Accounts in different countries
Thread poster: Mirja Maletzki

Mirja Maletzki  Identity Verified
Germany
Local time: 06:47
Korean to German
+ ...
Oct 7, 2010

During the Virtual Conference the issue of saving on money transfer fees came up. Someone was suggesting opening up different accounts in different countries.

Just out of curiosity... Is anyone doing that? And is that even legal? ^^

I only have accounts in Germany where I am from, and in Korea where I live...


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Inga Petkelyte  Identity Verified
Portugal
Local time: 21:47
Lithuanian to Portuguese
+ ...
Why not legal ? Oct 7, 2010

If you meet all the requirements of opening an account in the certain country, why that should be illegal ? The bank itself checks legality of the opening, first aof all.

Not the possesion of an account itself, but tax evasion is illegal.


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ahmadwadan.com  Identity Verified
Kuwait
Local time: 00:47
English to Arabic
+ ...
My case Oct 7, 2010

I have a bank account in Egypt (where I have been borne), another one in Kuwait (where I live). However, my Kuwaiti bank has international branches where I can have accounts there at local currency of these countries. If I am in your place, I’ll check if my bank has international branches. If not, I'll check for a bank that can provide me of such service.

Regartds


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Alexander Onishko  Identity Verified
Local time: 23:47
Russian to English
+ ...
The thing is... Oct 7, 2010

Mirja Maletzki wrote:

During the Virtual Conference the issue of saving on money transfer fees came up. Someone was suggesting opening up different accounts in different countries.

Just out of curiosity... Is anyone doing that? And is that even legal? ^^

I only have accounts in Germany where I am from, and in Korea where I live...



.... that normally you need to have a place of residence in a country in order to open bank account in that country. This rule applies almost in all countries over the world.


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Neil Coffey  Identity Verified
United Kingdom
Local time: 21:47
French to English
+ ...
Can your bank give you an account in different currencies? Oct 7, 2010

If it's just about the cost of currency transfers, it may also be worth seeing what options banks in your "home" country have.

Unfortunately, I tihnk Alexander is right that in today's climate of paranoia, it's practically impossible to open a bank account unless you have some kind of official status in the country in question (just having some address or other there probably isn't enough in many cases these days).


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Sheila Wilson  Identity Verified
Spain
Local time: 21:47
Member (2007)
English
+ ...
Nothing illegal about it Oct 7, 2010

So long as you declare them all for tax purposes.

However, When I wanted to open an account in my native England, whilst living in France, it was the devil of a job. It was only permitted because we already had an account with that bank - they would never have allowed it otherwise.

Even then, when they've had us on their books for 30+ years, it took months. Proof of my first name at my place of residence was particularly difficult. How to prove that Mrs Sheila Wilson lives at the same place as Mr John Wilson, when electricity, phone etc all address their bills to "Mr & Mrs John Wilson"?

The amount of mistrust in the banking world has reached phenominal proportions.


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Williamson  Identity Verified
United Kingdom
Local time: 21:47
Flemish to English
+ ...
European Savings guideline. Oct 7, 2010

Alexander Onishko wrote:

Mirja Maletzki wrote:

During the Virtual Conference the issue of saving on money transfer fees came up. Someone was suggesting opening up different accounts in different countries.

Just out of curiosity... Is anyone doing that? And is that even legal? ^^

I only have accounts in Germany where I am from, and in Korea where I live...



.... that normally you need to have a place of residence in a country in order to open bank account in that country. This rule applies almost in all countries over the world.


Normally, you should be able to open a bank-account anywhere in the E.U.
There is such a thing a the European Savings guideline, whereby authorities of one country pass information to another. It is legal to have one, but in some countries you have to declare it on your tax-return.
Gone are the days of the "coupon" -trains from Brussels to Luxembourg, where on a Friday morning at a given bank you could hear more Flemish dialects than French.
Notwithstanding E.U.-legislation, due of fear of money-laundring by terrorist organisations, the British are making it neigh impossible to open up a bank-account if you can't produce utility bills of the last three months.
The Germans just want a copy of your passport.
In Luxembourg, you will have to produce your passport and a pay-slip of the last month. No experience with other E.U.-countries.
I had a Luxembourg bank-account, but given the fact that I haven't used it for years, it has been closed.



[Edited at 2010-10-07 18:41 GMT]


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Inga Petkelyte  Identity Verified
Portugal
Local time: 21:47
Lithuanian to Portuguese
+ ...
It is legal to have one ?? Oct 8, 2010

Williamson, could you please ground this your statement ? I know plenty of people in different EU member states that have accounts in various banks in their home countries and others, too. Are you telling that all thos epeople in top positions are breaking the law ? Which exactly, then ? The European Savings guideline deals with cross-border information exchange, that's true, but I don't believe they limit the account number, though. Even the banks themselves look at the screen and see how many and in which else banks you've got an account; if that was illegal, they wouldn't open one more.

As I told before - to have accounts is not illegal and you can do that as long as you meet the bank's requests. If you really really need an account in a certain country and cannot prove you are resident, open a company or your company's branch then.


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Williamson  Identity Verified
United Kingdom
Local time: 21:47
Flemish to English
+ ...
Legal. Oct 8, 2010

You did not understand. You can have a bank-account in all 27 Member-States without too much troubles and in the rest of the world too.
Only, if you try to open one in the UK and you do not live in the UK, this will be very difficult.
If you do not live in the UK,the bank will ask you to a fixed-deposit of £10,000 to your acocunt. If you like in the UK,you must produce the utility bills of the last three months.
It is as you say : if the bank agrees to open an account, you'll get your account.


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Kaiya J. Diannen  Identity Verified
Australia
Member (2008)
German to English
Possible and practical Oct 8, 2010

As others have pointed out, the bank itself either will or will not allow you to open an account based on its own particular requirements.

Having now lived in three different countries, I am very happy to report that I have bank accounts in all three, and it is very practical for doing business.

Luckily, I also spend time in all three countries, so if it isn't convenient to move money from one bank to another at any given time (i.e. because of the exchange rate), I will almost undoubtedly have a chance to spend the money in the account when I get there.

I recommend it to anyone who can manage it!


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Sheila Wilson  Identity Verified
Spain
Local time: 21:47
Member (2007)
English
+ ...
Spread your money and avoid exchanges where possible Oct 8, 2010

Janet Rubin wrote:
I recommend it to anyone who can manage it!


So do I. The important thing is to keep the accounts active by performing actions against the accounts - just pay in a few pounds/euros/dollars/... occasionally if necessary. Once they are closed, they are the devil of a job to re-open if you don't live in the country (for UK accounts, anyway).


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Paul Dixon  Identity Verified
Brazil
Local time: 19:47
Portuguese to English
+ ...
In Brazil Oct 8, 2010

In Brazil, to open a bank account you need an identity card issued in Brazil, either the RG (Brazilian) or RNE (for foreigners). You also need a CPF, which is a tax registration number, and a proof of address (a telephone or light bill, issued within the last 3 months, in your name). Some banks ask for proof of salary which may be tricky if you work outside Brazil.

There is nothing to stop you using a bill at a Brazilian address if you live abroad, provided the bill is in your name. So, if you pay your mother's light bill and she lives in Brazil, then if she puts the bill in your name it should be OK.

Getting a CPF and a RNE is a different story if you have no ties with the country, very difficult. If you formerly lived in Brazil and move abroad it is possible to keep your RG and CPF (when you leave, buy a round-trip ticket and throw away the return part - if you only buy a one-way ticket you could be stopped at the airport unless you have a "Declaração de Saída Definitiva do País" - but in this case you must surrender RNE/CPF documents). However, you must return to Brazil every 2 years in this case to keep your visa - and, of course, to open the account!


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