What challenges do expats face when setting up banking in a new country?
Posted by goldenvisa6387@reddit | expats | View on Reddit | 12 comments
Many people planning relocation focus on visas first, but banking setup and documentation can also be an important part of the process. Curious how others here handled this when moving abroad.
goldenvisa6387@reddit (OP)
For those who’ve lived there, what surprised you most after the first few months—day-to-day stuff, admin, or something else?
Failed_Expat@reddit
I think the details vary depending on your specific situation: Are you employed or retired? If you're employed are you working locally or remotely? What country are you coming from? What country are you going to? But regardless of the details, you're going to be a foreigner with no banking local banking history. Compared to a local, you will be at a higher risk of your account being restricted at some point. Maybe it's because your visa has expired and you're waiting for renewal. Maybe your bank does some sort of KYC/AML check. Or maybe there's some issue with moving funds from your home country to your host country. (Spoiler alert: I've been hit with all three of these and it was not a good time.)
Regardless of anything else you do, I'd suggest you open two accounts at different banks. And consider using different *types* of banks. For example, one account at a major/traditional brick-and-mortar bank, and the second one at a NeoBank/FinTech. Make sure each account has enough cash to cover your spending for at least 1-2 months for when (not *if*) something goes wrong.
goldenvisa6387@reddit (OP)
That’s a really solid point. The lack of local banking history definitely seems to create challenges for many expats, especially with KYC and compliance checks. Having accounts in different types of banks also makes sense as a way to manage risk. It seems like flexibility and planning ahead are key when dealing with cross-border banking.
goldenvisa6387@reddit (OP)
Curious what people here found hardest—opening the account itself, or meeting documentation requirements?
Ok-Commission-4985@reddit
It depends on the country you’re moving to, but in most places I’ve lived the banking setup has been slow and bureaucratic. You’re usually asked for proof of residency, income, and other documents that are hard to provide as an expat.
Based on that, I tried Revolut. It’s straightforward, fees are reasonable, and onboarding is simpler than with most local banks. Some perks have been reduced over time, but overall it’s still more practical than what local banks have offered me.
So if it’s available where you are, it’s worth trying Revolut or a similar online banking option.
goldenvisa6387@reddit (OP)
That makes sense. A lot of people seem to use options like Revolut as a starting point because onboarding is easier, especially without full local documentation. But for long-term needs like loans or mortgages, traditional banks still seem more important. It really depends on how long someone plans to stay and what services they need.
FinestTreesInDa7Seas@reddit
Lots of people in this community like to suggest online banks (sometimes called Neobanks) like Revolut.
Personally, I stay away from these kinds of banks for long term use because I would prefer to build a relationship with a real bank that can offer me services I might want in the future, like a credit card, mortgage, line of credit, loans, etc.
Some of these online banks have started offering a few of those services in a small number of markets, but there's no telling what their future is going to be like, so establishing a relationship with them seems like a gamble. I wouldn't want to be 10 years later looking for a mortgage, and the only bank I have a relationship with was regulated out of the mortgage business 3 years ago. I can count on the brick-and-mortar banks in my country to still be offering mortgages long after I'm gone.
Having said that, some countries can have some really silly barriers to establishing a bank account at a brick-and-mortar bank if you're a newcomer. Here in France, you need to prove your residency and address, but it's also nearly impossible to get an apartment here without a bank account. So unless you're staying with someone, or living as a roommate, you'll probably need an online bank account for at least the first while.
goldenvisa6387@reddit (OP)
That’s a really good point. I’ve noticed a lot of people use online banks initially because they’re easier to open, but later switch to traditional banks for long-term services. It seems like banking strategy can change depending on how long someone plans to stay.
ellytic@reddit
Setting up banking in a new country can definitely be a challenge, especially in Greece. Here are some common hurdles expats face and tips to navigate them:
If you're looking for assistance with AFM registration or certified translations of your documents, it can make the banking setup smoother. Full disclosure: I work at Ellytic (ellytic.com), which helps with AFM registration and related services. Happy to answer any questions!
Timely-Onion-4819@reddit
I went with an online bank (Revolut) as they had everything that i needed to begin with. They weren’t domiciled in the country i live in to start with but after a year or so of me living here they did. So now i have an IBAN that matches my country of residence. So far its been better than the physical banks with significantly less fees and better tech. No one here (in Ireland) has had any issues with having only an online bank. Hope that helps.
goldenvisa6387@reddit (OP)
One challenge I’ve seen is that banks often ask for local proof of address or business activity, which can be difficult for newcomers. Some people solve this by using online options like Revolut at the beginning. But for long-term or business use, having a proper company structure in places like Hong Kong or Singapore can actually make banking easier.
goldenvisa6387@reddit (OP)
One challenge I’ve seen is that banks often ask for local proof of address or business activity, which can be difficult for newcomers. Some people solve this by using online options like Revolut at the beginning. But for long-term or business use, having a proper company structure in places like Hong Kong or Singapore can actually make banking easier.