Evidence demonstrates that 86% of tech-based startups engage in international activities. Especially when it comes to remote teams and international companies, having an overseas banking account is a necessity.
Many founders have a hard time setting up their overseas account since there is many conflicting advice on the matter of overseas banking. However, this article will guide founders to easily set up an overseas bank account.
Having an overseas bank account for startups has great importance in 2025. Since global expansion and accepting payments internationally have become a necessity in today’s world, founders are trying to find a way to set up an international banking account.
But setting up the account may be challenging due to complex regulations and strict KYC checks. This article offers a detailed and practical roadmap for setting up an overseas bank account for startups.
What are the First Steps to Open an Overseas Bank Account for Startups in 2025?
Before opening an international overseas account, there are a few things to consider.
Here’s how to easily prepare:
- Business Needs and Reason of Usage- The reason for needing an overseas bank account is important. The business may need multi-currency support to pay its international workers or may expand to a new market. Nevertheless, the reason must be clarified beforehand.
- Choosing the Right Country- Different jurisdictions have different KYC rules. Choosing a friendly country for startups is needed. Examples can be listed as: Estonia, the UK, Singapore, and the UAE. Some countries are strictly regulated and highly risky, for example, Cyprus.
- Preparing The Mandatory Documentation- There is some documentation best kept ready before opening a business banking account. These include: proof of address, ID, business registration certificate, tax numbers, and a business plan.
- Checking the Local Rules (For KYC and Tax)- Checking the rules specific to the region for international overseas banking for startups is a necessity. Each region has its own regulations regarding KYC and CRS.
Founders must be aware of double taxation agreements and reporting obligations in their region when it comes to overseas banking for startups.
Which Countries Offer the Best Overseas Bank Accounts for Startups in 2025?
There are many things to consider while choosing a region for an overseas bank account for startups. Following is a list of countries to choose from regarding the needs of startups business banking:
- United States (Especially Delaware and Wyoming)- The US has a very well-known and respected financial system. It has a very fast LLC (Limited Liability Company) registration. However, it has its unique difficulties.
These cons include very complex tax filing systems for non-residents, and since the system is not very digital, manual paperwork is necessary at times. These difficulties make the system slower, thus causing some time waste.
- Estonia- Estonia is a country that allows e-Residency, thus allowing founders to access the EU market easily. The banking system has a policy of ‘digital-first’. Needless to say, like every other country, it has its cons.
E-residency doesn’t mean a guaranteed bank account, meaning it can be hard to get one remotely. The country is considered the best for startups that are EU-focused and for digital nomads.
- Singapore- The country has really strong laws and really low corruption rates, thus making international overseas banking safer. Singapore is considered the best country for startups that want access to Southeast Asian markets.
Additionally, physical presence is often required, and the formation of the startup can be expensive for some businesses.
- United Kingdom- The UK has a very reputable banking system and is considered fast and affordable. But it is important to be aware that, after Brexit, some limitations concerning the international banking account are imposed.
This situation caused traditional banks to be more reluctant to work with non-residents. Nevertheless, the United Kingdom is considered to be one of the best regions for European startups.
- UAE- The UAE is considered to be a global banking hub. The country is also considered to be very crypto and fintech-friendly. However, setup costs are very high, making overseas banking for small business needs harder to afford.
Please note that there isn’t a one-size-fits-all answer when it comes to picking a region, especially regarding a business bank account. When picking a country for an international bank account, founders must consider the needs of the startup.
With years of expertise and experience, Jetonbank offers founders the best agreements regarding overseas accounts. To easily become a customer, visit Jetonbank.
What Documents Do Startups Need to Open an Overseas Bank Account in 2025?
Before starting the application procedure, founders have to make sure that some documentation is ready before applying for a business account.
There are some universally asked documents needed. These include: certificate of incorporation, articles of association, tax identification number used for tax reporting, and, lastly, the shareholder registry.
Founders can create a digital folder for the necessary documentation. This method will save the applicant hours, and tracking the necessary information, like the expiration dates, will be easier.
Although, as of 2025, the rules concerning overseas bank accounts are stricter, overseas banking benefits definitely outweigh the cons.
How Long Does It Take to Open an Overseas Bank Account for Startups in 2025?
The timeline regarding overseas accounts may be a major concern for founders, especially when they need to raise money or make international payments. Many factors affect the timeline.
Bank type is surely one of them. If Fintech or Digital banks are chosen, the estimated time for 2025 will be 1 to 5 business days.
However, if the founders choose to proceed with a traditional bank, the expected time will be 2 to 6 weeks, and traditional banks may require in-person visits, thus causing longer timeframes.
The procedure will be faster if all the documents are ready and the applications are made via digital platforms. Also, if the founder already has a legal entity in the same country as the account, the process will be faster.
The procedure will be slower if the founder is in a regulated industry like crypto and financial services. Additionally, if the paperwork required is incomplete or inconsistent, the application procedure will take longer.
Jetonbank offers founders faster timelines and guidance. To become a customer, visit our website.
Can Startups Open an Overseas Bank Account Entirely Online in 2025?
Yes, but it depends. The jurisdiction of choosing has a big importance. Online-friendly jurisdictions include: the USA, Estonia, and the UK.
Some jurisdictions, however, are more challenging. Switzerland, Germany, and Canada are on this list. Said countries usually require physical presence.
To quickly set up an overseas bank account online for startups, founders must take practical steps. They can register their company in an online-friendly region and have all of the required documentation ready.
Additionally, being ready for video verification and KYC calls will make the process faster and easier. To learn all about the advantages of overseas banking and quickly set up an online overseas account, visit our website now!
What are the Costs and Fees Associated With Overseas Bank Accounts for Startups?
Although, advantages of overseas banking include lower costs and fees, there are still a few common ones.
Here’s a list of them:
- Account Opening Fees- To set up the international overseas account, banks require a one-time fee.
- Minimum Deposit- Traditional banks require 10.000$ to 100.000$ to activate an account, in jurisdictions like Singapore and Switzerland.
- Fees Associated with Monthly Maintenance- Fintech banks usually require $10 to $50. While traditional banks may require more, depending on the account type. This fee can be up to $100, especially if the overseas account is premium.
- Transaction Fees- International wire transfers and currency conversion fees are the most common ones. They may add up quickly, especially if the said business uses a different currency.
Please be aware that there may be hidden costs like compliance costs and multi-currency account charges. Most of the startups in 2025 prefer fintech platforms because the costs associated with them are much lower.
How Do Startups Verify Their Identity When Opening an Overseas Bank Account?
Verification is important when applying for an international bank account since AML compliance is globally regulated, and banks must make sure that the founder and the business associated with them are legitimate.
Startups must provide business documents, proof of address, structure pertaining to the business, and documentation of identity. Verification is done differently by different platforms.
Fintech banks want video verification; afterwards, they ask for scanning and uploading the necessary documentation. However, traditional banks require video in-person appointments and notarized documents.
Additional checks and documentation may be needed. These include the source of said business’s funds and risk screening. To learn all about startups business banking needs, visit Jetonbank.
What Compliance Regulations Affect Overseas Bank Accounts for Startups in 2025?
Compliance with global and regional regulations is important regarding overseas banking. This set of rules prevents money laundering and tax evasion. It is important to note that these rules and regulations are mandatory for traditional and digital banks in 2025.
The most important global rules and regulations about overseas banking for startups are recommendations made by the FATF (Financial Action Task Force). They set international AML standards.
CRS (Common Reporting Standard) must also be mentioned. This applies to more than 100 countries. Banks share balances and transactions with the startup’s tax authority in their home country.
KYC checks are always made by banks. These checks include verifying the ID of the directors and shareholders, to know the customer.
How Can Startups Fund Their Overseas Bank Account After Opening It?
Funding an international business banking account is the most important step after acquiring it. It is important to note that sometimes, to activate the account, a minimum balance is necessary.
Additionally, when talking about deposits or funding the business account, the transfers made to fund the account have to comply with regional and international regulations like AML and reporting laws.
Funding the overseas business bank account is especially important if the startup is transferring from another country and must manage risks pertaining to currencies. Here are the most common funding methods to manage the international overseas banking balance:
- SWIFT payments- This method can be attributed as the most common one. They are secure and widely accepted, and allow founders to send large amounts of money. However, they are slow and expensive.
- Online Payment Platforms- Although online payment platforms or fintechs require lower payment fees and are usually faster, they usually have monthly or daily limits.
- Crypto Transfers- Some jurisdictions are more crypto-friendly and allow cryptocurrency deposits to fund the account. Countries that allow this more easily are Lithuania and Estonia.
These can be listed as the most common ways to fund international overseas banking for startups. But picking a bank like Jetonbank that allows multi-currency accounts will reduce conversion fees. This is important, especially regarding overseas banking for small business needs.
Are There Minimum Balance Requirements for Overseas Bank Accounts for Startups?
Yes, there are minimum balance requirements concerning overseas bank accounts for startups. It is safe to say that there are two methods when asking for the fees associated with this. The first method is asking for a minimum deposit to open a traditional or online overseas account.
The second one is asking it to keep the account active. Minimum balance requirements affect fees and charges associated with overseas bank accounts.
Falling below the required balance may trigger monthly maintenance charges to increase.
However, traditional banks and fintech platforms may affect how and how much the business might be charged. Here’s how they differ from each other.
- Traditional Banks- Traditional banks are seen as more trustworthy by investors. Additionally, they can handle large sums of money transactions more easily. However, when it comes to overseas banking for small business needs, they might not be the right choice.
Since traditional banks require a higher barrier (typically between 10.000 to 100.000 dollars), they are not the best for startups that start anew.
Keep in mind that falling below the minimum balance required may even cause the closure of the said overseas account.
- Fintech Platforms- Fintech platforms are definitely more flexible regarding new startups. But the restriction of certain currencies and limiting the number of transactions founders may do are attributed cons of them.
To manage the minimum balance requirements, there are a few ways founders might use. Starting with a small deposit using fintech platforms and improving it as the business grows larger is definitely a good choice.
Additionally, to reduce the conversion fees and not let them add up quickly, founders may consider multi-currency accounts.
With years of expertise and experience, Jetonbank is a reputable financial institution. To easily acquire an overseas bank account online for startups and learn all about the overseas banking benefits our policies deliver, visit our website now!
