After 3 years doing charity work back and forth from the United States and the Dominican Republic I decided I could really benefit form a bank account oversees and going through the steps really opened to my eyes to not only some advantages but also challenges. One of the main business advantages is opening yourself up to a brand-new market with new potential clients/customers. Additionally, you will have fresh unencumbered access to loans and potentially credit (not all countries have credit). This could in the long term set you up for busines opportunities. With currency exchanges and travel Pre For business and even for personal portfolio expansion and potential having an offshore bank account is the way to go.
How do you even get started? Well, if you have a country in mind or a country that you like to travel to I would start there. The first thing you will want to do is reach out to any family or contacts in the country and asking them to obtain the details from their bank. They are specifically looking for the details for a foreigner opening an account. Some banks need a cosigner so getting that info from a trusted contacts bank is a great first step. Once you get that information and have your trip set up, make sure you have all of your paperwork you will need. This can include but is not limited to your Passport, Id card, social security card, Bank Statements, proof of employment/salary/rate of pay & continued employment. It’s worth it to ask if you can bring copies of these items before your trip for added security. Once you have your information and get a chance to go to the bank, be ready to comply with their request. Once you get the bank account open now your on your way to accessing the benefits of an international market.
Though there are many advantages and the process is going to be somewhat similar to starting a bank account in your own country there can be challenges. First off bringing all of your personal paperwork is a bit risky, losing any of these items can lead to identity theft and many other issues and conveniences. You must do this at your own risk and is why I urge those that want to pursue an international account to ask about the option for bringing copies. Another large challenge can be the bank requesting more than one visit to process your account request. This may not fit within your travel plans and cause you to need to make multiple trips to the bank/country that could get disconnected. Finally any type of language barrier can be a challenge when setting up an account like this. Maybe you bring the wrong information because something was translated incorrectly, it can be stressful at times but my advice is be patient and keep in mind why you are going through the steps in the first place.
To get more details of my first hand experience on doing business internationally go to IshmaelStinson.org and provide your contact information.