With the acceleration of globalisation and the growing need for people to live and work across borders, opening an overseas bank account has become an indispensable part of international life.

In this article, we will introduce the account opening conditions, required documents and specific operation procedures in the United States, Canada, the United Kingdom, Australia and Singapore in detail to help you easily handle financial affairs in different countries.

Conditions

Applying for an overseas bank account generally requires meeting the following basic conditions:

• Residency Proof: Most countries require valid residency proof or visa to confirm the applicant's legal residence status.
• Age Requirements: Most banks require applicants to be at least 18 years old, though some banks accept applications from those aged 14 and above.
• Initial Deposit and Minimum Balance: Some banks require a certain amount to be deposited at the time of account opening and maintain a minimum balance, failing which may result in monthly service fees.

Required Documents

As a foreigner, when applying for an overseas bank account, you typically need the following documents:

• Valid Passport
• Valid Visa
• Proof of Address for the Last Three Months (such as utility bills, bank statements, government letters)
• Proof of Enrollment or Employment (such as admission letter, student ID, employment contract)

These documents are used to verify the applicant's identity and residency status, ensuring the legality and security of the bank account.

Opening Process

Today, most banks support online or mobile account opening, but some still require applicants to visit a branch for identity verification. The specific process may vary depending on bank policies. It is advisable for applicants to visit the official website of the bank for the latest information or to schedule an appointment for account opening. Some banks even issue bank cards instantly, greatly simplifying the account opening process.

Overview of Major Banks in Different Regions

United States

• Major banks include JPMorgan Chase Bank, Bank of America, and Wells Fargo.
• JPMorgan Chase Bank offers various checking accounts such as Chase Secure Banking, Chase Total Checking, and Chase Premier Plus Checking. Different accounts have different monthly fees and waiver conditions, e.g., Chase Total Checking requires $500 in direct deposits monthly or a $1,500 minimum daily balance to avoid the monthly fee.
• Similar account options are available at Bank of America and Wells Fargo with specific conditions tailored to individual needs.

Canada

• Major banks include Royal Bank of Canada (RBC), Scotiabank, Bank of Montreal (BMO), and TD Bank.
• RBC offers a range of accounts from everyday banking to premium banking, such as RBC Day to Day Banking, RBC Advantage Banking, and RBC VIP Banking. Different accounts offer various transaction and ATM usage fee waivers, e.g., RBC VIP Banking provides unlimited ATM withdrawals globally.

United Kingdom

• Major banks include HSBC, Barclays, and Lloyds Bank.
• HSBC in the UK provides accounts like HSBC Bank Account, HSBC Advance Bank Account, and HSBC Premier Bank Account, each with specific eligibility criteria and benefits. For instance, HSBC Premier requires the account to be designated as a salary account or have a deposit of £50,000.

Australia

• Major banks include Commonwealth Bank (CommBank), National Australia Bank (NAB), Westpac, and ANZ Bank.
• CommBank offers the Everyday Smart Access Account, suitable for applicants aged 14 and above, providing global convenience and a variety of payment methods.

Singapore:

• Major banks include Oversea-Chinese Banking Corporation (OCBC), DBS Bank, CIMB Bank, and United Overseas Bank (UOB).
• OCBC offers accounts such as the 360 Account, FRANK Account, and Global Savings Account, each tailored to different customer needs and age groups, with varying maintenance fees and benefits.