How to open a bank account abroad

Currently, there are many families and individuals that consider raising money from their country and creating a bank account abroad in order to secure their savings. At this point you may have doubts about which is the best destination to send your money or what process you have to follow. That is why the instructions on how to open a bank account abroad are provided in this article.

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When it comes to relocating your savings, banks differentiate if you have a large estate or if, on the contrary, it is not your case. In this regard, it should be noted that the small saver has much more difficulties when opening a bank account in another country than the one with the extra money.

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Have you already decided in which country you would like to open an account? Be careful, because depending on the territory the possibilities are complicated . For example, in countries like the United Kingdom you can not open an account without residing there and even if you live there, the process can take months. While in other territories such as Switzerland and Luxembourg, banks open bank accounts to people who do not reside in those countries. Although, the facilities only give them to those who have great assets.

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Suppose you choose Switzerland or Luxembourg to open the bank account. First, the banks will have to verify the identity of who opens the account, for what they will ask you to go in person to the bank or to carry out the transactions through a Spanish branch.

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You must provide documentation about the origin of the funds you want to enter in your new bank account, in addition to the workplace, if it is financially solvent, a bank statement and a copy of the income statement. These documents must be certified before a notary, see our article on How to Compile Documents.

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Being a complex process, there are entities that are responsible for carrying out all the procedures, but for that reason they can get to charge you up to 600 euros. In addition, there are entities that require their future clients to have a minimum of 17, 000 euros in the bank and, in order to maintain the account, they could collect around 900 euros in commission.

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On the other hand, there are simpler options such as creating a bank account in a foreign branch that operates only on the Internet, such as SwissQuote. This bank allows you to open the account by filling out a form on your website and sending the rest of the documentation by ordinary mail.

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If you finally open your bank account abroad, do not forget to tell the Bank of Spain, as the income you obtain from this account is taxed in Spain.