Opening a foreign bank account online

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More and more Israeli citizens are opening accounts abroad. This is convenient for those who live or have had business abroad for a long time. In addition, a foreign bank account is an excellent tool for investing in foreign real estate and other assets. It is also a great way to protect your finances from the economic instability.

Why open a bank account abroad?

A foreign bank account is available to almost any individual and every Israeli private firm as long as the charter provides for foreign economic activity.
Israeli citizens can open a foreign account for:
  • official employment abroad
  • get a residence permit
  • buy real estate
In addition, opening a foreign bank account saves you a lot of money when paying for foreign goods or services.
For legal entities, setting up a bank account overseas is a great way to receive payments for services or work from non-residents and cover expenses that arise for residents overseas.

Benefits of opening an account overseas

By registering your account, you get the following advantages:
In developed jurisdictions, banks value their reputations. They only provide information about their clients’ financial transfers to third parties if they have the appropriate documents.
This is important if you are active in a foreign market and have foreign partners. A foreign account opens up new opportunities for the entrepreneur in the country where the account is registered.
Another valuable opportunity you get is using a foreign bank’s loan programs. They are available to people with deposits, savings, or checking accounts.
Regardless of location or time zone, you have round-the-clock access to your funds via Internet Banking. You can pay with your card at POS, make purchases online and withdraw cash from any ATM worldwide.
This allows foreign banks to offer their clients more attractive investment services and solutions.
Most foreign banks working with non-residents provide their clients with personal managers who supervise them on all issues.
This plays a significant role if you plan to often send funds and perform other operations with the account.
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Terms and cost of opening an overseas banks account

The timing and cost of opening an account vary greatly depending on the specific bank. You should familiarize yourself with information from our bank partners to choose the best option.
Reliable Swiss bank offers opening personal and corporate accounts for foreigners. Switzerland is well known for its long history of financial stability, confidentiality, and security, and its banking system is renowned for its expertise in wealth management and investment services. It is possible to open an account remotely (without visiting the bank branch in person) and in person. Account opening at the bank takes up to 2 months, depending on the availability of documents. Perfectly working infrastructure for transfers anywhere in the world. Ability to order deposit boxes, loans, and a personal manager. In addition, the bank offers reduced prices for transactions made through the online account. Minimum financial deposit – 5,000 CHF. Leading prices:
Opening CIM Multicurrency Account 1500 EUR
Maintenance of CIM Multicurrency Account 90 CHF quarterly
Maintenance of CIM Precious Metal account, Gold, Silver, Palladium and Platinum 80 CHF quarterly
It is possible to open an account remotely or in person. The account opening process takes up to 3 months. Bank offers a wide range of financial products and services that are available to non-residents. They are known for their high level of customer service, and offer online banking options that make it easy for customers to manage their accounts from anywhere in the world. The advantage is a very developed banking infrastructure for payments. Also, the bank offers very favorable conditions for money transfers (set commission for transfer) Minimum financial deposit – 10,000 CHF

Main prices:
Opening CIM Multicurrency Account 2550 EUR
Maintenance of CIM Multicurrency Account 120 CHF quarterly
Outgoing transfers (in CHF)
0 – 1’999 25 100’000 – 199’999 315
2’000 – 4’999 25 200’000 – 499’999 385
5’000 – 19’999 45 500’000 – 999’999 455
20’000 – 49’999 105 1’000’000 – 1’499’999 525
50’000 – 99’999 175 From 1’500’000 0,045%
The Latvian bank offers services for opening personal and corporate accounts for foreigners. Latvia is currently a reliable banking jurisdiction, which is great for working with Europe. After 2018, Latvia brought all banking legislation in line with EU requirements, so this area in the country is very safe. It is possible to open an account remotely (without visiting the bank branch in person) and in person. Account opening at the bank takes up to 2 months, depending on the availability of documents. This is a beneficial option for those who want to put their money in a reliable European bank. In addition, the annual use of the payment card is included in the price. Main prices:
Opening the Multicurrency Account 1800 EUR
50 EUR (additional account)
Maintenance of the Multicurrency Account 20 EUR monthly
Minimum account balance 85 EUR
In addition to personal accounts, the bank can offer favorable conditions for opening an account and for companies whose owners are foreigners. For companies, Latvia can be very interesting as a banking jurisdiction because it is quite profitable financially. In addition, traditional Latvian banks offer opening accounts for crypto-friendly companies. Latvia’s banking system is based on EU directives and regulations, and as such, it is subject to the same high standards and regulations as other EU countries. That makes it secure for business. It is possible to open an account remotely (without visiting the bank branch in person) and in person. Account opening at the bank takes up to 2 months, depending on the availability of documents. This bank also offers favorable conditions for the connection of processing (opening merchant accounts).

Main prices:
Opening the Multicurrency Account 2850 EUR
Maintenance of the Multicurrency Account from 200 EUR monthly
Minimum account balance 300 EUR
Montenegrin Bank offers personal accounts for foreigners on favorable terms. Bank provides its clients with the widest range of banking services, executing their orders and enabling cooperation and assistance in their business. Montenegro has recently become an increasingly interesting banking jurisdiction, as it offers a large number of services – traditional and investment. Moreover, the country is a member of the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which is a global effort to combat tax evasion and promote transparency in financial transactions. The account can be opened in person or remotely (by the power of attorney and postal service). Depending on the speed of filing, it takes from 1 month to open an account. All you have to do is submit the documents. Main prices:
Opening the Multicurrency Account 1500 EUR The cost of opening an account;
1500 EUR Bank commission for opening an account.
Maintenance of the Multicurrency Account from 2,50 EUR monthly
Outgoing payments From 20 EUR
Montenegro maintains a stable and transparent banking system that is regulated by the Central Bank of Montenegro. Opening a corporate bank account in Montenegro is a straightforward process that is available to businesses that meet the necessary requirements, such as providing identification documents and proof of business registration. Montenegro also allows non-resident businesses to open bank accounts, which can be beneficial for businesses. The account can be opened in person or remotely (by the power of attorney and postal service). Depending on the speed of filing, it takes from 1 month to open an account. All you have to do is submit the documents.

Main prices:
Opening the Multicurrency Account 2500 EUR
Maintenance of the Multicurrency Account from 35 EUR monthly
Outgoing transfers (in EUR)
UP TO 2.500 EUR 20
FROM 2.500,01 DO/UP TO 5.000,00 EUR 30
FROM 5.000,01 DO/UP TO 20.000,00 EUR Min 30 EUR, 0,5%
Poland has recently become the new center of Europe. A very flexible and successful policy has led to a stable growth of the country’s GDP and large investments in the private sector and the economy. Therefore, opening an account in a Polish bank is also an excellent option. It is possible to open an account remotely and personally. There are also no account balance requirements and no financial deposit requirement. Main prices:
Opening the Multicurrency Account 1500 EUR
Maintenance of the Multicurrency Account from 10 EUR monthly
Various Polish banks offer opportunities to open personal accounts in Poland (personally). To open a personal account a visit for 1 business day is sufficient. During this time a Polish SIM card will be registered in your name and a bank account will be opened. Payment cards will be delivered later. Main prices:
Maintenance of the Multicurrency Account 1500 EUR The cost of opening an account;
Addition fees charged by banks for opening an account vary depending on the selected bank.
Opening the bank account from 20 EUR monthly
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Services — Opening a foreign bank account online

Procedure for opening bank accounts in a foreign bank

To open an account with a foreign bank, you must:
  • Choose a foreign bank. To do this, study the terms of each bank in detail and match them with your needs.
  • Сontact us. Since each financial institution has its own requirements for the form and content of client documents, we will tell you what documents you need to fill out for the selected bank.
  • Fill out the bank forms and provide a complete set of required documents. If necessary, also provide any additional documentation and explanations.
  • Wait for the approval to open an account.
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What information do you need to provide?

Almost all financial institutions will ask you for the following information to open a foreign account:
  • What is your status in the country of account opening? This implies who you are: a legal entity or an individual.
  • What is the address of registration, permanent residence, and economic activity?
  • What is the source of your income? Banks need to know exactly where you got it from.
  • What will the money be used for? Where will the money come from? You need to estimate how much and how often transactions such as payments, investments, purchases, crediting, or accumulation will occur.

Opening a bank account as a non-resident online with Fintech Harbor Consulting

Legal entities and individuals can open an international bank account online. You can save time and money on flights, as well as on postal expenses. Because, in some cases, you can submit the required package of documents by e-mail.
However, not all financial institutions offer the opportunity to open a non-resident bank account remotely, and those that do, do not advertise it. The reason is that banks value their reputation. They are obliged to carry out preliminary identification of the client.
Even if you find a bank that allows you to open an account online, there is no guarantee that your application will be approved.
Often the requirements on the website of a financial institution are incomplete. Only those who cooperate with the bank regularly know all the nuances.
Fintech Harbor Consulting specialists can help you open an overseas bank account. We cooperate with many banks and know all their unspoken requirements and conditions for non-resident clients. We offer individual and practical solutions.
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Services — Opening a foreign bank account online

Opening a foreign bank account by a non-resident involves some nuances:

  • A minimum deposit may be required to open a personal account.
  • A frequent requirement of foreign banks is a minimum bank account balance following the terms of service of that bank.
  • It is not always possible to open a foreign bank account online. You must be prepared to visit the bank if necessary.
  • You should pay attention to the requests of the bank manager, and even better – it is recommended to provide documents about the future transaction in advance.
  • You should not have a conflict with the manager, as this would violate the quality of cooperation. Remember that it is not the client who chooses the bank, but the banks choose the clients.
  • Initially, it is crucial to interest the financial institution in cooperation. For example, use its wealth management services or investment programs.
  • Many European banks do not open accounts in dollars unless the client has ties to the United States (business, relatives).
  • Opening a foreign bank account remotely does not relieve the client of responsibility to the tax authorities of the country of residence.

FAQ

Residents of Israel can open an account with European banks. But not all financial institutions are available to them. In recent years, the attitude toward non-residents has changed dramatically. However, some are still willing to work with non-residents to open accounts for foreign companies and individuals.
This is a convenient tool for investing in overseas property and other assets, as well as a reliable way to protect your finances from the economic instability in your country.
Non-residents have the full right to open accounts in European banks in local and foreign currencies.
It is possible to open a foreign bank account online. But you should remember that not all financial institutions provide this opportunity.
Opening a foreign bank account involves submitting certain documents. For legal entities: a package of corporate company documents, papers on the beneficiaries, directors, and persons with the right to sign. For individuals: internal and international passports.
The best bank to open an account (simplified procedure and service rates) is CIM Bank in Switzerland.
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