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What is the difference between overseas personal and business bank accounts?
First of all, it is important to understand what kind of bank account you want to open, whether it is a personal bank account or a business bank account, as they have different requirements and purposes. Personal accounts are primarily used for personal business finance, investments, or accounts to buy groceries, pay bills, rent, and pay for all other necessities. They are available to both local residents and non-residents. Most people will have this type of account. If it is a transaction, it must fall within the scope of a company account.
I.Where can I open an account?
- Many regional and national banks offer accounts to residents and non-residents, and the process may vary slightly from bank to bank. If it is not an area where local residents choose to open, they usually choose to open in a place where foreign exchange is not controlled, such as Singapore or Hong Kong.
- A non-resident is a person who holds a valid long-term visit pass, dependent pass, student pass, and any type of permit/pass that allows an individual to work.
II.How much does it cost to open a bank account?
- Each bank has its own requirements for opening an account balance. If foreigners can operate freely in the local area, most banks will require a certain initial deposit to open a VIP account, which may range from 100,000 to 200,000 US dollars. However, you can also find banks that allow you to open an account without making any down payment. Be sure to ask your bank how much you need to deposit to open an account and what the minimum balance is to avoid fees. Make sure any bank you deposit funds into has deposit insurance.
III.What information do I need to prepare?
- To open an account, you need to choose a bank and provide it with some necessary information, usually you need to be 18 years or older to meet the bank’s eligibility requirements. Finally, you may need to fund your account or set a minimum balance to avoid fees. To open a bank account in Singapore or Hong Kong as a non-resident, you must provide basic bank documents. These files typically include:
- 1.A valid passport
A copy of your passport is usually required to prove your identity.
- 2.Proof of address
Some banks may ask you to provide proof of your residential address in your home country. This could be in the form of a utility bill or bank statement.
- 3.Proof of source of funds
Basically, one’s financial record does not need to be perfect to open a bank account, but it may influence the bank’s decision to approve or deny your application. Your bank needs to determine how much of a risk a potential customer might pose to the institution with which they are applying for an account.
- 4.Additional Documents
Depending on your bank’s policy, you may be required to provide additional documentation to meet their requirements.
It is recommended to contact the specific bank with which you intend to open an account to inquire about its specific requirements and procedures for non-residents. Additionally, some banks may allow you to start the account opening process online, but you may still need to visit a branch in person to complete the process.
There are many banks to choose from in Singapore or Hong Kong, and as said earlier, choosing between them is not easy. Different banks have different advantages and disadvantages. It’s important to do different research on each bank. Others may open multiple bank accounts to take advantage of each.