When talking about opening a bank account abroad, one of the most common mistakes is treating all accounts as if they were the same.
You hear people say “I want to open an account in Switzerland” or “I want an account in Singapore,” as if it were simply a matter of choosing a geographical destination. But the reality is more complex: each type of account responds to different needs, has different requirements, and suits different profiles.
Knowing the differences between a resident account, a non-resident account, a premium account and a private banking account is not a secondary technical detail.
It’s the starting point for building an international banking structure that really works, without wasting time with requests destined to be rejected or with solutions that don’t fit your situation.
Resident account: the account dedicated to those who live in the bank’s country
The resident account is the most widespread type of account and, for those with an international structure, often the most restrictive. As the name suggests, it’s an account designed exclusively for residents of the country where the bank is located.
Some of the best banks in the world open accounts only for this category of clients. Banca Stato in Canton Ticino, Switzerland, is an example: it’s a very high-level institution, but to open an account you must be a Swiss resident and go physically to a branch. The same applies to Banco General in Panama: excellent bank, accessible only to residents and only with physical presence.
This type of account has an important advantage: those who meet the requirements gain access to institutions that would normally be unreachable for a standard international client. For those who are not residents in the reference country, trying to open a resident account is simply wasted time.
Non-resident account: the international account remotely (and why choosing the most famous isn’t enough)
Non-resident accounts—also called international accounts—are accounts designed for those who are not residents in the bank’s country. Not only do they accept it: in many cases it’s a required condition. They’re institutions created specifically to serve an international clientele, and for this reason they can be opened remotely without the need to physically go to a branch.
The name that appears practically always when you search “international bank account” on Google is HSBC Expat, or HSBC Jersey. For years it was considered the most obvious solution: easy to find, online application available, accessible minimum deposits. But recent history has told something very different.
HSBC Jersey has progressively raised the required minimum deposit: from £50,000 to £75,000, then to £100,000 in the space of a few months. And it did so retroactively, also communicating to existing clients to comply or suffer account closure.
The next step was more drastic: systematic closure of all relationships with clients below one million pounds in deposits. Those who had opened the account independently—searching on Google, filling out the online form—found themselves with closure notifications, months of bureaucracy, and no dedicated relationship manager to turn to. Only a generic, slow, impersonal customer care.
It’s an emblematic case of how choosing the most easily findable bank online is almost never the right choice when it comes to serious international banking.
Instead, there are institutions that offer real quality non-resident accounts, with remote opening procedures, dedicated relationship managers and stability in conditions over the long term.
The difference compared to HSBC Expat is precisely here: the right bank carefully selects the client at the beginning—through serious due diligence—and then builds a stable relationship over time, without overturning the rules afterwards.
There’s however an important further clarification: not all residencies are accepted by institutions that open accounts to non-residents. A bank might accept Portuguese residents but not UAE residents, another might do exactly the opposite. The choice of banking jurisdiction must therefore be cross-referenced with your actual residency to avoid submitting applications destined for rejection.
Premium account and International Premium account: for structures with significant volumes
The premium account—or premier account, depending on the institution’s terminology—is a higher level within commercial banks. It’s not a different bank, but privileged access to the same services: a dedicated relationship manager, better conditions on international transfers, access to products not available for standard accounts, and above all adequate treatment for significant transactions.
Institutions like Standard Chartered offer this type of account for clients—natural persons or corporate structures—with significant turnover volumes. A company that moves several million euros a year has operational needs that a standard account can’t satisfy: transactions of 100,000, 200,000, 300,000 euros can’t be treated as exceptions requiring documentation every time. A premium account solves this problem structurally.
The International Premium account follows the same logic but for those with a corporate structure in a different jurisdiction from that of the bank. It’s possible, for example, to have a company incorporated in Hong Kong and open a premium account in Singapore. The company is not from the country where the bank is located, but services remain accessible: relationship manager, dedicated assistance, operability for large volumes. It requires a more complex procedure, but it’s a common configuration for those managing complex international corporate structures.
GloboBanks works every day with entrepreneurs and professionals who have this type of need—structures in multiple jurisdictions, significant volumes, banks that must be up to the task. If it’s not clear which type of account fits your structure, a free consultation with one of our experts can answer all questions in a single call (book it by clicking here).
Private banking account: for those who want to protect and invest significant wealth
Private banking is a world apart from commercial banking. Private banks don’t open standard checking accounts, don’t handle daily operations, don’t offer checking accounts. They’re institutions created with a specific objective: manage, protect and grow significant wealth.
Access to financial markets is the central point.
A private banking account allows you to invest in stocks, bonds, funds, currencies, often in multiple currencies simultaneously from the same account—euros, dollars, Swiss francs, depending on needs.
In some institutions it’s possible to completely delegate management to a dedicated wealth manager; in others you prefer to maintain direct control. Both options are available.
The reference jurisdictions for international-level private banking are mainly four: Switzerland (the most renowned in the world in this field), Singapore, United Kingdom and Panama. Each has different characteristics in terms of taxation, accessibility, types of available investments and accepted client profiles.
The minimum requirement to access private banking is generally an investable wealth of at least 200,000-250,000 euros. Below this threshold, the vast majority of institutions don’t open accounts.
The ideal range starts from one million euros, with the possibility of dividing wealth between two or more institutions for real diversification—half in Switzerland and half in Singapore, for example, is one of the most used configurations by those who want protection and market access at the same time.
A less known aspect: private banking accounts can be opened, in certain cases, even by holdings, trusts, foundations or other legal entities constituted for holding wealth. It’s not the norm, but for those holding significant assets within a corporate structure it’s a concrete possibility that deserves to be evaluated case by case.
How to choose the right type of account for your situation
The map is this.
The resident account is for those who are residents in the bank’s country and willing to go there physically.
The non-resident account is for those who want an international account remotely with a residency accepted by the institution.
The premium account is for corporate structures with significant volumes that need professional operations and a dedicated interlocutor.
The private banking account is for those with significant wealth to protect and invest.
None of these levels is “better” than the others in absolute terms: each is the best for a specific profile.
The most common mistake—the one that wastes the most time and, often, better banking opportunities—is presenting yourself to the wrong bank with the wrong type of account.
A private bank won’t open an account for someone with 50,000 euros to deposit. An institution that only works with residents won’t open an account remotely for someone living on the other side of the world. Understanding beforehand where you fit avoids months of useless attempts.
Want to know which type of account you can access with your structure?
GloboBanks supports entrepreneurs, professionals and high-net-worth families in opening international banking relationships remotely, working with over 60 selected banking institutions in more than 15 jurisdictions—from Switzerland to the United States, from Singapore to Panama. Every month banking relationships are opened for international clients, without the need for travel and regardless of residency jurisdiction or corporate structure used.
During a free consultation with a GloboBanks expert you can concretely understand:
- Which type of account—resident, non-resident, premium or private—is accessible based on your profile
- Which specific institutions, with names and jurisdictions, are compatible with your structure
- Which documents to prepare and how due diligence is managed by the bank
- How long it’s realistically possible to have the account operational
The consultation is free and without obligations. For those building an international banking structure—or wanting to correct an existing one—it’s the most direct and efficient starting point.
→ Book your free consultation with a GloboBanks expert
