By Melina Duffett • July 13, 2022
If you’ve ever considered traveling or living abroad, or simply have an interest in international investments, then you may have asked yourself: can I open a bank account in another country? An international bank account is entirely possible and could offer benefits that you may not get with a bank account here at home.
Be sure to take your own financial goals into consideration as you keep reading to learn why and how to open an international bank account.
What is banking abroad?
Banking abroad, also known as offshore banking, refers to depositing money into a bank that’s outside the country you live.1 Can you open a bank account in another country? Sometimes banks will allow it, but it really depends on the country and bank.
Opening a bank account abroad can help people feel secure and provide them with easy access to their money while out of the country.
What are the requirements for opening an offshore account?
If you’re wondering about the requirements on how to open an international bank account, a few items are necessary. Figuring out how to open a bank account in another country might vary based on geographic location and bank, but most require very similar documents to open an account. If you already have a bank account in the United States, a foreign bank will most likely require the same information your current bank required.
This may include, but is not limited to2:
- Your full legal name
- Proof of address (such as a driver’s license or credit card statement)
- Date of birth
- Proof of citizenship (such as a birth certificate or passport)
- Bank reference
- Your occupation/proof of income (such as pay stubs or a W2)
Should I open a bank account in another country?
Opening a foreign bank account might seem intimidating, but it’s entirely doable and could be beneficial to you and your finances.
If you are working or living abroad for even just part of the year, having a bank account located in your foreign residence would make depositing, withdrawing and transferring money easier. If you’re just traveling to another country for a long vacation, opening a bank account abroad can reduce international transaction fees and make accessing your money easier and more secure.
From being able to easily transfer money to friends or family overseas, or traveling or living abroad, there are many reasons to open a foreign bank account. Just keep in mind that the Federal Deposit Insurance Corporation (FDIC) only protects money deposited into U.S. bank accounts.3
The information in this article is provided for general education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. It is not intended to be and does not constitute financial, legal, tax or any other advice specific to you the user or anyone else. The companies and individuals (other than OneMain Financial’s sponsored partners) referred to in this message are not sponsors of, do not endorse, and are not otherwise affiliated with OneMain Financial.
