Usually, opening an account in international banks requires more time and documents than in your own country. Whether you are opening a personal account or a business account, you need to know how to choose the right bank.
AIN explains how to open an account in an international bank and what to do if you are not a resident of the country.
How to choose a right bank
When choosing a bank, you should consider the following factors:
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bank reliability: ratings and financial stability of the institution;
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fees: the cost of opening, maintaining, and transacting;
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accessibility: availability of online banking and English language support;
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conditions for non-residents: some banks may require proof of residence in the country.
There are two types of banks where you can open an account:
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Neobanks: Revolut, Wise, Monese, Monzo, Wallester, etc.
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Traditional banks: Barclays, Deutsche Bank, Bank of America, etc.
However, there are different requirements for opening an account abroad, which depend not only on the country but also on the bank. Some institutions allow you to open an account remotely, but in most cases, you need to come to a bank branch and submit the necessary documents in person. For example, in US banks, presence in a branch is a necessary procedure due to restrictions related to anti-money laundering and terrorist financing.
Required documents
In general, the list of documents is as follows, but may vary depending on the bank's policy:
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passport or ID card;
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certificate of source of income;
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proof of residence address;
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identification number;
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visa or a document confirming legal stay.
The bank may also require a minimum deposit. For example, in Swiss banks, it starts from 5000 francs (€5,260).
Read more: Starting a business abroad: how to set up your startup in Europe
Types of accounts in international banks
International banks offer different types of accounts depending on the client's needs:
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Current Account — for daily financial transactions.
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Savings Account — for saving and accumulating funds.
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Business Account — for entrepreneurs and legal entities.
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Foreign Currency Account — for storing funds in different currencies.
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Electronic Account (Fintech) — in non-banks, such as Monese, Revolut, Wise (simple opening process, minimal fees).
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Investment Account — for investing in stocks, bonds and other financial instruments.
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Multi-currency Account — allows you to keep funds in several currencies at the same time.
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Escrow Account (conditional storage accounts) — used to store funds during transactions.
Requirements for opening an international bank account
In most European banks, opening a bank account is free, but there is a monthly fee (€3 to €10). In the United States, some banks require a minimum deposit ($50 to $100), but there are no deposit options (Discover Bank, Capital One 360). Online banks offer free account opening and maintenance.
Germany
Anmeldung is required to open an account with traditional banks (Deutsche Bank, Commerzbank).
Online banks (N26, Vivid Money) may allow opening an account without a residence permit.
Special conditions for Ukrainians: Some banks simplify the procedure for opening an account for Ukrainian IDPs. Among them are Deutsche Bank and Sparkasse.
Poland
You can open an account in PKO Bank Polski, Santander, Millennium with a passport. Some banks may require a PESEL number or a local address.
Special conditions for Ukrainians: PKO Bank Polski and Pekao have simplified conditions for opening an account for Ukrainian citizens without residency.
France
Banks in France mostly require proof of residence. BNP Paribas and Société Générale may require proof of income. Some online banks, such as Boursorama, may open accounts for non-residents with additional checks.
Special conditions for Ukrainians: some banks, such as Crédit Mutuel, offer free account opening for Ukrainian refugees.
UK
For non-residents, online banks (Revolut) are the best option. Monzo and Starling Bank mainly work with residents. Traditional banks (HSBC, Barclays) often require a local address.
Special conditions for Ukrainians: HSBC offers a simplified account opening procedure for Ukrainians with a minimum package of documents.
USA
Many banks require a social security number (SSN) or individual taxpayer identification number (ITIN). However, some, such as Wells Fargo or Citibank, can open an account without them if additional documents are provided.
Accounts for non-residents are available at Chase and Bank of America.
Wise does not provide traditional bank accounts in the United States, but only multi-currency wallets.
Special conditions for Ukrainians: some credit unions offer the possibility of opening an account without an SSN specifically for immigrants.
Problems you may face when opening a bank account
Refusal to open an account due to lack of a local address or credit history. You may also have limited access to your account without a local phone number.
In addition, there are high fees for international transfers, so you should check the rates before opening an account.
