Why do people want to open accounts remotely?

[freedomsurfer]

I see a lot of threads here of people asking which banks allows remote opening. I have to ask, why? What's the big deal with flying somewhere for a day or two to setup an account? Is it worth going with a bucket-shop in a place like Cyprus or Latvia simply to avoid a little trip to Singapore, Hong Kong or the UAE?

 

[mert]

Not all can effort to travel just for the bank account opening. Others simply don't‌ want to spend the time and money traveling for the account opening I think.

Personally I don't bother to travel to get the account opening where I want it.

 

[freedomsurfer]

Someone who can't afford a plane ticket doesn't need an offshore bank account.‍ They need a better job.

As for the time/money investment, it is fairly minimal and⁠ can be turned into a fun trip. Who doesn't like going to a place like⁤ Hong Kong?

Because if you only open remotely, you can only choose among the worst⁣ banks. Unless you have hundred of thousands to deposit of course.

 

[DeMajor]

Why that? There‍ are 100s of great banks that let you open an account remote?

 

[haslan]

After all people want their privacy and to travel somewhere leaves traces - now while‌ the #panamapapers have been public it seems not to make any difference any longer. If‍ someone want to open an offshore account today they would like to do that because⁠ of privacy and their name not going public but still inform their tax office about⁤ the setup so things stick legit.

 

[freedomsurfer]

You do not gain anything privacy-wise. All the good banks are compliant with information sharing‌ treaties. Also, DeMajor, name me a good bank in HK, Singapore or the UAE that‍ opens account remotely with a deposit under 100000$.

 

[JohnLocke]

Remote opening may let you keep some sort of privacy and it's more comfortable to‌ site behind a screen compared to sit in the bank officers office 😉

 

[Ardillon]

Do you know about UAE and offshore⁣ banking sir?

 

[aage]

Many don't want to travel to open an account, me included.. it's too complicated and‌ time consuming!