officials of the country to find out the exact laws applicable to you and your company. Make sure you’re doing things the right way or else, you could get caught up in international crime. That will not only ruin your repute, it will also cause the collapse of your newfound company. You must clear all queries regarding bank opening procedures, applicable taxes, ownership of assets, etc. to make things easier for you. You should also figure out if there are any limitations regarding financial assets’ ownership, transfers, etc.
Choose the right bank
As a newbie in another country, you’ll have hundreds of bank options offering you unique incentives for your business. You can consider a few things before making a decision on which bank to opt for. Firstly, make sure you’re getting the facility of online banking. Since you wouldn’t be available locally very often, online transactions will be your best friend. Fee schedules, transaction times, and transfer requirements are some other things to educate yourself about before making a decision. Don’t hesitate to take help from locals working in your company to guide you.
All these factors are things to research before you head out into the market. Opening an international bank account wouldn’t be a difficult task once you’ve done your research the right way. Research online but also take help from the locals for a foolproof plan.