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]

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.
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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]

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

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[Ardillon]

freedomsurfer said:
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?
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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!