Travelling abroad for study, work, business, or leisure can come with unexpected financial roadblocks. One of the smartest things you can do as a temporary visitor is to open a local bank account, as this makes your time abroad more convenient.
In this guide, we’ll explore why opening a bank account abroad as a visitor is a great idea and how to get it done smoothly.
Also read: How to open a US bank account as a temporary visitor or on a visit visa
Benefits of having a local account as a visitor
- Save on currency conversion fees: Using your home currency abroad often results in high exchange rates and transaction charges. A local account allows you to send and receive money in the local currency with minimal fees.
- Simplify bill payments: If you're staying long enough to rent a place or use utilities, a local bank account makes it much easier to pay without relying on expensive card charges or cash.
- Access local financial services: Some banks offer perks, loyalty rewards, or access to local apps and services that only work with domestic accounts.
Also read: How to manage international payments while living abroad.
Common challenges when opening a bank account abroad as a visitor
- Lack of local address: Many banks require proof of local residence, like a utility bill or rental agreement—which temporary visitors often don’t have.
- Documentation requirements: Without a residency card, tax number, or local ID, your passport alone might not be enough to satisfy bank requirements.
- In-person verification: Some banks insist on in-branch visits, which can be difficult if you’re moving between cities or only staying short-term.
- Restricted access for non-residents: Certain countries don’t allow non-residents to open accounts with traditional banks, or they place limits on what kind of account you can open.
Also read: USDC vs. SWIFT: Which is the better way to send money abroad?
Steps to open a bank account abroad with Grey
1. Sign up for a free Grey account
Visit grey.co or download the Grey app from the App Store or Google Play. You’ll only need an email address and mobile number to register.
2. Complete a quick identity check
To comply with international financial laws, Grey will ask for:
- A government-issued ID (passport or national ID)
- Proof of address (can be from your home country)
- A selfie to confirm your identity
3. Request a foreign currency account
Once verified, go to the ‘Accounts’ section of your Grey dashboard. You can request UK, EU, and US accounts which functions just like a regular bank account abroad, without needing to be a citizen or resident.
4. Use your account while abroad
You can now use your Grey account to:
- Receive funds from abroad
- Spend like a local by converting currencies at competitive rates
Opening a bank account abroad as a temporary visitor doesn’t have to be complicated. With Grey, you can skip the paperwork, local address requirements, and in-person queues.
Create your Grey account today or download the app to access seamless global banking that moves with you
.svg)
