How to Open a Bank Account Abroad
Being closer to friends, family, and customers, and the need for more stability and better access to a wide range of financial services, push people and businesses to opening a bank account abroad. At the end of 2019, the total volume of funds stored in accounts abroad reached over 27 trillion dollars globally. Of those, almost 3 trillion are personal and household accounts.
This number has gradually increased over the years as more and more people have realized the benefits of having a foreign bank account. Erased borders, eliminated visa restrictions and the rise of low-cost aviation have also had a great impact on this increase. Nowadays, more tourists than ever are willing to open a bank account in a foreign country to have better control over their commissions and exchange rates.
How Does Online Banking Overseas Work?
With mobile applications and web interface, you have instant access to your account balance and all your recent transactions. Using the same application, you can send SEPA transactions to anywhere in Europe and SWIFT transactions to the whole world. Additionally, there are always alternative options for international money transfers, besides wire transfers.
You can also receive a unique IBAN, so that anyone can send a bank transfer directly to your account. The best banking providers also offer additional services, such as pre-paid payment cards that give you access to your funds anywhere you want and instant account top-up.
How to Open a Foreign Bank Account Online?
Opening a bank account in a foreign country isn’t very different from opening one locally. The only significant difference is that the provider may require the translation of your documents. For what concerns everything else – the process remains the same: you upload your ID information together with a short form and receive your new account after a few business days. There’s no need for visiting the bank personally, of course.
Opening a Bank Account in a Foreign Country — Is it Secure?
Absolutely! You can only send money from your account after a biometric identification through the app on your device. Purchases on the Internet are protected by the 3-D Secure system, which sends you a unique token to confirm your purchase, only valid for a limited time. As for offline shopping, you can request a virtual card and pay cashless.
All online bank account providers offer the same level of security as traditional banks, as this is required by regulatory bodies across countries’ borders. At times, local regulations may impose stricter security requirements on newer developments and actors on the market.
If you want to open a current account in a foreign country, SatchelPay is your best choice. Located in Lithuania, and therefore within the single European payment space, SatchelPay follows all recent European financial security regulations. Any SatchelPay transaction executed within Europe is processed as a local payment and doesn’t carry any hidden fees or commissions.
To set up a foreign account online, SatchelPay will only ask you for a brief pack of personal documents: your ID (photo of the document and a selfie with both your face and the document clearly visible), and a proof of address (e.g. recent utility bill, bank statement in English or Lithuanian etc.) that must be attached to your online form. After a few working days, you will receive your online bank account, ready to open you the world of limitless financial opportunities.