What you need to open an international bank account
Opening an international bank account requires a valid passport, proof of address, and a way to verify your income or savings. Most banks will ask for a government-issued ID, a recent utility bill or lease agreement, and documentation of your employment or business. Some banks also require a minimum deposit before they will open the account—this ranges from a few hundred dollars to several thousand, depending on the bank and account type.
The process differs sharply depending on whether you are a citizen of the country where you want the account, a resident there, or a foreigner. Banks in most developed countries are now required by law to verify your identity and tax residency status before opening an account. This is called Know Your Customer (KYC) compliance, and it means you will need to prove who you are and where you pay taxes.
If you are a U.S. citizen or green card holder opening an account outside the United States, you will face additional requirements. U.S. banks and many foreign banks will not open accounts for Americans because of FATCA (Foreign Account Tax Compliance Act), which requires them to report U.S. account holders to the IRS. This makes you a higher compliance burden, and many banks simply refuse the business.
Key Takeaways
- You will need a valid passport, proof of address, and proof of income or savings; minimum deposits typically range from a few hundred to several thousand dollars.
- U.S. citizens and green card holders face stricter requirements because banks must report their accounts to the IRS under FATCA rules.
- Opening an account in person at a branch is faster and more reliable than doing it online, especially if you are a foreigner.
- Some countries require you to be a resident or have a visa before a bank will open an account; others allow non-residents to open accounts remotely.
- Online banks and neobanks often have lower minimum deposits and faster approval than traditional banks, but they may not offer all the services you need.
Opening an account in person versus online
Opening an account in person at a bank branch is the most straightforward route if you are already in the country or can travel there. Bring your passport, proof of address (a utility bill, lease, or rental agreement), and proof of income (a recent pay stub, tax return, or letter from your employer). The bank will verify your identity on the spot, run a background check, and usually open the account the same day. You can deposit money immediately and start using the account within hours.
Online and remote account opening is faster in theory but often slower in practice. Many banks advertise online account opening but require you to verify your identity through a video call with a bank representative. This video verification can take days or weeks to schedule, and if the bank has questions about your documents, the process stalls. Some online banks will not open accounts for non-residents at all, or they require you to have a local phone number or address before they will proceed.
Neobanks and fintech companies (like Wise, Revolut, or N26) often have the fastest online process—sometimes as little as 10 minutes—but they are not traditional banks. They offer payment and transfer services, not full banking. If you need a loan, a credit card, or investment services, a traditional bank is necessary.
Requirements that vary by country
Some countries require you to be a resident or hold a valid visa before opening a bank account. The United Kingdom, for example, requires proof of residency (a utility bill or council tax letter) and will not open accounts for tourists or short-term visitors. Australia requires a visa and proof of address. Canada allows non-residents to open accounts, but the process is slower and the bank may ask more questions about the source of your funds.
Other countries are more open. Mexico, Portugal, and several Eastern European countries allow non-residents to open accounts with a passport and proof of address alone. Some banks in these countries have English-speaking staff and online processes designed for foreigners. However, the account may come with restrictions—lower transaction limits, higher fees, or a requirement to maintain a minimum balance.
Tax residency matters more than citizenship. If you are a U.S. citizen living in Canada, the Canadian bank will report your account to the IRS because you are a U.S. tax resident. If you are a Canadian citizen living in the United States, Canadian banks will still open accounts for you, but U.S. banks may refuse because you are now a U.S. tax resident. Always ask the bank directly whether they accept your tax residency status before you start the process.
Documents you will need to bring or upload
| Document Type | What It Proves | Acceptable Examples |
|---|---|---|
| Government ID | Your identity | Passport, national ID card, driver's license (if issued by a national government) |
| Proof of Address | Where you live | Utility bill, lease agreement, rental contract, council tax letter, bank statement |
| Proof of Income | Source of funds | Recent pay stub, employment letter, tax return, business registration, pension statement |
| Tax Residency Certificate | Where you pay taxes | Form issued by your home country's tax authority (required for some banks, especially if you are a U.S. citizen) |
| Visa or Residency Permit | Legal right to be in the country | Passport stamp, visa sticker, residency card (required in some countries) |
If you are opening an account online, you will upload scans or photos of these documents. Make sure the images are clear, in color, and show the entire document—banks often reject blurry photos or images that cut off corners. Some banks will ask you to photograph yourself holding your passport to prove you are the person in the ID.
If the bank asks for a tax residency certificate and you do not have one, contact your home country's tax authority to request it. In the United States, this is the IRS; in the UK, it is HMRC. The certificate usually takes two to four weeks to arrive by mail. Some banks will accept a letter from your employer or accountant stating your tax residency instead, but always ask first.
How long the process takes and what happens next
In-person account opening at a traditional bank usually takes one to two hours and is complete the same day. You will walk out with a debit card or a card number, online banking access, and a routing number or IBAN (International Bank Account Number) for transfers. Some banks mail the physical card separately, which can take one to three weeks.
Online account opening at a traditional bank typically takes three to ten business days. The bank will review your documents, run a background check, and contact you if they need clarification. Once approved, they will send you login credentials and a debit card by mail. If the bank requests additional information and you do not respond quickly, the application can stall for weeks.
Neobanks and fintech companies can open an account in minutes to hours. You download the app, upload your ID and proof of address, and the system approves you automatically in most cases. You can start making transfers the same day, though the physical card arrives by mail in one to two weeks.
After the account is open, the bank may place a hold on large deposits or transfers while they verify the source of the funds. This is standard practice and can last from a few days to two weeks. If you are transferring money from another country, expect the receiving bank to ask where the money came from and why.
Costs and fees to expect
Most international banks charge a monthly or annual maintenance fee, ranging from $5 to $25 per month. Some waive the fee if you maintain a minimum balance (often $1,000 to $5,000) or set up direct deposit. Neobanks often have no monthly fee but charge for certain services like international transfers or ATM withdrawals outside their network.
International transfers are where costs add up. A wire transfer out of the country typically costs $15 to $50 per transaction. Some banks charge a percentage of the amount transferred (usually 1 to 3 percent) instead of a flat fee. Receiving money from abroad can also cost $5 to $25 per transfer. Wise and similar transfer services often have lower fees than traditional banks for international money movement, but they are not full banks.
ATM withdrawals outside the country or outside the bank's network usually cost $2 to $5 per withdrawal. Some accounts include a certain number of free ATM withdrawals per month; others charge for every one. If you plan to withdraw cash frequently, ask about ATM networks before you open the account.
Credit cards and overdraft services, if available, come with their own fees and interest rates. Many international banks do not offer credit cards to non-residents or charge much higher interest rates than they do for domestic customers.
Special considerations for U.S. citizens and green card holders
If you are a U.S. citizen or green card holder, you must report all foreign bank accounts to the U.S. government. If the combined balance of all your foreign accounts exceeds $10,000 at any point during the year, you must file an FBAR (Foreign Bank Account Report) with the U.S. Treasury by April 15 of the following year. You also report the accounts on your tax return using Form 8938 if the threshold is met.
Many banks outside the United States refuse to open accounts for U.S. citizens because of these reporting requirements and the compliance costs involved. Your best options are banks that specialize in serving Americans abroad (like HSBC, Citibank, or some local banks in major expat hubs) or neobanks that accept U.S. citizens (like Wise or Revolut, though these are not full banks).
If you are living abroad and have a U.S. tax filing obligation, you will need to report your foreign account income to the IRS even if you do not owe U.S. income tax. Consult a tax professional who works with expats before opening the account so you understand your reporting obligations.
What to do if a bank refuses to open an account for you
If a traditional bank refuses your application, try a different bank. Refusal reasons vary—some banks have stricter policies for non-residents, some do not accept certain nationalities, and some simply have capacity limits. A bank that refuses you today may accept you next month if their policies change or if you provide different documentation.
If multiple banks refuse you, consider a neobank or fintech service. These companies have different compliance requirements and often accept customers that traditional banks reject. Wise, Revolut, N26, and Wise all operate internationally and accept non-residents, though they offer payment and transfer services rather than full banking.
If you are a U.S. citizen and traditional banks keep refusing you, contact banks that specialize in expat banking. HSBC, Citibank, and some regional banks in countries with large expat populations (like Portugal, Mexico, and Thailand) have experience with U.S. citizens and are more likely to open accounts. You may pay higher fees, but the account will be open.
If you need a full bank account and cannot open one where you live, consider opening an account in your home country online while you still have an address there, or ask a family member to help you open an account in your name. Some countries allow you to maintain an account even after you move abroad, though you may face restrictions on deposits or transfers.
Frequently Asked Questions
Can I open a bank account in another country if I do not live there?
It depends on the country and the bank. Some countries allow non-residents to open accounts with a passport and proof of address; others require a visa or residency permit. Contact banks directly in the country where you want the account and ask whether they accept non-residents. If they do, ask what documents you need and whether you can open the account online or must do it in person.
What is the minimum deposit to open an international bank account?
Minimum deposits vary widely. Traditional banks often require $500 to $5,000 to open an account. Neobanks and online banks often have no minimum or a minimum of $100 or less. Some banks waive the minimum if you set up direct deposit or maintain a certain balance. Ask the bank for their specific minimum before you start the process.
How long does it take to receive money in an international bank account?
Domestic transfers within the same country usually arrive within one to two business days. International wire transfers typically take three to five business days, though some corridors are faster. Transfers through services like Wise often arrive within hours or one business day. The receiving bank may hold the money for a few days while they verify the source.
Do I need to be a resident to open a bank account?
Not always. Many countries allow non-residents to open accounts, but some require a visa, residency permit, or proof of local address. A few countries allow non-residents to open accounts only if they are citizens of certain other countries. Check the specific requirements for the country and bank you are interested in before applying.
What happens if I move to a different country after opening an account?
Most banks allow you to keep the account open even after you move, but you may need to update your address with the bank. Some banks restrict certain services (like loans or credit cards) if you move abroad. Others may close your account if you do not maintain a minimum balance or activity level. Contact your bank to ask about their policy for customers who relocate.