Although we'll be getting around to the various countries in due course, it has become clear that a considerable number of people can't wait so I'm going through the general requirements for all countries here. If I've already written up a country guide, check that first as it'll be much easier to follow.
Opening accounts around the world used to be fairly easy but with the increasing administrative burden imposed by anti-terrorism legislation around the world banks in many countries fee that they can no longer cope with it all and therefore opt out by refusing to open accounts from non-residents. However, whilst this might apply to most banks it isn't the case for all banks in the various countries and indeed those that initially say "no" will usually let you open an account if you've clearly gone through all the possible administration for them.
Going by the e-mails that I've received the most popular countries are America, Switzerland and the UK so I've already covered those in separate articles in this section of the guide. However, many people have indicated that they'd like information regarding opening accounts in the Carribbean, south America, Austrlia, you name it and they've probably asked.
In general terms the easiest banks to open accounts with in a new country are those that have branches in your home country. This lets you get around the "know your customer" requirements which are the main parts of administration that has become stricter recently since you can obviously just walk into one of the local branches and have them authenticate the necessary documents. In this context, you'll find that both Citibank and HSBC seem to have branches just about everywhere although they can often be an expensive option.
What documents do you need though?
The first requirement is usually a proof of your identity. This generally means your passport so if you haven't got one already you'll need to get one. Since the thinking is that you'd not be prepared to post your passport abroad, they usually ask for a copy of this which is where your first complication comes in.
In general, ordinary photocopies aren't acceptable and you'll be asked for a certified copy. Banks will accept copies certified by a local branch of the same bank ie if you are trying to open an account with HSBC in the Caymans then an HSBC branch in any other country can certify this for you (and won't charge either). Failing that, you should ask what their correspondent bank is in your own country and use that (they might charge). You need the bank to write "original seen" on the photocopy and stamp it.
Some jurisdictions are more difficult though and ask for an apostilled copy. To get this you need to send along your passport to the equivalent of your Foreign or State department (ie the department dealling with international affairs) in your government who will mark the document "original seen" and stamp it. This is a state-level apostille which is the one that you'll need.
Second, you'll need to provide a proof of address which generally means an electricity bill. They'll usually ask to see the original of this ie you don't need it apostilled.
Simple, eh?
Which bank should you go for though? That really depends on your needs. Generally speaking even the smallest bank in a tiny country will offer international debit cards and deal with international transactions to some extent. However, if you are planning on transferring money regularly to and from the bank you'll find it simpler to go for one of the banks that have branches in numerous countries which usually means Citibank or HSBC. However, many Carribbean countries are populated with banks routinely dealing with international clients. I've done some research on some of the Carribbean countries for future articles, so pop a question on this article and I'll get back to you with such information as I have.
