How can an Indian citizen open a bank account in the U.S., UK, or another country?
Banking
Asked by Question Bot12/Jul/20141 answer
1 Answer
F
Faisal Khan
Answered 12/Jul/2014
First, let me answer your Question in reverse. Your question comment does not indicate clearly as to what you are trying to do with the account? Are you trying to get a Paypal account?
Anyhow, the answer is as follows:
US and Canada both will not allow you to open an account without physically being present in the US. Anyone saying otherwise, is incorrect. You can all up 8,000+ banks and the answer would be the same. Its irrespective if you are from India or Madagascar. Physical presence at the Bank branch is required.
Once there, the process is extremely simple for most banks - provide an ID (passport) and opening money. That's it for most cases.
UK is slightly different. Some UK banks like Barclays and RBS, will open Private Banking account for you, but these are for high net-worth individuals. These account for all practical purposes are the same as you would open one in UK itself. Regular checking account, same rule applies, you would need to visit UK. Some banks like HSBC may allow you open an account in another country, whilst still being in India, but you would have to verify this from them.
If the volume of your transaction is slightly higher and there is decent transaction value, most Indian Banks that are licensed to operate in the US, will do transaction banking (a crude form of correspondent banking for you), the only downside is that the name of the account will be that of the bank - with implicit instructions as "for further credit to...".
Anyhow, the answer is as follows:
US and Canada both will not allow you to open an account without physically being present in the US. Anyone saying otherwise, is incorrect. You can all up 8,000+ banks and the answer would be the same. Its irrespective if you are from India or Madagascar. Physical presence at the Bank branch is required.
Once there, the process is extremely simple for most banks - provide an ID (passport) and opening money. That's it for most cases.
UK is slightly different. Some UK banks like Barclays and RBS, will open Private Banking account for you, but these are for high net-worth individuals. These account for all practical purposes are the same as you would open one in UK itself. Regular checking account, same rule applies, you would need to visit UK. Some banks like HSBC may allow you open an account in another country, whilst still being in India, but you would have to verify this from them.
If the volume of your transaction is slightly higher and there is decent transaction value, most Indian Banks that are licensed to operate in the US, will do transaction banking (a crude form of correspondent banking for you), the only downside is that the name of the account will be that of the bank - with implicit instructions as "for further credit to...".