5 ms·

> ideally in at least two different countries Is it generally easy to open accounts in countries you are not resident in?

by tome 10y ago

irq11 10y ago
It depends on your country, and the country you're looking at. If you are an American, be aware that merely having a bank account in a foreign country will make your life a lot more complicated at tax time. It's probably not worth the pain, unless you have a specific need.
- genericpseudo 10y ago
  It's not so bad, actually; you have to file FBAR, which will take you a couple of hours, but that's about it.
  - 0xffff2 10y ago
    It only takes me a couple hours to do my taxes in the first place.
- walshemj 10y ago
  Actually some Uk /Euro banks wont take American customers to avoid the extra costs the IRS insists on.
kbart 10y ago
Yes. You can open a bank account in Estonia online, without ever going to that country. https://1office.co/estonia/blog/opening-estonian-bank-account-abroad/ https://1office.co/estonia/blog/opening-estonian-bank-accoun...
- Symbiote 10y ago
  You actually mean no -- Estonia making it easier is exceptional, and only happened in June. For example, I considered opening this Tesco account, since I need to keep about £1500 in my British account for student loan payments. Tesco offer 3% interest on the balance, but I should have opened the account before I emigrated.
dwightgunning 10y ago
I'm an Australian expat in The Netherlands with accounts in AU, here in NL, and an additional account I had setup in the US. Both the NL (even when has temp residency / work visa) and the US account were a major PITA to create.
- FireBeyond 10y ago
  Yeah, my accounts in the US always get flagged for manual review at creation time and "extended initial funds holding" because my SSN doesn't match my DOB (because it was issued when I got my Green Card, and not when I was born). I've even had to convince banks that they're allowed to open an account for me in the first place...
- mstade 10y ago
  Right, I'm in the EU and and EU citizen to boot, so that's probably why it's been easier for me. Funnily enough, the UK has been the most difficult country to open a bank account in, because of their insisting on using utility bills as proof of residence, and apparently a residence is more or less a must. My first UK account took a few days of hassling to get set up, because I didn't yet have a residence, but was living in a hotel. A proof of employment and a couple of face to face meetings with supervisors cleared that up though.
mstade 10y ago
If you're in the EU (and a citizen of an EU country) it's not particularly difficult I've found.

> ideally in at least two different countries Is it generally easy to open accounts in countries you are not resident in?

by tome 10y ago

> ideally in at least two different countries Is it generally easy to open accounts in countries you are not resident in?

irq11 10y ago

It depends on your country, and the country you're looking at. If you are an American, be aware that merely having a bank account in a foreign country will make your life a lot more complicated at tax time. It's probably not worth the pain, unless you have a specific need.

genericpseudo 10y ago
It's not so bad, actually; you have to file FBAR, which will take you a couple of hours, but that's about it.
- 0xffff2 10y ago
  It only takes me a couple hours to do my taxes in the first place.
walshemj 10y ago
Actually some Uk /Euro banks wont take American customers to avoid the extra costs the IRS insists on.

kbart 10y ago

Yes. You can open a bank account in Estonia online, without ever going to that country. https://1office.co/estonia/blog/opening-estonian-bank-account-abroad/ https://1office.co/estonia/blog/opening-estonian-bank-accoun...

Symbiote 10y ago
You actually mean no -- Estonia making it easier is exceptional, and only happened in June. For example, I considered opening this Tesco account, since I need to keep about £1500 in my British account for student loan payments. Tesco offer 3% interest on the balance, but I should have opened the account before I emigrated.

dwightgunning 10y ago

I'm an Australian expat in The Netherlands with accounts in AU, here in NL, and an additional account I had setup in the US. Both the NL (even when has temp residency / work visa) and the US account were a major PITA to create.

FireBeyond 10y ago
Yeah, my accounts in the US always get flagged for manual review at creation time and "extended initial funds holding" because my SSN doesn't match my DOB (because it was issued when I got my Green Card, and not when I was born). I've even had to convince banks that they're allowed to open an account for me in the first place...
mstade 10y ago
Right, I'm in the EU and and EU citizen to boot, so that's probably why it's been easier for me. Funnily enough, the UK has been the most difficult country to open a bank account in, because of their insisting on using utility bills as proof of residence, and apparently a residence is more or less a must. My first UK account took a few days of hassling to get set up, because I didn't yet have a residence, but was living in a hotel. A proof of employment and a couple of face to face meetings with supervisors cleared that up though.

mstade 10y ago

If you're in the EU (and a citizen of an EU country) it's not particularly difficult I've found.