Non-Resident Bank Accounts
The cluster centers on the challenges and requirements for opening bank accounts without local residency, particularly US accounts for non-residents and similar issues in the UK, EU, and other countries due to AML, KYC, proof of address, and tax regulations like FATCA.
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Hey Ivass, at the moment only users who live in the USA can open a bank account
I don't think it's ever been feasible; most countries won't let you open a bank account unless you have an address in the country, unless you're in some kind of special situation, like a "high net-worth individual" interested in private banking services.
Can't you just open a bank account outside of the US?
Actually, at the moment, its not really possible to create a bank account without visiting the country.
Luckily EU regulation now requires most banks to open a (basic) bank account. Just need an ID and a proof of address.Some banks even allow opening the bank account over the internet if you are a EU resident.(I know your pain though, opened a UK bank account a year ago, from the EU as well. The most difficult thing for me was actually the proof of address. Metro Bank required 2 plus 2 proofs of ID, a different bank was fine with just one proof of identity and even googled my post code when
It's allowed for foreigners who has the mainland bank account. But yes, it's impossible without.
I know they exist, but they are not the norm. They even call them 'international bank accounts' in most cases (I think HSBC calls it that, or Barclays). Most common bank accounts will require proof of address in the respective country. I don't think it is expected to specify all that in the app description.
Is is still hard for US citizens to get bank accounts?
It's near impossible to open an bank account in many countries (specifically developed countries) without residency. I would also expect that if a US bank account was being used the IRS might question about taxes, as payment is occurring in the US, as far as they are concerned?
It is very hard to open your first bank account in the UK as an immigrant due to AML regulations(They require proof of address, it creates a catch 22 situation). The joke goes that you need to be a drug dealer or a warlord to easily open a bank account in the UK. Maybe it was not all jokes after all.