20 Jan Rules For Opening A Bank Account As A Foreigner(Last Updated On: January 20, 2020)
People have always wanted to protect their precious belongings. They can be divided into two main categories, the one that are emotionally valuably and those that are expensive. Although all of us have many belongings that we want to protect, there is nothing that needs more protection than money. Its importance can never be fully explained but none of us can survive without it. Sure, there are plenty of things you can get without money but it is still very important if you want to survive in this world. It isn’t just about buying the things you want but also the things you need. And when you have a family, everyone’s needs must be considered.
Parents start thinking about their child’s future the moment it comes into the world. Some even start putting aside money for the college fund so the kid will have no financial troubles to worry about when they have to get a degree. It is a very thoughtful gesture since many kids don’t end up going to college due to lack of funds. It is true that not all parents can afford to put aside money for their kids’ college education, they still try to make sure their children have a good future.
There are various ways of keeping your money protected, whether for yourself or for your kids’ future. But opening a bank account is the most common and easiest way to do that. You can get debit and credit cards, both of which come with various benefits. Not only is it the best way to keep your money secure but also to go cashless everywhere. It is the ideal way to save yourself from getting robbed on the street. You can get your card blocked instantly but you can’t get your cash back once it is gone. Plus, in the modern world, everything works better when it is digital. You can stay connected with your account via a phone app, pay your bills, transfer and receive funds whenever you want, and get a detailed history of your transactions.
Whenever you are in a foreign country and you are carrying cash, it is wise to get it deposited in a bank. You don’t want to risk any mishap anywhere in the world but especially not when you are in a foreign land. In a country where you have no one to help you out in the situation of an emergency, it is better to cover all your basis.
Rules for Opening a Bank Account as a Foreigner:
When you are in a foreign country, the rules you have to follow will be a bit different from your homeland. There will be laws that you hadn’t heard about in your country. This is why it is better to do your research before going anywhere foreign. Fortunately, there is no law against opening a bank account as a foreigner. Whether you are visiting the UK or the USA, you will only have to follow a few basic rules in order to open an account in your name.
Although there are offers and promotions at each bank which may not be available for foreigners, you can get pretty much all the basic facilities once you open your account. Here are the rules for opening a bank account in the UK:
- Provide your proof of ID. This can be anything from a recent photo or your passport, depending on the requirement of the bank. You can ask them about this to make sure you are making the right preparations.
- Proof of residence, this is proved through utility or credit card bills. It tells the bank you have a residence in the country. But if you don’t have a residence, you can either show proof of your residence in your homeland, or open an account in another branch of the bank. For instance, if your country has the same bank, you can open an account there first and then apply in the UK.
- Once you have the documents, submit them to the bank along with your application and the bank will handle the rest.
After 9/11, the US passed a law which limits the ability of foreigners to open a bank account in the country. However, it isn’t impossible, it is just a long process. Here is what you will need for it:
- Original passport or ID card. The bank will need something to verify your birthdate and place of birth. They will also need picture verification. And they won’t accept any photocopies.
- Social security numbers are the biggest preferences of banks but if you are unable to get one, you can file a form with IRS to get taxpayer identification number. The bank will gladly accept this in place of your social security number.
- A lot of other requirements depend on the bank and the state where they are operating from, so it is better to get in touch directly with them and ask about it. Once you have all the documents and your application, you can submit it to the bank and wait for them to give you the good news.
Opening a bank account shouldn’t be hard but it was a precaution some countries had to take to keep their citizens safe. However, the process hasn’t become impossible yet so as long as you follow the rules, you will be able to open an account in your name easily.