Best and easiest place for a South African to open an offshore bank account?

[Jump123]

Where is the best and easiest place to open up a bank account and who are the most recommended banks available? It is becoming increasingly more difficult for South Africans to open bank accounts abroad especially if you don't want to attract too much attention. It is not that I am doing anything illegal but I have starting building a few secondary income opportunities and they all pay into a Paypal account and I would prefer to leave that money offshore if possible. I really am a novice in this area so a non-technical answer would be appreciated.

 

[JohnLocke]

You want to look into Cyprus banking where it's not that easy but still possible or EMI accounts.

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[Jump123]

Thank you for getting back to me, as I said this is all very new to me so if I could ask "as a DUMMY" what is an EMI account and why Cyprus. There is so much information out there when you google offshore banks that I am to scared to run around and just do something randomly, thank goodness I found this forum made up of some very clever and knowledgeable people who will hopefully bear with me while I try and upskill myself to banking safety

 

[itinventor]

EMI - Electronic Money Institution / some online banking system like paysera for example. But they usually have a lot of restrictions.
Cyprus is really not easy jurisdiction. If you interested in personal bank account take a look at Czech, Poland or any other eastern Europe.

Last edited by a moderator: Oct 24, 2017

 

[negon]

Here we go, list and info on EMI List of EMI and Digital Banks

 

[Milky Moon]

Buy a ticket to the US.

Bring with you your passport and drivers license. Plus an additional credit card.

Get yourself a prepaid sim card, and a mail forwarder (legal address).

Goto TDbank.com, open a convenience account, deposit $100 sign some documents and you have a US bank account. (2x id + us "legal" address.) you walk out with a us debit card, in your name thta is valid for 4 years.

Goto Bank America, same procedure card will be mailed to your us address.

Goto Wells Fargo, they need your passport, and a CREDIT card and a US number, you get a temp card, they mail your final card to your overseas address.

Open a PayPal, verify it with TD bank. (You now have two spare bank accounts, which you need to fund for $1500 each for them to be free).

You can use the cards to get cash, or use transferwire to get the money "elsewhere".

US bank did not get my TIN so no AEoI/CRS ....

Make sure you do NOT have a intrestbaring account, so no IRS "troubles".

Good luck!

 

[Jump123]

Thank you so much for your time and valuable answers, much appreciated. Hope you all have an absolutely wonderful day.

 

[John2784]

Milky Moon said:
Buy a ticket to the US.

Bring with you your passport and drivers license. Plus an additional credit card.

Get yourself a prepaid sim card, and a mail forwarder (legal address).

Goto TDbank.com, open a convenience account, deposit $100 sign some documents and you have a US bank account. (2x id + us "legal" address.) you walk out with a us debit card, in your name thta is valid for 4 years.

Goto Bank America, same procedure card will be mailed to your us address.

Goto Wells Fargo, they need your passport, and a CREDIT card and a US number, you get a temp card, they mail your final card to your overseas address.

Open a PayPal, verify it with TD bank. (You now have two spare bank accounts, which you need to fund for $1500 each for them to be free).

You can use the cards to get cash, or use transferwire to get the money "elsewhere".

US bank did not get my TIN so no AEoI/CRS ....

Make sure you do NOT have a intrestbaring account, so no IRS "troubles".

Good luck!
Click to expand...

Isnt it better to steer clear of any US banks altogether?

 

[negon]

John2784 said:
Isnt it better to steer clear of any US banks altogether?
Click to expand...

It's off topic to discuss this here! See OP's initial question.