how to open a bank account abroad without a credit rating

How To Open A Bank Account Abroad Without A Credit Rating

Source: www.expatfocus.com

European banks

“European law dictates that banks must open an account for an EU citizen, but things are trickier for those from outside of the European Union moving into it and for EU citizens moving outside.”

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http://www.expatfocus.com/



Opening a bank account overseas

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“The biggest challenge when it comes to opening a bank account overseas is that the expat's credit score will not be travelling with them so it means a bank in their new country does not know anything about their creditworthiness.”

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Credit rating “The next biggest challenge for an expat moving overseas is that their credit rating will not be available for them when they return home either. This may cause problems accessing credit.“

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Basic bank accounts

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“For those moving to the UK, and in many other EU countries, the big banks now offer basic bank accounts which have a limited function but do enable the payment of salaries and the paying of bills. Again, these accounts do not require a satisfactory credit rating.”




Set up a bank account “It's important when moving overseas to set up a bank account as soon as possible to receive and pay money but also to reduce the amount being spent in foreign exchange transaction costs when it comes to transferring cash to and from a UK bank.“6

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Resident and non-resident bank accounts

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“The difference with many countries offering resident and non-resident bank accounts is that the charges can vary significantly. This means their bank service becomes more expensive than the expat has come to expect; some accounts may incur a monthly fee and still have additional transaction charges.”




Offshore bank accounts

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“Offshore bank accounts are a sound choice for expats, particularly for those who move around regularly, and these are available as either savings or current accounts.”

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Online opening

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“Some countries enable bank accounts to be opened online ahead of time, so that they are in place when the expat moves to their new country. Expats moving to Belgium, for instance, will find their banking system is particularly good in this regard.”




International bank account

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“When an expat moves overseas they really need to consider whether they want an international bank account or a local one instead. There are advantages and disadvantages to both and the potential will be down to the expat’s own personal circumstances.”

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Creating new bank account

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“For creating new account banks usually require that the new client has a link to the country, which is why they need proof of address, identification and it helps to have a letter from an employer and also previous bank statements.”



ThankYou

how to open a bank account abroad without a credit rating

Economy & Finance