How to choose a foreign bank
Advantages and disadvantages of foreign banks
Foreign banks attract a lot of Russians. It is believed that saving money in a foreign bank is safer than in a Russian bank. Higher stability of foreign banking structures due to the fact that they do not invest in high-risk assets.A foreign bank is not a bank with a foreign name that operates on the territory of the Russian Federation. Such banks are also subject to the CBR, and the conditions of their activity are no different from the Russian ones.
Another reason for which investors give preference to foreign banks is the desire to diversify the direction of investment, which increases the safety of funds. Many open accounts abroad, on the basis of convenience and in order to increase processing speed and cost of international transactions. Such people, for example, have a real estate or business abroad, or children study abroad.
In addition, account transactions in foreign banks are confidential and are outside the purview of the tax and other supervisory authorities.Finally, a foreign bank account can open more favorable credit conditions that are provided for in foreign banks.
Russians open foreign accounts rather in order to save, not increase money, as deposit rates abroad are less profitable. They can range from 0 to 4% per year, whereas in Russia for foreign currency deposits, the rates are several times lower. Moreover, some large banks set lower rates for non-residents.When opening an account abroad, Russians are obliged to notify the tax inspectorate within a month, otherwise a considerable fine will be imposed on them.
Meanwhile, foreign deposits, as a rule, are distinguished by high commissions for maintaining accounts, converting and withdrawing cash, which practically devalues their profitability.
Criteria for choosing a foreign bank
First of all, you need to make sure that the bank is trustworthy. These are considered to be member banks of the OECD, as well as the FATF (Commission on Money Laundering). Of course, it is worth knowing whether it is possible to open an account in these banks for non-residents. In some countries there are restrictions on the opening of deposits for persons with foreign citizenship.
Also consider the following factors:
- type of account being opened - for individuals or legal entities;
- account opening procedure - it is necessary to familiarize yourself with the requirements of the bank for opening an account (for example, in some banks there are restrictions on the size of the account), as well as a list of documents;
- bank tariffs for operations and account management;
- reliability of the bank - it is necessary to take into account the experience of the bank, its financial performance and credit rating.
Finally, it is impossible not to take into account the convenience of opening an account in a foreign bank - the ability to remotely open a deposit and manage funds (via the Internet bank).
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