Guide to Opening Overseas Accounts for Non-EU Citizens in Malta
In this era of globalisation, an increasing number of non-EU citizens are turning their attention to overseas bank accounts to meet their growing needs for international living and investment. However, for those who are new to overseas banking, selecting the right bank and opening a smooth, practical offshore account can often be confusing and daunting. Drawing from years of experience using overseas banking services, I’ve identified four top-notch bank options that are easily accessible for non-EU citizens. Let’s take a closer look:
- HSBC (Hong Kong)
As one of the largest banks in Hong Kong, HSBC is undoubtedly one of the top choices for non-EU citizens seeking offshore banking services. I frequently visit the HSBC branch in Wan Chai, where opening an HSBC ONE personal account is as simple as walking in and making an inquiry. For those with substantial funds, you may also consider opening the prestigious HSBC Premier or HSBC Jade accounts. This bank not only offers convenient account opening but also provides easy access to stock brokerage services for Hong Kong and US markets. Overall, HSBC’s account opening process is relatively straightforward, and its user experience is excellent. For non-EU citizens looking to open an offshore account in Hong Kong, HSBC is definitely a solid choice.
However, it’s worth noting that HSBC imposes high thresholds for opening premium accounts (such as HSBC Premier and HSBC Jade), requiring HKD 1 million and HKD 7.8 million, respectively. Even if you belong to the high-net-worth population, thorough preparation of asset documentation is necessary. Additionally, HSBC’s account maintenance fees are relatively high, which may pose a burden for novice individual investors. Therefore, when choosing HSBC, it’s essential to weigh your asset status and needs.
- OCBC (Hong Kong)
For those who are less familiar with overseas banking services, OCBC in Hong Kong is also a good entry-level choice. Simply walk into the branch, download the “OCBC e+” app required for account opening, and the teller can assist you in completing the account opening process. The review process is relatively quick, and you can typically open an account successfully within about two weeks. However, OCBC is not a large bank in Hong Kong and does not issue its own debit and credit cards, but instead redirects to products from other banks. Therefore, its overall user experience may be slightly average. Nevertheless, for non-EU citizens who need to open a Hong Kong offshore account quickly, it remains a good option.
Compared to major banks like HSBC, OCBC’s product line is relatively simple and lacks some high-end wealth management services. However, for basic needs such as remittances and credit card applications, it still provides essential support. Therefore, if you only need to quickly open an offshore account without too many high-end features, OCBC in Hong Kong is also a good choice.
- OCBC (Singapore)
If your main requirement is to obtain a debit card that can be used in various situations, then OCBC in Singapore is a good choice. All you need to do is provide your ID card and passport during account opening, and even student status can easily be approved. After successfully opening an account, you can apply for an OCBC VISA debit card and link it to popular payment tools such as WeChat and Alipay. It’s worth mentioning that if you want to make full use of this account, you need to authenticate through Singpass. This requirement may cause some inconvenience for non-EU citizens who only have tourism or short-term visit needs. However, for those who intend to live and work in Singapore in the long term, it’s undoubtedly a good choice.
In general, OCBC in Singapore has a low account opening difficulty and a good user experience, making it a good choice for non-EU citizens. As a significant international financial center, Singapore also provides another excellent offshore banking option for non-EU citizens.
- Dukascopy Bank (Switzerland)
For those seeking a minimalist account opening experience, Dukascopy Bank in Switzerland is definitely a good option. I simply downloaded an app, submitted my passport information for video authentication, and successfully opened an account the next day. This fast and efficient account opening process is truly refreshing. However, there is also a lot of negative news about this bank online, and the overly simple account opening process may make people reluctant to deposit large amounts of funds. Nevertheless, if you only want to open a Mastercard prepaid card that accepts non-traditional deposit methods such as Bitcoin and stablecoins, Dukascopy Bank is still a good choice.
As a relatively small Swiss bank, Dukascopy Bank may have limited services in traditional banking products such as credit cards and debit cards. However, it is relatively open and flexible in accepting various encrypted currencies and virtual assets as deposit methods. Therefore, if you have related cryptocurrency investment needs and do not need too many traditional banking functions, Dukascopy Bank may be a good choice. However, given some negative news reports about the bank, it is advisable to proceed with caution and not to deposit too much money.
- HUBFX (EU, UK, US)
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In summary, each of the five banking options mentioned above has its own unique characteristics, providing convenient offshore account opening options for different needs of non-EU citizens. Whether you’re looking for a practical debit card, a stable Hong Kong dollar account, or just a simple account opening experience, these five banks, including HUBFX, are sure to meet your needs. The benefits of opening an overseas bank account are clear, allowing you to better manage and protect your assets while gaining more convenience in international living and investment. With thorough preparation, I believe that in this vast overseas financial landscape, you’ll surely find the perfect option for yourself.
