How to open a bank account abroad online: country guide

Opening a bank account abroad is a pressing issue for many Russian citizens, especially given the restrictions on international transactions.

In this article, we will look at how a Russian can open an account abroad and consider the conditions of foreign banks. We will also discuss whether it is possible to open an account online, what fees apply and who provides services to non-residents.

Is it possible to open an account abroad remotely

Currently, almost no one offers remote services for Russian citizens, you can only go through electronic registration. Even if the bank offers to open an account remotely, you may still need to visit the branch at least once to authenticate your identity and verify your documents. Some banks offer a solution through a trusted person, but in this case a notarized power of attorney will be required.

To apply, you may be asked for:

1. International passport.
2. Proof of income.
3. Proof of residential address (rental agreement, utility bills).
4. Tax returns or bank statements.
5. In some countries, an identification number may be required.

Know your customer (KYC) procedures require strict verification. Conditions vary depending on the international situation.

How to open an account

For those planning to open a bank account abroad, it is important to consider several nuances. For example, additional fees.

Even if the bank offers good conditions, you should pay attention to hidden payments.

This may be a fee for maintenance, transfers or cash withdrawals. Some banks may charge a percentage for each transaction or a monthly fee, which can increase the cost of maintaining an account.

To open an account abroad, you need to go through several steps:

• Obtain a tax number.

This is a mandatory requirement in some countries. You can obtain an IIN either at your place of residence or at the embassy in Russia. You will need a passport and a SIM card of the selected country.

If you receive through a representative, you will not be able to do without a notarized power of attorney. IIN is used for tax and banking transactions and is similar to the Russian one.

• Select a bank.

If you plan to frequently transfer money or work with foreign currencies, it is better to choose an organization that supports multi-currency accounts and low fees for transfers. It is also worth considering local regulations of the banking system. For example, some countries have strict currency control rules, which can limit the ability to freely move money between accounts in different currencies.

• Submit an online application.

You will need to upload copies of documents - passport and confirm your address. If you are not in the country of registration, representatives of the institution may offer to undergo video verification or send photos of documents.

Requirements for documents may vary from country to country. In some countries, you may be asked to translate the information in the documents into the local language with a notary certification. This will increase the time and cost of processing. For non-residents, it is often necessary to confirm sources of income, tax returns, or bank statements for the last few months.

• Verify your identity.

Some organizations accept documents through international courier services. But you should check with the representatives for exact information.

• Top up your account and start using it.

You can top up your balance by transferring funds from another bank. It is also important to pay attention to exchange rates. Banks offer different conditions for transferring money between accounts in different currencies. An internal rate is often used, which may differ from the market rate. With regular transfers between currency accounts, you can lose significant amounts, so be careful.

Some organizations also require a minimum balance on the account. This means that you will need to keep a certain amount to avoid additional service fees. If the balance falls below a certain level, the bank may automatically charge a service fee, which will result in unexpected expenses.

Another important detail is income taxes. Depending on the country, local laws may provide for taxation of interest received from deposits or other assets. Therefore, it is worth clarifying in advance how tax rules affect your tax liability.

Also, do not forget that some banks have restrictions on transfers for non-residents. For example, there may be restrictions on the amount that can be transferred per month, or limits on international transfers. This may be a critical factor if you plan to conduct regular large transactions or transfers abroad.

Online banking abroad may also have its own characteristics. For example, not all banks provide full online services for non-residents, and access to such functions may be limited. If you do not live in a particular country, then you will not be able to fully use the bank's service.

Kyrgyzstan

This country offers affordable conditions for cooperation. Let's consider which banks offer services to Russians:

1. Optima Bank. On the bank's website, you can open an account in the national currency, dollars and euros. You can register via Internet banking by filling out a questionnaire in advance.
2. Aiyl Bank. Offers convenient conditions for entrepreneurs who work in the agricultural sector. An individual will not be able to open an account here. A foreigner will need to collect a whole package of documents. A detailed list is provided on the website in the section "Opening a bank account".
3. Kompanion Bank. For non-residents, only personalized cards are issued; the application is filled out online. When ready in 7-10 days, you will need to visit a bank branch to pick up a physical card.

This can be done when visiting Kyrgyzstan or in rare cases through trusted persons. After successful registration, the client is issued a bank card that can be used for international transfers.

Many financial institutions offer to send cards by mail, but this may take several weeks.

Georgia

Opening an account in Georgia has become more difficult for Russian citizens. However, some banks still offer such services, but with different conditions and restrictions:

1. TBC Bank. You can open multi-currency accounts on the bank's website. However, since 2023, there have been more refusals, especially for clients without a stable source of income in Georgia.
2. Bank of Georgia. Cooperates mainly only with those Russians who are employed in international companies. Registration requires a passport and proof of income (e.g., a Russian bank statement for the last 6 months).
3. SOLO (Bank of Georgia). Premium service for wealthy clients. SOLO offers a wide range of privileges, but you can only open an account after you become a client of Bank of Georgia.
4. Credo Bank. Debit cards are quick to obtain, but the bank operates exclusively within Georgia, and outgoing SWIFT transfers are disabled. The procedure is simple and does not require additional documents other than a passport.

Most Georgian banks require personal presence, although the process can be started online by filling out a form. In some cases, you can issue a power of attorney to another person, but this is expensive and only available to a limited number of clients.

Georgian banks do not open ruble accounts and do not work with the Russian SPFS system, which limits the possibilities for money transfers. SWIFT transfers are only possible from banks that are not under sanctions.

Armenia

Since 2023, financial and credit institutions of Armenia have begun to more thoroughly check non-residents and their transactions. It is possible to open an account here, but everything depends on the bank and the set of documents.

Let's take a closer look at which banks are available:

1. Unibank. Suitable only for individuals. You only need a Russian passport and a foreign passport. Annual service is 10 thousand drams, commissions from 1%.
   ID Bank. Issues cards to both individuals and entrepreneurs. Documents confirming a residence permit or property in Armenia, as well as a personal income tax certificate are required. Annual service from 10 to 30 thousand drams, depending on the tariff.
2. Converse Bank. Offers multi-currency accounts, but to open them you need a registered Armenian phone number, a 3-month lease agreement and a 2-NDFL certificate.

The advantage is the ease of transferring funds from Russia thanks to connection to the SPFS system.

Most banks do not offer multi-currency cards and apply strict currency controls.

Turkey

In addition to a foreign passport and a Russian passport, you will need a Turkish TIN, which can be obtained within a few days upon arrival.

A residence permit is not required, and the initial deposit amount is usually from $5 thousand, of which $1.5 thousand is converted into lira. The term for receiving is from 1 to 10 days.

1. Denizbank. A deposit of 10,000 lira is required. Support in Russian and English. SWIFT transfers are possible only through bank branches, the mobile application for Russians does not support outgoing SWIFT transfers.
2. Ziraat Bankasi. State agricultural bank. An account can be opened without a deposit.
   VakifBank. A deposit is required, but it can be used immediately after crediting. VakifBank is one of the few organizations that still has outgoing SWIFT through online banking.

In Turkey, you will have to personally visit banks, as well as make a minimum deposit on individual terms, the amount may vary from place to place. After that, the client receives a multicurrency card. Transfers are possible through money transfer systems such as "Golden Crown" and UnionPay.

Kazakhstan

Now they will require additional documents, such as:

• Residence permit (RP).
• Employment contract with a local employer.
• IIN, which can be obtained in Kazakhstan or at the country's embassy in Russia.

Where to apply:

1. Freedom Finance Bank. Offers multi-currency accounts. Remote registration is possible, but the card can only be obtained in person.
2. Kaspi Bank. The account can only be opened in tenge. To apply for the card, you need a passport, IIN and a Kazakhstan phone number. The registration procedure takes about 30 minutes.
3. Halyk Bank. To apply for a card, you need to fill out an application form indicating the purpose of opening and sources of income. Cards are issued only in person.
4. ForteBank. In addition to the IIN and passport, you must also study or work in the country.

Montenegro

To get a Visa debit card in Montenegro, you do not need a tax number. Local banks offer convenient and fast ways to top up, for example, through the Pay Send service.

As of September 2024, Russians can open accounts in two institutions:

1. Adriatic Bank
2. Zapad Banka

Here you can get by with a minimal set of documents:

• passport,
• place of residence information,
• contact information,
• confirmation of sources of income.

The cost of the service is about 500 euros. Although the conditions in Montenegro seem simple, keep in mind that the requirements change periodically. Therefore, contact a representative of the financial institution directly or use professional advice to clarify the current conditions.

Belarus

To open a card in Belarus, you must personally come to the bank branch.

List of banks where you can open an account:

1. Belagroprombank and Belarusbank. These are two large state-owned institutions. Both offer Visa and Mastercard card products. However, cards issued in Belarus are valid only within the country.
2. Priorbank. You will be able to open an account with a minimum package of documents, but the registration process may take several days.

On average, the service will cost 5-10 Belarusian rubles per month. Additional fees are charged for cash withdrawals or transfers. Savings and deposit programs for non-residents are also available in this country.

Rates vary, but they are competitive compared to Russian banks, especially in the context of inflation and exchange rate changes.

Legal aspects

All residents of Russia, with the exception of government employees and their minor children, are required to notify the Federal Tax Service of the Russian Federation about opening an account within 30 days. This also applies to changes in details or closure. The notification can be sent online, by mail, or in person to the tax office at your place of residence.

Alternative ways to open a bank account

Opening a bank account abroad for Russian citizens can be difficult. Here are some such options:

1. E-wallets and fintech solutions. Platforms such as AdvCash and Perfect Money still work with Russian clients and allow transfers and storage of funds. Study in advance how exactly you can open an account in these systems.
2. Through intermediary companies. There are companies that help open accounts abroad and take full responsibility for delivering documents and negotiating with the bank. But this can be dangerous due to fraudulent actions on the part of the intermediary.
3. Buying real estate. In some countries, such as Turkey, opening a bank account is possible when buying real estate, which gives access to banking services and cards.