Effortless Offshore Banking Begins with SerbiaWealth

Have you ever tried to set up an offshore bank account? If the answer is no, the task may seem challenging. Still, keep your head up! At SerbiaWealth, we have a solution to make the process easier for you.

With nearly twenty years of experience, we provide reliable answers to frequently asked questions:

• How can I open a personal bank account abroad?
• Can I establish an offshore bank account?
• How long does it take to set up a foreign bank account?
• How can I open an account in a foreign bank without a personal visit?

In the following sections of this article, we will outline the main reasons for you to open a bank account in a foreign country, along with the requirements and procedures involved. Please note that this information is generally applicable not only to Serbian banks but also to banks in other jurisdictions.

Why diversify your banking?

There are several compelling reasons to consider having one or more foreign bank accounts:

1. Financial Security: No bank is immune to failure, and no country can guarantee the perpetual stability of its banks. Diversifying your assets across multiple banks in different countries mitigates this risk.
2. Asset Protection: Governments may legally seize your funds through procedures like bail-ins, converting deposits into bank shares if the bank becomes insolvent. With this in mind, asset diversification is a wise strategy to protect your wealth.
3. Political Stability: Some countries have more stable political environments than others. Holding accounts in politically stable states means additional security for your assets.
4. Investment Opportunities: Not all banks offer the same investment and trading opportunities. Hence, explore different international banks to find more attractive conditions for investing and trading in securities.
5. Privacy Protection: Certain banks offer better privacy protections than others. If you prefer to keep your financial information confidential, we will help you find banks that prioritize privacy.
6. Convenience: Having a local bank account in a foreign country is highly convenient for daily expenses. Besides, you can pay for education, purchase property, or invest in local businesses this way.

Remote banking solutions: open accounts abroad without in-person visits

Given the current political climate and recent changes in international financial legislation, many banks are reluctant to open accounts for non-residents without an in-person meeting. New clients often face heightened scrutiny, which results in rigorous due diligence checks.

However, we have identified several banks that are willing to open accounts for non-residents remotely so that you don’t need to visit them in person. Some of these banks may require a live video interview, though.

Document preparation tips

Whether you choose to open a foreign bank account online or in person, duly preparation of the necessary application documents is your formula for success. The bank will base its decision on a thorough analysis of these documents. Note that any misprints, slips of the pen, or data discrepancies may lead to service denial as banks are more likely to reject an application than to investigate and accept a potentially suspicious-looking client.

A standard set of documents required to open a foreign bank account usually looks like this:

• legalized copy of the applicant’s passport
• proof of residential address (usually a utility bill less than three months old).

Some banks may also require further documentation to verify if your capital sources are legitimate. These documents might include:

• tax declaration
• bank account statement for the last six months
• contract for the sale of real property or other assets
• dividend distribution resolution from a business corporation.

Be warned that banks often request a letter of recommendation from your current bank or a professional (an accountant or attorney). You may also need to provide your CV.

To meet Know Your Client (KYC) requirements, banks may ask for additional documents. These help them gain a clearer understanding of your financial situation.

Three steps to effortlessly open a foreign bank account

Naturally, you want to minimize the risk of service denial, right? SerbiaWealth experts recommend these three steps to establish a foreign bank account at the touch of a button:

1. Select the Right Bank: Use our free consultation to identify a bank that meets your specific needs. A SerbiaWealth specialist will recommend several banks that are likely to open an account for you. Our extensive market experience allows us to pinpoint reliable banks that are friendly to citizens of your country and willing to open accounts remotely to save you from the hassle of researching numerous options.
2. Obtain Preapproval: This service allows you to receive a provisional agreement from the bank. By reviewing scanned copies of your application documents, the bank can decide whether to consider your application seriously. Preapproval offers the advantage of a quick response, which saves you time and money if your application is rejected. You can apply for preapproval to multiple banks simultaneously, as it is not prohibited. Without preapproval, you risk losing your application documents if the bank denies service. With preapproval, you can send the original documents to the bank that agrees to consider your application.
3. Open the Account with Professional Guidance: Each bank has specific requirements. We will guide you on what to consider when collecting application documents. SerbiaWealth experts will review these documents before submission and liaise with the bank officer to present you in the best possible light. This preparation ensures that your application is well-organized, allowing the bank to focus on the essential details rather than minor issues.

NB: These steps significantly increase your chances of acquiring a foreign bank account. However, the final decision always rests with the bank’s administration and its Compliance Department. Service may still be denied at any stage of the application process.

SerbiaWealth: your trusted partner in global banking

The SerbiaWealth team has established partnerships with nearly a hundred banks and payment systems worldwide. Our expertise is key to helping you select the best bank based on your needs and preferences. With our assistance, you will set up a foreign bank account in the chosen jurisdiction in the blink of an eye.

The easiest way to find the right bank for opening an account is to benefit from the free consultation we offer. Schedule a session with SerbiaWealth experts, and we will take care of everything else!