How to Open a Bank Account Abroad: Complete Guide for Russians and Relocants 2026

For Russian citizens, enhanced due diligence checks are in place. Direct SWIFT transfers from sanctioned Russian banks to the UAE, for example, do not go through. This is important to consider if you plan to transfer money abroad.

Choosing a Country and Bank: Where and How to Open a Bank Account Abroad

Choosing a Jurisdiction for Your Bank Account

The choice of country for opening a foreign bank account is critically important. Some jurisdictions are more lenient towards non-residents than others. For example, Georgia is known for the simplicity of opening accounts for foreigners: TBC Bank and Bank of Georgia can open an account with just a passport, sometimes on the same day. These accounts are often multi-currency (GEL, EUR, USD).

In European countries, the process can be longer and require more documents. For instance, in Spain and Portugal, the process can take 1 to 3 weeks after all documents are submitted. This impacts the overall strategy for relocation and banking services.

Types of Banks and Accounts

• Traditional Banks: Offer a full range of services but often require in-person visits and a complete set of documents, including proof of residency. A local ID is often required for a full current account. Without it, typically only savings accounts with high minimum balances are available.
• Digital Banks (Neobanks): Wise, Revolut, N26 — popular among expats. Their main advantage: remote account opening entirely online, without the need for physical presence or local address verification. You can get an IBAN within a few hours. They are excellent for international bank accounts, online purchases, and travel. However, they may not be suitable for receiving salaries or long-term savings in some cases.

Always check the Key Fact Statement (KFS) on the bank’s official website, as minimum balances and fees can change. This is especially important when deciding where to open a bank account abroad.

Features for High-Net-Worth Clients

For high-net-worth clients, private banks and specialized financial institutions offer more personalized services, including asset management, investment solutions, and tax planning. The minimum deposit and compliance requirements will be significantly higher here, but the opportunities are also broader, making them attractive for opening a foreign bank account with substantial assets.

Step-by-Step Account Opening Process

1. Preliminary Research: Research the requirements of banks in your chosen country. Find out what documents are needed and whether remote account opening is possible.

2. Obtain a Local Tax Number: If required, do this first. For example, in the UAE, without an Emirates ID, you can only open a savings account; for a current account with checks, it’s mandatory.

3. Gather Documents: Prepare all necessary documents, including your passport, visa/residence permit, proof of address, and source of income. Ensure all documents are current and translated into the required language, if necessary, with notarization.

4. Submit Application: In most cases, the initial opening a foreign bank account requires a personal visit to the bank branch with original documents. However, some digital banks allow you to apply entirely online, offering remote account opening.

5. Undergo Compliance Procedures: Be prepared to answer questions about the origin of your funds, the purpose of opening a foreign bank account, and planned transactions. Banks may request additional information.

6. Account Activation and Card Issuance: After your application is approved, you will gain access to your account and bank card. Clarify methods for funding the account, the availability of international bank accounts, and fees.

Risks and Obligations: What’s Important to Consider

Opening a foreign bank account is not prohibited for Russian citizens and tax residents. However, it does impose several obligations:

• Notification to the FTS (Federal Tax Service): In certain cases and within specific deadlines, you must notify the Russian Federal Tax Service about opening an overseas bank account.
• Reporting: You may have an obligation to provide account statements to the FTS.
• Currency Legislation: Adhere to the requirements of Russian currency legislation, if applicable to your situation, especially when needing to transfer money abroad.

Failure to comply with these requirements can lead to fines and other legal consequences.

Possible Reasons for Account Opening Refusal

A bank may refuse to open a bank account abroad for several reasons:

• Non-compliance with the bank’s internal policies (e.g., the bank does not work with a specific client category).
• Insufficient documentation provided.
• Questions regarding the source of funds.
• Inconsistencies in the application form or the need for additional verification.
• Changes in bank policy regarding specific countries or client categories.

It is important to determine a suitable jurisdiction and bank in advance, verify compliance with requirements, gather necessary documents, and understand how the account will be used after opening a foreign bank account.

Working with an International Account

Before opening a foreign bank account, clarify:

• How the account can be funded.
• Whether international money transfers are available.
• In which countries the bank card works.
• What fees are charged for transfers and cash withdrawals.
• Are there restrictions on certain types of transactions.
• Is remote service possible.

Remote Account Opening and Neobanks for Relocants

For many expats and those unable to visit a bank in person, remote account opening is a critical concern. As mentioned, neobanks like Wise and Revolut offer this possibility. They are ideal for:

• The initial stage of relocation when a local address or residence permit is not yet available.
• International transfers and payments.
• Travel.

However, for full financial activity, receiving salaries, or large transactions, an account with a traditional bank may be required, especially if you plan long-term residency. In some cases, remote account opening at a traditional bank is possible through representatives or by power of attorney, but this requires careful verification and additional costs.

Conclusion

Opening a bank account abroad in 2026 is a process that requires careful preparation and understanding of current requirements. For high-net-worth clients and expats, it opens up broad opportunities for financial management, investments, and a comfortable life in a new country. It is important to remember the need to comply with the legislation of both the country where the account is opened and the country of tax residency. The correct choice of jurisdiction, thorough document preparation, and transparent interaction with the bank will ensure successful access to international bank accounts and services.

FAQ: Frequently Asked Questions About Opening a Bank Account Abroad

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