Need to have an offshore account

At present, there are three main destinations for opening overseas bank accounts, namely Hong Kong, Singapore and the United States.

Hong Kong and Singapore

Local residents of Hong Kong and Singapore can directly open an account, while non-local residents have relatively high threshold requirements for account opening. As the two financial centers in Asia, Hong Kong and Singapore are mainly engaged in wealth management business, which are aimed at relatively high-net-worth clients. Most of the non-local residents in Hong Kong and Singapore are required to deposit a certain amount of funds before they can open an account. The lowest requirement in Hong Kong is Hong Kong Nanyang, which can deposit 50,000 yuan, but requires multiple round-trip visas from any country. There is no management fee and the cost is the lowest. Several other companies require a deposit of more than 300,000 yuan to open an account, and after the account opening is completed, the assets do not meet the standard, and they need to pay a monthly management fee of several hundred yuan. Singapore has higher requirements. For example, Citigroup Singapore does not require deposits to open an account, but its assets are less than 1 million RMB, and there will be a monthly management fee of 300 RMB. Several other banks require millions of assets.

U.S.

There is basically no minimum deposit requirement for bank accounts in the United States. There is only a one-month management fee, and the management fee can be exempted only by depositing about RMB 10,000. Compared with Hong Kong and Singapore, this threshold is so low that there is almost no threshold. Accounts that have been successfully opened are the same as those of people with American identity, and there will be no difference in treatment. Whether it is account management fees or fees for transfers and collections, they are the same as those for local people in the United States. American bank accounts are especially suitable for those who do not have a large amount of funds, but want to allocate part of their assets overseas. Transferring funds out is basically to speculate in U.S. stocks, cryptocurrencies, etc., and U.S. bank accounts can meet our needs.

If it is not convenient to go abroad, you can only use the method of remote agency to handle overseas bank accounts. Currently Hong Kong and Singapore. There are also banks in the United States that provide remote account opening services. The bank account for remote account opening is the same as the bank account I opened locally, which means that the capital requirements of each bank are still the same. The difference is that banks in different countries Agent account opening fees are slightly different. Among them, the Hong Kong bank agency fee is the cheapest, because Hong Kong is the closest to mainland China, and it is generally within 2,000 RMB. The bank agent account opening fee in Singapore is slightly higher, around 5,000 RMB. Bank of America has the highest agency fee for account opening, generally around RMB 8,000 to RMB 10,000.

In addition, you can also apply for an online bank in the United States, and you can apply for a bank account in the United States without leaving your home. At present, there are no bank accounts in Hong Kong and Singapore that can be applied remotely in China. Only the United States has free online banking, and there are mainly three American online banks that you can apply for at present. The advantage of online banking is that the application is fast and the required information is simple. Generally, the application can be successful after preparing the four-piece set. The four-piece set mainly includes American independent IP, American physical mobile phone card, and American private address ipn. With this four-piece set, almost all online banks can use this four-piece set, and you can also use this four-piece set to apply for an American one. credit card. Since online banking has advantages, it must also have disadvantages. The biggest disadvantage is that online banking is generally not a full-featured bank account. Basically, online banking cannot operate international wire transfers, bind e-commerce platforms, and may fail to collect money. , but these online banks are used to receive some US income. Then there is no problem in using it to speculate in U.S. stocks, so you can apply for a few more backups. Basically, all online banks have no asset requirements and no management fees.