Opening a bank account online
Opening a bank account is simple and convenient nowadays, moreover it is accessible almost to everyone. Most banks offer such kind of service to attract as more clients as it's possible and to look like modern and successful service to their customers. Opening a bank account online consequently means using it for payments online as well in the future. So according to the e-commerce analytics number of online banking users in many countries increases every year. For example, in UK number of online banking users was 51.1% in 2010, in 2011 the number increased to 64.8%.
Citizens of many countries have a possibility to open foreign bank accounts. To perform such action you do not need to fly to that country, you can open account online. That is one of the most important advantages of opening bank account online.
So how to open bank account online and where to start from?
It relates to those who want to open an account abroad performing all steps online. Check legislation of your country. Opening bank account abroad should not be against the law. You may find out methods how to avoid some of the laws but it’s recommended and preferable not to play against the government rules.
2) Choose a bank.
So you are able to open an account, means next recommendations are tailored for you. If you are eager to open account abroad, it is better to start searching for country where to open an account and then - for a bank. Or you can just search for large and safe bank if country doesn’t matter for you. There are top lists and ratings of the largest and safest banks in the world which are tailored for you. For instance, according to one of the China government portal sites, in 2011 the biggest bank in the world was Norinchukin Bank (Japan), in 2012 - ING Bank (Netherlands). You can look through some of the famous bank ratings and select what is the best in your opinion. If you would like to open bank account in your country, see which banks are popular and safe in this location. Afterwards get to know if this bank provides such option as opening bank account online.
3) The services.
Once you have chosen a bank, check the services that are available in this bank. It seems that now all banks offer the same services but it is better to check. Because conditions to get even such simple services as debit/credit cards, transferring funds to another account or Internet banking - sometimes can be available only with special conditions.
4) Apply for opening an account online.
Not all foreign banks offer the opportunity to open an account online due to proof of identity regulations. So first of all, make sure that the bank you have elected has such facility.
Then you may be requested to fill in some documents, sign it then send it to bank by mail . You will have to enter your real full name (forget about nicknames), current address, your ID number (or passport number). If you are US citizen, you will need to provide social security number. Also you may be asked to pass phone verification or you can typically receive call from bank representative to answer some questions to confirm your identity and desire to open a bank account. It is not the same procedure for every bank but quite similar sometimes. So what you need to do is just provide bank with requested information/documents and perform all steps to open bank account online.
Please mention that consideration of applications can take from 2 to 3 weeks (usually for overseas accounts) or can be instantly (it is usually for local) depending on mail services and bank requests.
5) Enclose deposit.
Generally you will need to enclose deposit for opening an account. Amount can be different, but the most common amount is 600$-1000$ for overseas accounts.
6) Create a strong password.
Make sure you choose the unique and strong password for your new bank account. Keep login and password in safe place.
Today opening a bank account online is easy and mostly reliable. As a rule bank offers simple and secure online application which will guide you through the process. Convenience, safety and availability of opening foreign bank account sitting at home are the biggest advantages of it.