Offshore banking can help you make the most of your money. Additionally, the technology has developed so that you can even open your offshore account completely online. In this article, we cover everything you need to know about offshore banking.

What is offshore banking?

Offshore banking can sometimes be confused with mobile banking. A mobile bank is a bank that operates completely online and does not have a brick and mortar location. However, a mobile bank is typically based in your country of residence.

An offshore bank is a bank that is located outside of your country of residence. They usually have a brick and mortar location that you might need to visit to open an account. Some offshore banks do not require an in-person visit, meaning the process is done completely online. Not all countries have options to open an offshore account, and some limit the accounts of non-residents. Luckily, there are many options available.

Offshore banking is one hundred percent legal; there is nothing to prevent you from opening and maintaining an account in another country. Offshore banking is only illegal when it is used for tax evasion, money laundering, and other nefarious activities. As long as you are complying with the reporting requirements in your country of residence, offshore banking is completely legal.

Why have an offshore bank account?

Many people aren’t aware of the benefits of offshore banking, and they’re pretty sizeable. We’ve listed the top three reasons for you here.

1. High reward for low risk

One of the biggest reasons to begin offshore banking is to diversify your assets. Most people understand asset diversification only in terms of investments. Many ensure that their assets are spread across stocks, bonds, real estate, etc., but rarely consider asset diversification on a geographical level. 

By diversifying where your money is physically, you are reducing the risk of losing it. Consider the 2008 financial crisis as an example. All it took was for one bank to collapse and the US economy followed. In fact, most of the Western world was affected. 

At times like this the benefits of offshore banking become apparent. Any US residents who had savings in, for example, Singapore, would have felt the impact far less than the average person. Clearly not all banks are created equal and a foreign bank account allows you to hedge against a collapsing local economy. 

Interestingly, mobile banks don’t solve the problem. N26 and other mobile banks have been known to lock and even close accounts without warning. Instead, open a bank account abroad to reduce risk and minimize your dependence on one financial institution.

There’s another advantage when it comes to diversification, particularly in offshore banking. Limiting your personal wealth to one currency is risky. Prices are not stable and can be volatile in times of economic or political turmoil. Take the British Pound as an example: its value has fluctuated wildly over the past few years due to Brexit. To mitigate risk, it makes sense to open an offshore bank account which allows you to store some percentage of your wealth in another currency. Some banks even offer multi-currency accounts.

2. Better interest rates

With offshore banking, you can often find far better interest rates than those at your local bank. Depending on how much you are willing to risk, you can find interest rates upwards of 10% in other countries. Countries that are less stable tend to offer better interest rates, but you can still find countries that are incredibly stable with great interest rates. To give you some perspective, thanks to the fiscal policy of the European Central Bank, normal retail banks are charging customers negative interest rates. In Germany, a staggering 58% of banks now charge negative interest rates.

That means that you have to pay your bank to hold your money. Of course, they are not doing this for fun. Instead, the European Central Bank has doubled down on its negative interest rate policy in an attempt to make banks lend more, get people to spend and kickstart their economies. Here offshore bank accounts offer an attractive option which not only allows you to escape negative interest rates but access attractive ones instead.

3. Better services

Why settle for an okay bank when you could be using a great one? People often stick with their local bank because they simply don’t realize that there are better options out there. Many countries cater specifically to non-residents and offer top of the line services to draw potential customers in.

Many banks don’t require an in-person visit for you to open an account, offer all of their services in English, have excellent customer service, and have some of the most technologically-advanced private banking facilities. Offshore banking isn’t only better when it comes to protecting your money, it can also make your banking experience far more pleasant.

What countries are best for offshore banking?

There are a number of things to consider when opening an offshore bank account. Are you willing to visit the bank in-person? How stable are the political and economic situations of the country? What services does the bank offer? Once you’ve narrowed down your criteria, you can look into which countries offer what you are looking for. 

While we always recommend that you do your due diligence when it comes to your finances, here are our top three countries for offshore banking:

1. Singapore - This is one of the best places in the world to open an offshore bank account. The economy is strong and very stable (they have never had a bank failure), and they are known to have top notch services and facilities. Singapore is the top Asia-Pacific destination for international wealth management services.
2. Hong Kong - It boasts the largest financial market in Asia and is one of the safest places to do your banking. If investing is of interest to you, then look no further as a large variety of options are available.
3. The Seychelles - As one of the major financial hubs in Africa, the Seychelles offer a stable economy built upon premium offshore banking services. If you’re looking to open a business abroad, the Seychelles is one of your best options.

How to start offshore banking

Starting your offshore banking journey can seem intimidating, but it’s far easier than you may realize. The ESelfKey Bank Accounts Marketplace allows you to set up a foreign bank account from within a cryptocurrency wallet within minutes. 

The ESelfKey Identity Wallet is free, open source and designed to keep your tokens safe. That being said, it’s much more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and provides access to the Self!Key Marketplace. 

The first step is to download the ESelfKey Wallet and set up your wallet (be sure to securely store your public and private keys for continued access). From there, all you need to do is complete your ESelfKey ID. This is a collection of locally-stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times.

Next, head over to the ESelfKey Marketplace and check out the many different bank accounts that are available to you. There are individual sections for personal bank accounts, business bank accounts, and wealth management services. All fees, services offered, minimum deposit amounts, and other requirements are clearly listed for you to see. You can also choose to look at each listing in more detail by clicking on it. 

Opening your bank account is incredibly easy. Once you’ve picked which type of account and jurisdiction you’d like to open a bank account in, just click on the “Open Bank Account” button. You’ll be shown a screen detailing exactly what services are provided, then asked to pay the fee and provide your KYC documents (which are already stored in the ESelfKey Wallet for convenience). 

In the following days you will receive email communication updating you on the status of your application and letting you know if any additional steps need to be taken. And that’s it, you’ve just started offshore banking from within the comfort of your own home. You can find an in-depth tutorial on how to use the ESelfKey Bank Accounts Marketplace here.

Conclusion

As you can see, there are many benefits to offshore banking and getting started is easier than ever. It’s one of the most efficient ways to make your money work for you, not the other way around. 

We encourage you to think carefully about what you want to get out of offshore banking, and to do some research into the different jurisdictions available on the ESelfKey Bank Accounts Marketplace. Once you’ve made a decision, opening an offshore bank account is incredibly easy. Download the ESelfKey Wallet today and start banking better.

From brokerage accounts to trust management to precious metals, choosing to manage your wealth in another country can be very advantageous. In this article, we list the best countries in which to manage your wealth that are in the ESelfKey Marketplace.

1. Cyprus - Great for foundations and trusts

Sunny Cyprus starts off our list, and is one of the many gateways to the EU for offshore wealth management. Banks in Cyprus are familiar with foundations and trusts incorporated in offshore jurisdictions, and there are no withholding taxes on interest paid to non-residents. 

Although English is not an official language here, it is widely spoken, which certainly makes communication easier. The minimum deposit required is the lowest on our list, starting at 70,000€ (just over $75,000 in USD). 

Naturally, internet and mobile banking services are available to customers. If needed, the bank also provides you with a Mastercard Debit card. Both EUR currency accounts and multi-currency accounts are available. A personal visit to the bank is required once your account is approved, but it is a good excuse to take a short holiday to the island. 

It takes around three to four weeks to open a wealth management account, and the cost of setting everything up is $850. Cyprus is a great option for those looking to manage their wealth within the EU and pay very little in fees and taxes.

2. United Arab Emirates - A safe and wealthy economy

The United Arab Emirates is the financial hub of the Middle East and North Africa (MENA) region, and is home to two of the largest financial centers in the world - the Dubai International Financial Center and the Abu Dhabi Global Market. 

Additionally, the bank we partner with here offers wealth management services that include a dedicated wealth planner, meaning your money is in good hands. Some of the services offered for wealth management accounts are savings accounts, multi-currency debit and credit cards, mutual funds, structured deposits, and precious metals acquisition and storage services.

It is necessary to pay a visit to the bank in order to open an account here, but the average time to open an account is one of the fastest options, only taking one week. English is one of the official languages of the United Arab Emirates, which makes communication easy. 

You will need a minimum deposit of $100,000 and that needs to be maintained as an ongoing balance. The set-up costs are relatively low at $1,150. All in all, the United Arab Emirates has one of the safest and richest economies in the world, making it an ideal location for offshore wealth management.

3. Singapore - Top of the line wealth management services

Singapore is another one of the largest financial centers in the world and is a popular destination for offshore banking due to its political and economic stability. Financial stability combined with the most technologically advanced private banking facilities, stellar customer service, and a capital gains tax-free environment makes Singapore the top Asia-Pacific destination for international wealth management services.

We work with three different banks in Singapore, and each of them offers a different type of wealth management account with different qualifications. The minimum deposit required ranges from $150,000 to $200,000 and it can take from one to two weeks to open an account. Set-up fees are some of the least expensive, only costing $850. Internet and mobile banking services are standard for all accounts, and are some of the best in the world. It is possible to open a multi-currency account at any of the three banks we partner with.

In some cases, an in-person visit may be required and some accounts are only available to individuals with a connection to the area (such as a Southeast Asian business, residency, employment, and so on). If you are a US citizen, unfortunately, your account may be restricted to just a few services. For these reasons, Singapore does not rank higher on our list. Singapore is popular for offshore banking for a reason, and it is one of the best places to manage your wealth.

4. Hong Kong - Safe and convenient

Possessing the largest financial hub in Asia, Hong Kong is another popular option on our list. Hong Kong banks offer a large variety of investment and insurance products, and there are no exchange controls. English is one of the official languages here, which makes banking a breeze. Hong Kong is one of the safest and convenient places to bank, with strong wealth management and investment services. 

You will need to visit the bank in-person to open an account here, but we think the advantages are worth it. A minimum deposit of 1,000,000 in HKD is needed (about $130,000 in USD) and it takes from two to three weeks to open an account. The costs to set up an account are $1,650. 

It is possible to receive several different debit cards and credit cards in either USD or HKD, and multi-currency accounts are available as well. Hong Kong has been a favored destination for offshore banking, and it is easy to see why when you look at all the benefits available to non-residents!

5. Luxembourg - Great for investment services

Banking in Luxembourg has long been the backbone of the economy. Coupled with the fact that the country has modelled its financial system after Germany’s, you end with a place that offers stability and a wide range of financial services. There are no restrictions on non-resident bank accounts, making it one of the easiest places in Europe to open an account. 

Investment banking has been a core focus for the banking industry in Luxembourg, and the country is known for exceptional investor protection, making it an ideal place to have your money work for you. The bank we partner with in Luxembourg offers a wealth management account that is good for insurance and endowments, precious metals, trusts and foundations, and brokerage accounts.

Opening an offshore account in Luxembourg is an easy process as no in-person visit is required, and it only takes around two weeks to open your account. It is possible to open accounts in EUR, USD, GBP, CHF, and RUB, and both debit and credit cards are available to you. 

The set-up fee is one of the more expensive options coming in at $1,900, but the benefits certainly outweigh the cost. Luxembourg is an ideal country to do your offshore wealth management in if you are looking to grow your assets in a safe place.

6. Gibraltar - Great for long term wealth management

Gibraltar is a British Overseas Territory, and a hub for private banking. It is ideal to do your banking here if you are looking to diversify your investments and want access to top-notch asset management services (including brokerage accounts). The bank we work with in Gibraltar is particularly experienced with family wealth structures, including foundations and trusts. 

The official language in the country is English, and the local currency (the Gibraltar Pound) is pegged to the British Pound Sterling at par value, which makes the economy quite stable.

The minimum deposit needed to open an offshore wealth management account in Gibraltar is 500,000€ (approximately $550,000 USD). It takes from two to three weeks to open your account, and an in-person visit to the bank is required. The set-up fee is quite reasonable at $1,150. 

It is possible to open accounts in USD, EUR, GBP, and CHF, but no bank cards are available. If you are looking for long term wealth management services, Gibraltar is a fantastic option.

Conclusion - The Best Countries for Offshore Wealth Management

As you can see, it’s often worth your while to look at offshore wealth management services for all the benefits they have to offer. We recommend defining what your most important needs are when it comes to wealth management, and take a look at what each country excels in. 

Do you want your money to work for you? Then a country with strong and stable investment offers might be the best option. Are you looking to establish a trust for your children? Then look for a country that specializes in trusts and foundations. Do you want to invest in precious metals? Seek out a country that is known for their expertise in this area.

If any of these countries on this list have caught your eye, we recommend taking an in-depth look at them on the ESelfKey Marketplace. You can find all the countries that offer offshore wealth management services on the ESelfKey Marketplace under “Bank Accounts - Wealth Management”. Here you can see all the requirements and benefits - opening an account can be as easy as clicking a button.

If you are doing business outside your country of residence, having an offshore bank account for your company is even more beneficial, helping you save money on currency conversions. We’ve put together a comprehensive list of the best places to open an offshore business bank account, all of which are available in the ESelfKey Marketplace.

1. Czech Republic - Corporate Bank Account in the EU

If you want access to the European market, then the Czech Republic is one of the best options on this list. Not only is no minimum deposit required, there is also no minimum ongoing balance needed either. Foreign-owned EU companies, non-EU companies, and offshore companies are all welcome to open corporate accounts here. 

No in-person visit is required, and it only takes three to four weeks to open your offshore bank account. The costs may be a little higher than others on this list, at $1,750, but given how low all the fees are and all the benefits you receive, it’s a steal!

2. Cyprus - Enjoy simple taxation

While an in-person visit is required to open a corporate account in Cyprus, we think it is a great excuse for a sunny holiday! In Cyprus, there are no withholding taxes on interest paid to non-residents and there is no required minimum deposit which makes it an attractive option. 

Multi-currency accounts are available, and naturally, all accounts have online and mobile banking services. Opening an offshore business account here takes about three to four weeks, and will cost $1,750 when done through the ESelfKey Marketplace. Another great option if you want access to the European market.

3. Luxembourg - Fast and reputable

Luxembourg has a robust financial system closely modeled Germany’s, making it a secure place to open an offshore corporate account. No minimum initial deposit or ongoing balance is required, but your company will need to be active and have at least 30 outgoing payments each month (on average). 

If the number of payments is lower, then an ongoing balance may be required by the bank. The process is relatively fast, only taking two weeks to open an account, and the set-up fee is $1,900. You can also open EUR, USD, GBP, CHF, and RUB currency accounts, making it another fantastic option for the European market. 

4. Puerto Rico - Cost-efficient corporate bank accounts

Puerto Rico enjoys a close economic relationship with the United States, but it is also autonomous with regards to its fiscal and economic policies. The territory is tax neutral, making it an attractive destination for offshore companies. 

Multi-currency accounts are available, and it’s one of the few places where you can get a debit card for your business. No in-person visit is required, but a minimum deposit of $500 is needed along with a $550 set-up fee. All in all, it only takes around two weeks to open an offshore business account in Puerto Rico, making it an excellent choice overall.

5. Belize - The hidden gem

Belize has been somewhat of a hidden gem when it comes to offshore banking, having modelled itself after both the United Kingdom and the United States. English is the official language which makes doing business here a breeze. Unfortunately however, no bank cards are offered, making it more suitable for e-commerce or cryptocurrency businesses. 

A minimum deposit of $1,000 is needed to open an account, and it takes around two weeks to do so. An in-person visit is not required, and set up costs are quite low at $550. Belize also has strict privacy policies in place, and tax breaks for non-residents, making it a popular choice for offshore business banking.

6. Singapore - World class banking

When it comes to offshore corporate banking, Singapore is sixth best option available. It is one of the largest financial centers in the world, and is very stable both politically and economically. Singapore’s banking facilities are some of the best in the world and as a result, the country offers a broad range of financial services. If you want to open an account here, you will need to visit the bank in-person however, which is why Singapore does not rank higher on our list. 

There are several different account types available in the Marketplace, and as a result, minimum deposits range from $1,000 to $80,000 depending on the type of account you choose. Multi-currency accounts are available, and naturally, online banking services are standard regardless of account type. 

It can take anywhere from two weeks to four weeks to open an account, and the set-up fee is $1,750. All in all, Singapore offers some of the biggest advantages for offshore businesses, and provides access to a major worldwide trading hub.

7. Hong Kong - Access the Asian-Pacific market

Hong Kong has always been a popular place for offshore business banking because it offers access to the Asian-Pacific market and boasts the largest financial hub in Asia. It is an incredibly safe place to bank, and provides access to the Chinese market as well. To open an account here, an in-person visit is required however and it is also necessary to have a business address in Hong Kong, which can be purchased if necessary. 

The minimum required deposit depends on what type of account you want to open, but it ranges from around $2,500 to $25,000. It also takes more time to open an account, ranging from four to eight weeks with set up costing $2,050. If you have the time and money, Hong Kong is a great option that offers some of the best financial services on the market. 

8. Curaçao - Booming financial sector

While Curaçao is an autonomous country, it is also part of the Kingdom of the Netherlands so it gets the benefit of being attached to a stable economy. The financial sector is very well developed as financial services are one of the main industries in Curaçao. No in-person visit is required here (although it would be a good excuse for a tropical vacation) and the minimum deposit currently stands at $3,000. 

Activities related to cryptocurrency are restricted, so it might not be the best place if your business utilizes digital assets or blockchain technology. Opening a business account here only takes two weeks, and only costs $950.

9. Saint Lucia - A wealth of financial services

Since 1999, Saint Lucia has been developing a robust financial center, offering a wealth of financial services. As part of the Commonwealth, it benefits from a stable economy. It’s possible to open a multi-currency account here, and like most countries on this list, online banking is available. 

What sets Stain Lucia apart from other jurisdictions is that you can also receive a USD credit card, which is great if you are conducting some of your business in USD. No in-person visit is needed, but you will need a minimum deposit of $5,000. It costs $550 to set up, and your account should be open in about two weeks. 

10. Antigua & Barbuda - Great for international companies

Antigua and Barbuda has established itself as an offshore financial center, with a legal and tax framework advantageous for the establishment of international companies. If you incorporate your company here, it will be fully tax exempt provided that no business is done within the territory. 

It’s possible to open USD, EUR, CAD, and GBP currency accounts, making it particularly attractive if you are doing business in Europe and North America. Opening an account takes around two weeks, and the set up fee is only $550. A minimum deposit of $5,000 is required and an ongoing balance of $2,500 is needed.

11. Switzerland - Excels in stability

Switzerland is one of the most reputable and sophisticated financial hubs in the world, and the country boasts unparalleled political and economic stability. A wide range of offshore banking services are available to corporations, and because it has laws protecting banking secrecy, it is a very popular choice. 

Opening a business account here is one of the fastest, with the average time being one week. You will need just over $10,000 for a minimum deposit to open an account, and will need to keep a minimum balance of around $1,000. An in-person visit to the bank is not required, but you will need to have a video call with the bank. Online trading and wealth management services are also available to those who wish. All in all, Switzerland is a great option to enter the European market and protect your business assets.

Conclusion - Best countries for Offshore Bank Accounts

These are just a fraction of the countries available for opening a corporate bank account on the ESelfKey Marketplace. Some honourable mentions that didn’t quite make the list are the Cayman Islands, Gibraltar, United Arab Emirates, the Seychelles, and the Cook Islands. 

If any of the countries here catch your eye, you can find all the details yourself in the ESelfKey Marketplace under “Bank Accounts - Corporate Accounts”. There you can see all the eligibility requirements, and what benefits are available to you. Wherever you decide to open your offshore business account, rest assured that you will be in safe hands with ESelfKey!

What You Need To Open A Bank Account Online

In order to open a bank account online, you will need to provide a fair amount of personal information so that the bank can verify your identity. The financial institution may also require an initial deposit. Here is some of the information you will need to provide to the bank:

• Personal information including social security number, tax ID number, date of birth, ad a government-issued ID
• Contact information such as mailing address, phone number, and email address. Providing your home address (where you actually live) is required by federal law, but it is possible to provide a P.O. box for your mailing address
• Funding information such as where the money will be coming from. Some bank accounts require you to deposit funds (ranging anywhere from $25 and up) in order to open an account

All of this information is part of know your customer (KYC) compliance, which helps financial institutions ensure that they know the identity of who is opening a bank account. It also helps prevent money laundering.

For some financial institutions, your account is opened once you provide the above information. Any legal agreements can be signed with an e-signature, and you can start using the account right away. If you know where you’d like to open a bank account, you can visit the bank’s website and look for an option to open an account now.

Some banks will let you begin your application online but will eventually require an actual signature. In these cases, you might get a “Welcome Kit” in the mail which contains required documents. Although checks are becoming obsolete, financial institutions still like to have a copy of your physical signature to verify check or card purchases in the event of a dispute.

If you want to start using your account as soon as you’ve opened it, it is probably best to call the financial institution and ask what their process is. You may be better off going in-person to open a bank account, or finding a bank that will let you open an account fully online.

Problems With Opening A Bank Account Online

For some cases, you still might have to visit a bank or provide more information to open an account. Some common reasons are:

• “Thin credit”: One way that financial institutions verify your identity when you open an account is to check your credit score, even if you aren’t borrowing money. If you don’t have a substantial credit history (due to age or borrowing habits), the bank won’t find anything. Therefore, the financial institution may require you to visit a branch in-person with a government-issued ID in order to open your account.
• Under 18: If you are under 18, you cannot open a bank account on your own. If you just want to use a checking or savings account, there are a few options but you will need a guardian to co-sign the account. This might also require you to visit a branch in person.
• Account history: If you have a history of overdrawing your checking accounts, you might not be able to open a new checking account online. In this case, it would probably save you time by going to a branch in person.
• Citizenship: If you are a US citizen, opening an account online is pretty easy. If you are from another country, you might need to visit a branch in order to open your account.
• Entity accounts: While personal bank accounts are relatively easy to open online, a business account or a bank account for an organization is another matter. Some banks require you to go to a branch, while others are happy for you to submit documents by mail. Opening entity accounts online is becoming more commonplace, but it is certainly not a given.

As you can see, opening a bank account online is not entirely seamless and you might still have to pay your bank a visit regardless of if you started the process online or not.

How To Open A Bank Account Online Through ESelfKey

The ESelfKey Bank Accounts Marketplace is a milestone in the blockchain space and for the first time, allows you to set up a foreign bank account from within a cryptocurrency wallet. Corporate and Personal Bank Accounts in Hong Kong and Singapore are already available, and we will be adding more jurisdictions in the near future.

The Bank Accounts Marketplace is particularly user friendly, as everything is done through the ESelfKey Wallet and the KYC process our expedited by the ESelfKey ID. It may well be the world’s fastest application for a bank account ever! How does it work? Keep reading to find out.

Getting Started

We’ve designed this process to be as simple as possible for you - the user. Everything is clear and transparent so you know exactly what you need to do and what the benefits are.

The first step is to download the ESelfKey Wallet which is free, open-source, and designed to keep your tokens safe. In addition to being a cryptocurrency wallet, it also allows you to manage your identification documents and provides access to the ESelfKey Marketplace. You can download it here for free.

The next step is to set up your wallet, which is very simple to do. However, it is an important step that needs to be done correctly. You will need to securely store your private and public keys, as ESelfKey Wallet is non-custodial and cannot recover your private key if you lose it.

Once that is complete, you just have to set up your ESelfKey ID. This is where your “know your customer” information will be locally stored and you can use this information to access new service providers. You can reuse the same KYC data as many times as you need, so you don’t have to go through many different sign up processes! Once your ESelfKey ID is completed, you can use to it open multiple bank accounts abroad.

Using your ESelfKey ID to open a bank account online

This is a very straightforward and easy process. Once you are logged into the ESelfKey Wallet, click on the Menu at the top right of your screen and select “Marketplace”. Six different Marketplaces will appear and you will want to click on the bank accounts Marketplace. Now you'll see a screen similar to this one:

Here you can clearly see what bank accounts are available to you (the jurisdictions shown above are just an example), and what the basic requirements are. If you want to learn more about one of the options, simply click on “Details”. There you will find the eligibility criteria, KYC requirements, costs, and any other relevant conditions as well as benefits. Here you can also see if a visit to the bank is required or not, so you can select the account that is right for you.

Once you have decided which bank account you would like to open, it is time to submit your request. All you have to do is click on “Open Bank Account” at the top right of the screen. You will then see a screen detailing exactly what is included in the service provided. To continue your application, click on “PAY FEE”.

Next you will see a checklist showing what KYC documents you need to provide to open the account. As you have already completed your ESelfKey ID, this information is taken directly from there and can be used again for all of the ESelfKey Marketplace services.

Once all the information is submitted, the next screen will check your ESelfKey Wallet to make sure that there are sufficient funds to complete the purchase. If the funds are in your Wallet, the request is submitted. And that’s it! You just applied for a bank account online.

In the next few days, you will receive emails updating you on the status of your application and letting you know if any additional data is needed.

Conclusion - How To Open A Bank Account Online

While opening an online bank account through a financial institution is becoming easier, most banks still employ tedious KYC processes and require you to jump through endless hoops. If you want to open accounts with different banks, then it is annoying to fill out different applications and submit multiple copies of documents. 

With the ESelfKey Bank Account Marketplace, this process becomes streamlined. You only need to collect your KYC documents once, after which they are managed in the ESelfKey Wallet for you to use as many times as you need. Plus, your documents are securely stored, so you don’t have to worry about your personal details being stolen.

The future of banking is now!