Can you establish a bank account in a foreign country over the phone, without being in that country? Say you had a large sum that you could wire into the account. Could this be done with a minimum of time and hassle, without leaving the USA? Thanks!
It would really depend on the country. I’ve set up bank accounts in a few other countries, sometimes I had to present myself in person, other times I was able to have my staff set it up and merely had to send in a signature card and my passport
And I presume it would also depend on your nationality.
And presumably many foreign banks have branches in the US that you could deal with?
It’s going to depend on which bank and which country, as every country has different regulations about this kind of thing.
Yes it can be done over the phone without leaving the US. It most likely will not be fast, and you will need to complete a lot more paperwork and supply them with a lot more information than you would just opening a domestic account.
There are international anti-moneylaundering agreements which require participating countries to have laws which, in effect, require banks to “know their customers”. As more and more countries participate in these arrangements, they amend their banking laws (if necessary) to impose this obligation on banks. Once that happens, banks want documentary evidence - originals, or certified copies - to establish your identity, address, occupation, collar size, favourite flavour of icecream, etc, and you can’t easily do this over the phone.
Sometimes there will be special arrangements to faciliate, e.g., intending migrants. Banks in Australia will open accounts for intending migrants without ever having met them or seen too much paperwork. You can put money in. But the catch is that you can’t get it out again until you have complied with the “know your customer” requirements.
Countries where you can still easily open bank accounts over the phone, and with little or no paperwork, will be countries that have basically opted out of international financial regulatory systems. You might have questions in your mind about the standard of banking services and security in such countries. Plus, having accounts in bansk in these countries could attract the attention of regulators in your home country.
I find this to be a common misconception about banks operating in more than one country. A number of my fellow foreigners here in Korea arrive under the impression that the local branches of their big bank back in the US (or wherever) are simply another local branch. They are not. They are actually Korean banks with foreign corporate ownership. So, you cannot deposit money in your home country bank account from overseas. What you can do, instead, is make an international money transfer. The foreign customer is unpleasantly surprised when he discovers he has to do that and, of course, pay the transfer fees involved. The same applies in the US: those are US banks with foreign corporate ownership, they are not just another local branch of the foreign bank.
I agree this is usually the case, but one datapoint: HSBC has accounts for people who maintain a certain balance (~$30,000) that can allow internet management of different country accounts on the same screen. You still have to do an international wire transfer to move money between the country accounts, but it’s about 25% of the normal cost and is instantaneous.
I wasn’t suggesting you wouldn’t need to do an international money transfer, merely that a foreign bank with a branch in your country might make setting up an account simpler than doing it over the phone. When I got an Italian mortgage, I arranged it entirely in London through their London office.
I think it depends entirely on the bank. When I lived in Ireland (before online banking) I needed to do an emergency transfer between my two Bank of Ireland accounts. I was in London at the time so went into a branch of Bank of Ireland - they practically laughed me out of the place. Nothing whatsoever to do with the Irish company with the same name and logo, they told me. While I was subject to my own naivete, I was also fucking livid.
Yes you can. You just have to be able to supply the requested documentation, via fax, e-mail, etc. I know, because I’ve done it numerous times.