Having an international bank account is an essential step toward financial diversification and freedom. PaymentHub focuses on offering you an exceptional banking experience while giving you access to a global suite of products.
Whether you’re looking to the bank where you’re treated best, or your customer base is expanding internationally, we understand your bank account deserves the flexibility, international reach, and extensive range of services to support your growth. That’s why a Corporate Account through PaymentHub is an essential step toward financial freedom.
If you have opened a bank account in your country, then the same process is followed when opening an offshore bank account.
Considering that financial institutions have different requirements and policies, the process may vary from bank to bank. There are, however, some basic requirements that all banks will need you to meet.
• For instance, personal details like your name, address, year of birth, occupation, and citizenship will be required.
• There are also other documents that will be needed for verification purposes which include your driving license, passport copy or any other government-issued document.
• Your residential details and physical address will also be required since they may have an effect on taxation.
While domestic banking and offshore banking follow the same process when it comes to opening an account, there are some additional details that will be required when it comes to an offshore bank account.
These additional requirements are put set to discourage vices associated with offshore banking like tax evasion, money laundering and other prohibited activities. Among these additional requirements are financial reference documents.
These documents should be provided by your current bank and they should clearly indicate the accounts average balances and your financial history and reputation.
A six to twelve months’ bank statement will be needed as proof that you have a ‘satisfactory relationship’ with your current bank.
There are also other offshore banks, most of them actually, that will need you to explain the type of the transaction that will be taking place through your offshore bank account.
Although it seems to be an invasion of privacy in some way, the main aim of this requirement is to stop any illegal activities from taking place.
To ensure that you are only opening the account for the best reasons, it is required that you provide additional documents which indicate the sources of funds that will be deposited in the offshore bank account.
For example, you need to provide a wage slip if the funds come from your employer or investment information if the funds are proceeds from investments.
Many offshore banks require an initial deposit when opening the account. The amount to deposit varies depending on the bank.