Opening of Bank Accounts
Anyone, an individual or a business spending significant time or resources abroad—establishing a business, for a job, a course of study, a fellowship program, or another reason—should consider opening an account in that country. Travelers often use their credit or debit cards anywhere in the world.
Global Corporate Bank Accounts for Foreign Companies
Offshore Banking Solutions for our Clients
International Brokerage Accounts
International Deposit Accounts
Correspondent Bank Accounts
Non-Travel Banking Options
Interest Rate Deposit Accounts
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Other Global Banking Services
Opening an Account
Specific document requirements differ from country to country.
But no matter where you are you’ll need:
Proof of Identity. Bring your passport and driver’s license or state ID. Many banks require two forms of ID (a student ID may or may not count, but a birth certificate most likely will).
Proof of Residency. You may need proof of residency in the United States, proof of an address in the foreign country, or both. A recent utility bill, lease agreement or an ID with your address should work.
Startup Funds. Banks often have minimum startup funds required for deposit (think around $500-1000).
The easiest way to move cash from a domestic account to an overseas one is via wire transfer.
There are two codes banks use for international transactions, and you’ll need one of each.
The SWIFT code is a type of Bank Identifier Code (BIC) used to identify banks around the world. Your SWIFT or BIC code usually shows up on your account statements.
The IBAN or International Bank Account Number is an identifier for your particular bank account. These codes are most frequently used in the European Union—otherwise, not all countries require them. It should be included on your bank statements along with the SWIFT code. Look for the code starting with two capital letters (these identify your country).
Transferring money does require fees for each transaction. To keep the fees to a minimum, you can use a transferring service like TransferWise for inexpensive exchange rates.