January 23, 2021

Open Checking Account Online Instantly

Open Checking Account Online Instantly so an Australian friend of mine called me recently and said hey Andrew I'm gonna be in Singapore I know you bank. In Singapore and can you help me open my offshore bank account I'm gonna be there so I gave him. Some advice told him what to do told him where to go he called me afterwards and said hey Andrew they wouldn't, open my account I'm gonna tell you what he did wrong I'm gonna tell you specifically how to open in an offshore bank account in almost any situation in this video , hi man from Henderson and if you want to open an offshore bank account there's a few things that you need to know my.

Friend who was visiting Singapore ran. Into a few issues that could have easily been avoided what you have to understand about offshore banking is that there are several different types, of offshore bank accounts and there are several different ways to go about opening them. But the first thing to understand is banking offshore is really not that much different than banking onshore throw in, the word offshore and people imagine some great level of mysticism like there's some incredibly complicated structure that has to be followed kind of like photography, becoming wedding photography and tripling in price the reality for most people is that you can walk into a bank and open an account. You can download an app and open, an account or you can open an account what's called remotely through correspondence let's talk about going into an a bank and opening an account in a lot of countries that are just real, countries they have real economies you can simply walk into a bank I made a video here on YouTube about opening a bank account, in Georgia even in an appointment you don't need an introduction you can.

Just go to the bank and you can walk in and say hey. I'd like to open an account you have your passport you have your address and they will help you open an account now obviously some physical banks require you to have an appointment, if you're going to open a private banking account or a priority. Banking account you may well want an appointment if you're opening account and their traditional offshore setting like the Cayman Islands they may not take walk-ins at all but, if you're going to one of these countries that's just a regular country Hong Kong Georgia pending, number of other. Places you can call the bank and say hey do you accept foreigners I don't have a residence permit don't have a work permit I'm not living, there but I'm gonna be visiting let me come in and open an account a lot of banks. And a lot of countries in recent years have cracked down on this because of ever stricter know your customer rules the banks are de-risking and. They don't want to take people who are a. Risk which is why countries like Singapore now want you to put two hundred thousand dollars in in most cases versus $1,000 for 200,000 it's worth their time to check, in to you for 1000 it's not but once you've identified, the country where you can just walk in the best thing you get to keep in mind is you, want to look professional you want to know why you're gonna open the account and you want to have all the particulars about your situation so. The bank is going to ask you where do you pay tax are you a US, taxpayer what do you want the account for what do you plan to do with the account what's your initial deposit those, are all standard questions that they're gonna ask you if you are like hey yeah I'm coming to Singapore because I hear like you don't have. Any tax and your bank accounts and I can like put my money here like they're not going to open an account if, you show up as my friend did in.

A ratty looking t-shirt a lot of banks particularly in Asia may not open you account and so there's a variable when it comes to opening an. Offshore bank account in person where a lot of times you have to deal with the bureaucracy banks, can be just as bad as the government where if you happen to be unlucky and you get. The person who's new and it says oh yeah I know we don't take people in that situation you may just.

Need to come back that's why I often recommend going to the main branch of the bank because you don't want to go to some suburban branch where they have you know Sally, sitting in a desk and she's just used to people bringing in and depositing. Checks for their construction business you want to go to the main branch where people maybe have some idea.

Of how things work in terms of the bank's real policies because the reality is any bank employee can just say yeah. Yeah we don't do that they may be wrong but if that's the bank employee you get then you'll, either have to come back later or just give up entirely so understanding why you, want the account having your address having your passport having all the details of your situation is going to be very important and so. Again you can call the bank you can figure out what's required what documents they want if they accept people in your, situation if they want you to make an appointment you can do that in advance my team at nomad capitalists we keep a list of like 425, different.

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