How to have an offshore account for free?

There are two main categories:

1.Current problems in opening offshore bank accounts

2.Problems with offshore account remittance

What are the reasons why it is difficult for you to open an offshore bank account, low success rate and easy to be closed?

1.Increasing demand for bank account opening

At present, many people open offshore bank accounts, resulting in increasing demand for banks, banks have to tighten the account opening policy, greatly raise the account opening threshold, so many people will encounter account opening obstruction, account opening failure.

2.Opening a bank account becomes more expensive

In response to this phenomenon, the bank needs to remove a large number of “zombie accounts and current accounts”, which do not bring profits to the bank, but also lead to high management costs, so the bank will conduct strict screening when opening an account.

3.It involves sensitive words

If you are representing yourself, you may be in a particular industry (such as real estate, securities), or if you have had problems with other bank accounts; If you represent a company, the company name may have special sensitive words (such as group, finance, jewelry, etc.), or the company may be involved in a special business (military, mining, etc.).

Solution:

You can choose an offshore bank with low opening threshold and high cost performance to open an account, which is mainly divided into two ways:

1.Select a virtual bank account to open an online account

Only the ID card authentication and video authentication can be registered online. Note that the App store may not find the App, you can go to the official website to scan the QR code for download and registration.

2.Choose to open an account in China

It is recommended that you choose a domestic branch witness account opening, such as HSBC, Standard Chartered, Citi, CITIC, DBS, etc., you can choose one to open an account. Note that the bank will have certain conditions, prepare the account information in advance, you can contact the bank account manager in advance for consultation.

BiyaPay has helped you sort out the problems that you need to pay attention to in opening an account

1.Ensure that my information is filled in correctly to ensure the authenticity of the transaction background;

2.You can properly purchase bank financing or certain deposits to avoid long-term inactivity of the account;

3.Prepare the documents required by the bank in advance, if you are not clear, you can contact the bank in advance;

4.Avoid financial exchanges with sensitive and high-risk countries;

5.If it is a foreign trade transaction, minimize the remittance from your personal account and choose a business-to-business payment.

If you have any questions, please contact BiyaPay team!