9 Comments on "How to Choose Offshore Bank"

  1. So I was told that in order for me to open an RMB account I had to visit one of the branches. Even though I currently have a bank account at this bank it didn’t make any difference?! I was told that they couldn’t open an RMB account for me unless I was physically there.

    Why is having an RMB account so difficult?

  2. Thanks for the helpful reply!

    I just found out that the Bank Of China in London will open an RMB account. I have emailed them requesting some more info and will report back…

    I found in Singapore the one bank wanted SGD$50000 minimum to be able to open an RMB account…ouch.

  3. No problem!

    I’ve also been thinking of opening an account that can hold Chinese Yuan/Renminbi, do you know of any bank that do this? I asked my offshore bank but they don’t deal in this currency.

    • Hong Kong, Singapore, and (increasingly) Taiwan are popular destinations for CNY/RMB accounts. Plenty of banks there will do it. HSBC, UOB, OCBC, BOC, DBS, and so on.

      I am told banks in Europe are trying to introduce CNY/RMB more and more, although I haven’t looked into this much yet.

  4. I’ve read one or two blogs where they have said its quite easy for a non-resident to open an account.

    I did email someone at BMO and they said I had to bring two forms of ID to open the account. I did mention that I was a non-resident but didn’t seem to be a problem.

    To quote the bank customer services agent:

    If you are a non-Canadian resident, you will need to visit a BMO Bank of Montreal branch with two pieces of personal identification to apply for an account.

  5. I’m curious to hear your thoughts on banking in Canada? I’ve been looking into opening a bank account at the Bank of Montreal (BOM):


    Any thoughts?

    • No real experience there to speak of, I’m afraid. A few years ago, I was involved in a project where we were investigating Canadian banks but they all made it too much of a hassle for non-residents. It might have improved since then.

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