How to open a bank account in another country [2024]

If you want to live, work, invest or study abroad, getting a local bank account to hold, spend, receive and exchange the currency needed in your destination is pretty much essential. However, opening a bank account in another country can be pretty complicated, slow and expensive. Instead, you may prefer a specialist service like Wise, which has an account you can open from Canada, to manage your money in foreign currencies conveniently.

This guide walks through your options, the documents you need and more - whether you decide to open an overseas bank account or choose a non-bank provider instead.

Key points: Online bank account opening abroad

• Overseas accounts are available for non-residents through banks and non-bank alternatives like Wise.

• Providers like Wise have a fully digital onboarding and offer multi-currency balance options

• Some bank solutions are intended for people who plan to move to a foreign currency to live or work, which may mean they don’t support multi-currency balances

• To open an account abroad you’ll need to prove your identity and address - you may also need proof of income or savings

• There’s no single best overseas bank or non-bank alternative account for non-residents - compare a few to help you choose

Can I open a bank account in another country without living there?

Yes, you can open a bank account in another country without living there. You’ll be able to choose a few different options, including opening an account with a global bank like HSBC, in an overseas country, or picking a non-bank alternative like Wise. Different account types have their own features which may mean they suit some customers more than others - this guide should help you examine your options and choose a service to suit your needs.

Can I open a bank account in another country online?

Yes, you can open a bank account in another country online. Some banks offer this service - particularly if you’re planning on moving to another country to live, study or work. There are also several good non-bank alternatives like Wise which can help you open an account online to hold and exchange foreign currencies, and get account details to receive payments from abroad, too.

Save the paperwork with alternative solutions like Wise 

Banks all over the world usually need a proof of local address in the country you’re applying in, to access full account services. This can be restrictive if you’ve just arrived in a new country, as getting a proof of address in your name can take time. It’s also a pretty impossible situation if you’re trying to open an account as a non-resident as you won’t be able to get a proof of address at all.

As an alternative you could choose a digital account from a non-bank provider like Wise. It offers an account opening which can accept a fairly broad range of ID and address documents - plus you can open your account using your Canadian ID and address, to hold and exchange foreign currencies, and get select local bank details, to pay and get paid in both Canadian dollars and foreign currencies.

We’ll look at this in more detail a little later.

How to open a bank account in another country from Canada

Let’s walk through how to open a bank account abroad from Canada.

1. Choose the perfect account for your needs

   Banks and non-bank services could meet your needs. If you’re looking at a bank, you may have greatest success with banks which have a global operation, like HSBC, which we’ll look at later. Non-bank alternatives may be a good choice if you don’t intend to move overseas but need a way to manage your money in CAD and other currencies conveniently.

2. Get all your documentation ready

To comply with financial legislation, all financial service providers must check details including your ID and usually your address, before they can open an account for you. You may also need to provide tax information, depending on the specific account you pick. We’ll look at this in more detail in a moment.

3. Apply online, or in a branch person

You’ll be asked to give personal and contact details, and in some cases other information surrounding your earnings, employment and legal residence status. Some banks offer online account opening services - digital first providers like Wise complete the full account application online or through an app for convenience.

4. Submit your documents online or in a branch

If you’re applying online you can take photos of your required documents and upload them to your account for the provider to verify. If you're in a branch you’ll simply need to hand over your paperwork for review and checking.

5. Once your account is verified you’ll be able to start transacting

Account verification can take a day or two, but once this process is complete you’re good to start to transact with your new overseas account.

What documents do I need?

To open a bank account more or less anywhere in the world you’ll usually need to provide:

• A photo ID document like a passport or a driving license

• Proof of your local address in the country you’re applying in

• Tax ID or information

That tends to mean that bank account options are very limited if you’re applying as a non-resident and can’t provide an overseas address.

How to open a foreign bank account online

In some cases you can open a foreign bank account online or through an app. Some banks offer this service but it is not always an option - digital first providers like Wise allow you to complete the full application, onboarding and verification process online or in-app.

Here’s an outline of how to open a foreign bank account online:

1. Choose the perfect account for your needs

2. Get all your documentation ready

3. Download the provider’s app or open their desktop site

4. Apply online, and upload images of your required documents

5. Once your account is verified you’ll be able to start transacting

Which provider is best to open an account abroad?

Here’s a side by side overview of a non-bank provider - Wise with HSBC, a global banking service which allows you to open accounts in different countries.

*Details correct at time of research - 27th August 2024

• Wise is a non-bank provider which offers multi-currency digital account products for customers in Canada who want to manage their money across currencies. This could be handy if you’re planning to move overseas, but also if you travel often or shop online with overseas retailers for example.

• HSBC offers international banking services which allow you to open an account with a local HSBC division abroad. In this case, you’d usually be opening an account to hold the currency of the country you’re opening an account in only - so if you open an account with HSBC Singapore, the chances are that you’ll be able to hold and manage SGD only, for example. HSBC also offers an Expat Global Money Account for HSBC Expat customers, which can support 19 currencies and allows you transfer money between HSBC accounts and to other banks worldwide in over 50 currencies.

Let’s look through these options in more detail now.

Wise account

With Wise multi-currency account you can hold, exchange, send, spend and manage 40+ currencies including CAD. Wise is not a bank, but you’ll be able to manage your money across currencies, and access many features which help you hold, send, spend and exchange different currencies for your day to day needs.

You can open a Wise account in Canada, to get local account details for foreign countries and regions which allow you to manage your money effectively in a selection of currencies.

Get local account details for Australia, the US, the Eurozone, the UK, Hungary, New Zealand, Romania, Singapore and Turkey so you can receive payments in 8+ currencies through local transfers. You can also receive CAD via Swift and non-swift/non-wire payments. Learn more: How to use Wise account.

The whole application, onboarding and verification process is digital, and once you’re set up you can make payments, convert currencies and check your balance right from your phone or laptop.

Wise fees

• No monthly fee

• No account opening fee for personal customers

• Exchange and send 40+ currencies with fees from 0.33%

• Receive payments in foreign currencies with local account details

• 6.11 USD to receive a USD wire

• 10 CAD to receive a CAD SWIFT payment

Wise account eligibility

Accounts are offered in most countries around the world – you’ll need a government issued ID and in some cases a proof of address or tax number to apply. No matter where you open from, you’ll be able to open multi-currency balances to receive, hold and exchange foreign currencies easily.

How to open an account abroad with Wise (online)

Here is how to open an account with Wise:

1. Download the Wise app or open the Wise desktop site

2. Click Sign up and create an account with your email, Facebook, Google or Apple ID

3. Follow the prompts to enter the details needed

4. Upload a snap of your ID and address documents

5. Once your account has been verified you can click on the “+” sign on the Wise app, to choose the currency balance or balances you want to hold or receive

HSBC account

HSBC covers 60 countries and territories, meaning there is no shortage of local resident accounts. These accounts are intended for people who plan to move, invest or study abroad - effectively you’re opening an account with the HSBC local division in the country you select. You may find you have a choice of account products there, but there’s a good chance that most accounts will be designed to hold the local currency in the destination only.

There’s also the option of opening a non-resident account with HSBC Expat, which makes it simpler to manage your finances while you’re living outside of Canada and can be used to hold money and send and receive payments.

HSBC expat accounts are available in pounds sterling as well as US dollars and Euros and come with savings accounts that are available in a wide range of other currencies.

Once you’ve signed up for a HSBC Expat account, you can open an HSBC Expat Global Money account at no extra cost, which allows you to hold up to 19 currencies in a single account and make transfers in over 50 currencies.

HSBC fees

HSBC fees will depend on the specific product you select in the country you’re looking to open an account in.

HSBC also offers Global Money Accounts which have no ongoing fees and no HSBC transfer fee.

HSBC eligibility

Most local HSBC accounts will require you to be a resident in the country you are choosing to open an account in and will typically require proof of address.

To be eligible to sign up to a HSBC Expat while still living in Canada, you will either need to:

• Have a salary of at least £100,000 (or currency equivalent)

• Be an HSBC Premier customer in another country

• Save or invest at least £50,000 (or currency equivalent) with HSBC Expat within 3 months of opening your account

  

How to open an account abroad with HSBC (online)

Here’s how to apply for an HSBC account abroad:

1. Head to the HSBC Expat Account website

2. Check you’re eligible

3. Follow the prompts to enter your current location

4. If you’re eligible, you can proceed to the application form to apply

Learn more: HSBC Expat Account

How long does it take to open a bank account in another country?

How long it takes to open an account in another country depends a lot on the provider and account you pick.

• Wise can usually get customers verified, and accounts up and operating in a day or two.

• HSBC usually takes 7 to 10 days to open an Expat account once they’ve received your application, ID, and proof of address. Local HSBC accounts should be much quicker to open.

How much does it cost to open and maintain a bank account in another country?

There’s usually no fee to open your local account in the first place - but an account like the HSBC Expat account requires a salary of at least £100,000 (or currency equivalent) or to save or invest at least £50,000 (or currency equivalent) within 3 months of opening your account.

Accounts from non-bank alternatives can vary - again there’s usually no fee to open your account but you may find you pay a monthly charge to get a fixed number of no fee transactions, for example.

With any account, there are likely to be transaction fees, including currency conversion and payment fees. That means that it’s worth investing the time to read the account fee schedule carefully before you get started, to make sure you don’t run into any unexpected charges when you transact.

Is it possible to open a fee-free account abroad?

It’s not usually possible to access truly fee free banking, anywhere in the world. You might find accounts which don’t have a monthly fee - but most bank accounts have a selection of transaction fees which depend on how you use your account. These costs may not look like the bank fees you’re used to at home, so reading the account terms and conditions is essential.

If you’re looking for an international account which has transparent pricing for services, compare the bank options you’re considering against Wise as non-bank services with clear and simple pricing and low costs.

What are the benefits of having a foreign bank account?

The benefits you get from your foreign bank account can depend on how you transact. However, some common uses include;

• You can cut down the costs of converting and spending foreign currencies

• Avoid foreign transaction fees when spending in foreign currencies

• Get paid by others in foreign currencies and hold your funds in these currencies without needing to convert back to dollars

• Send money overseas, for personal or business purposes, with lower overall costs

How to open an international account online

An international account is usually an account with a bank or non-bank provider which is optimized for international use, often across multiple currencies. This could be useful in many situations, particularly for people who travel or receive cross currency payments from several different countries.

Some banks allow you to open an account overseas but this may not offer multi-currency balance options. As an alternative, a non-bank provider like Wise, which offers powerful international account products, may be a good choice.

Learn more: How to open an international bank account online

Conclusion: Open a bank account online abroad

Opening a bank account abroad can be helpful if you’re planning on moving out of Canada, or if you want to invest overseas. It can also be a good option if you travel a lot or receive international payments from clients based abroad.

While some Canadian banks may let you open an account abroad without needing to travel, this is not always possible - and where it is an option it may require a pretty high minimum balance to avoid ongoing fees. If you want something simpler and cheaper, check out providers like Wise for multi-currency account options you can open online or in-app, to make living internationally easier, and to cut your costs.

Foreign bank account online FAQs 

Is it legal to open a bank account in another country?

Yes. In most countries it is possible to open an account as a foreigner - but as banks choose who they offer products to, this may not always be a service that’s available in practice. Instead of looking at banks you might prefer a non-bank provider like Wise which has a multi-currency account you can use to manage your money conveniently in a selection of currencies.

What countries allow foreigners to open bank accounts?

Many countries allow foreigners to open a bank account in theory - but in practice it’s not always possible if you don’t have a local proof of address in the country in question. This may mean it’s difficult to open an account overseas as a non-resident. Instead, a non-bank provider like Wise can be a good alternative.

Can you open a bank account if you don't live in the country?

Some banks offer non-resident accounts which can be opened without living in the country in question, like HSBC. This would allow you to hold and exchange a foreign currency - but it may also mean pretty high minimum balance requirements and fees.

Can I open a bank account in Canada but live in another country?

Generally Canada banks require a local proof of address to open an account, so you can not open a standard account from abroad. However, there are smart non-bank alternatives like Wise which may be able to help, to allow you to manage CAD and your home currency in the same account.