Whether you plan on moving to another country for a few years or even a few months, opening up a bank account in the country you are travelling to and/or working in has numerous benefits and perks, especially if you plan on travelling for longer periods of time.

If you are planning on moving to another country in the near future, now may be a good time to set up your foreign bank account as sometimes it can take days or even weeks to get everything settled and organized.

Your first step in setting up a foreign bank account is to choose a branch and then set up an appointment either in person or via telephone. Because it may be more difficult for you to gain access to your account while travelling if you choose a smaller, lesser known bank, sometimes choosing major banks to open up a foreign bank account may be your best option.

If you have a work visa or a work permit so you can legally work in another country, then setting up a foreign bank account should be fairly easy. All you have to do is provide all of your proper travel documentation, such as the original copy of your visa and/or work permit, birth certificate or driver’s license, as well as your travel insurance information, if applicable. Some banks will only allow you to set up a new account if you provide them with pay cheques and rental payments or agreements, or even a cell phone or utility bill to prove that you have good credit.

Some major banks won’t allow you to open up a bank account unless you provide them with all your taxing information, so it may be a good idea to contact the government agency in the country you plan on moving to and get all of the necessary details. If this isn’t possible, some banks will allow you to open up a bank account if you get your employer to sign a letter stating that you are working at his or her company, however this is very rare.

Some banks will even require you to state what you intend to use the bank account for, as well as what you plan on doing with the money if you are depositing any funds into a foreign account.

Of course, the various terms and conditions in opening up a foreign bank account truly depend on what country you plan on travelling to as these rules vary from bank to bank as well as from country to country. 

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