How to open a bank account online?

What are the benefits of opening a bank account online?

It is quite simple, you are not required to travel anywhere. This is particularly important in the times of the pandemic.

In order to open a bank account online, you need to prove your identity, as banks have to know who their clients are and that is why online bank account opening is not an easy thing to do. This is also why complicated KYC procedures take place and nobody can guarantee that a bank account opening will be a successful one – be it a remote bank account opening or not.

Identity check is usually done by presenting personal documents to the bank, such as ID, passport. Sometimes a call is required, sometimes a selfie with a passport or video interview.

Are there other benefits?

Yes, of course. 

FIrst of all, the cost you will avoid by saving on a plane or any other travel ticket. But this does not mean that banking services will be cheaper. Sometimes they can be more expensive, as this completely depends on a chosen bank, not the fact that a remote opening is allowed or not.

Then again, banks that allow account opening do so due to the fact that their clients have difficult times visiting the bank. Very often this is to help non-residents open a bank account. And that means that non-residents are accepted. 

Again, some banks may have lower onboarding requirements. Some of them might require more work from your side, such as preparing a pile of documents or shipping originals by DHL after the application is approved. Or maybe prior to it being approved!

What problems can you stumble upon?

Maybe you will stumble upon less options. Non-resident banking is not like your domestic banking where there is basically no chance you will get rejected for account opening. There are also limitations in connection with bad customer service, not many options for worldwide transfers, currency limitations, no deposit insurance, long wait times and so on.

But this does not necessarily have to be the case!

Remote bank account opening does not necessarily mean a problem with the bank.

That is why you need to be careful and select the right bank for yourself or your business.

What are the top recommended banks to open an account remotely with?

There is no general answer to this question. If you are a private individual, you need to check if a particular bank or payment service provider accepts clients from your country. 

If you are a business, there is a lot of information you need to consider all together with your needs. 

Findove can help by learning more about future bank clients and can definitely help with bank selection. We will learn about your business activity, country of registration, currencies you need, countries of incoming and outgoing payments… Then we will be able to recommend a bank that can open an account for you remotely – but only the banks where account opening remotely is realistic for you.