Easiest Way to Do Overseas Banking in the Bahamas11 min read
Reading Time: 4 minutesOverseas banking doesn’t have to be challenging. The Bahamas is one of the easiest places to open an international account, either for yourself or your business.
This post will show you how easy it is to open an overseas bank account in the Bahamas from around the world.
5 Steps to Opening an Overseas Banking Account in the Bahamas
If you are familiar with what to expect, opening an account at a Bahamian bank is very easy. Here are the basic steps:
Choose a bank
If you are looking for a bank to open your overseas account with, look for an international client-focused bank such as The Kingdom Bank. As a certified online bank, The Kingdom Bank allows customers to open accounts without having to travel to the Bahamas. We offer private banking, corporate banking and crypto banking services to customers across the globe.
Gather documentation
The vast majority of Bahamian banks need similar proofs, such as a passport or photo ID, proof of address (like a utility bill) and proof of where you get your money (bank statements or tax returns). Having these on hand will accelerate your application.
Complete the application
With The Kingdom Bank, you can apply for the entire account opening process online from anywhere. Simply upload your documents and fill out basic information. Be prepared for an application review within 1-5 business days.
Verify your identity
The bank will have to confirm your identity to open the account for security and compliance purposes. This generally takes the form of a video chat during which you show them your documents and answer a series of confirmation questions.
Fund and use your account
Once verified, you will be able to use your overseas Bahamas account. You can fund it through international wire transfer and control it from your browser or with the The Kingdom Bank mobile app for banking on the go.
Is the Bahamas a Popular Country for Overseas Banking?
It is true that the Bahamas is one of the most well-established international banking centers. There are a few reasons why it’s so popular:
- Political stability – As an independent country, the Bahamas maintains a secure political landscape.
- Bank secrecy – Accounts are protected by extensive privacy regulations and laws.
- Tax advantages – No foreign earnings and assets subject to any tax on income, capital gains, wealth, estate or inheritance.
- Banking infrastructure – Decades of experience working with international clients have established an offshore banking industry.
- Accessibility – Opening an account is easy and banks offer good digital banking services.
Being one of the top regulated offshore hubs in the world, the Bahamas continues to be a preferred destination for private individuals and businesses looking for an international banking alternative.
Which Bank Should I Contact for an Overseas Banking Account in the Bahamas?
The Kingdom Bank is one of the simplest options to choose when you are thinking of which Bahamian bank to set up an overseas account with.
Some of the most prominent advantages are listed below:
- Online application and account management – Complete all application and account administration online or via mobile apps without being in the Bahamas.
- Global presence – Provide customers around the globe banking in multiple currencies.
- Streamlined setup – Five easy steps application and approval process get you up and running in a flash.
- Superior security – Advanced digital security measures such as two-factor authentication protect your funds and data.
- Value-added services – Offering crypto banking in addition to regular private and corporate banking.
With a completely online experience, The Kingdom Bank eliminates a lot of the barriers that might make overseas banking awkward. The best way to experience all that the Bahamas has to offer as an offshore financial hub is through our innovative online banking platform.
Easiest Way to Open an Overseas Bank Account in the Bahamas
As we’ve learned, The Kingdom Bank makes opening an overseas account in the Bahamas as straightforward as can be.
The most straightforward approach is summarized below:
- Create a new account on The Kingdom Bank’s website and upload your documents.
- Simply fill out the online application with your basic information.
- Verify your identity over video call on-site within 1-2 business days.
- Get your username and password so you can log in and access your brand new digital Bahamian bank account right away.
- Add money to your account via global wire transfer and access it from any device using the mobile app or web portal.
With The Kingdom Bank’s entirely online opening procedure, you don’t have to leave the Bahamas. Everything is remotely managed via a few easy steps.
The Kingdom Bank is the obvious choice when it comes to effortless offshore banking.
Can Businesses Open an Overseas Banking Account in the Bahamas?
Yes, setting up an offshore corporate bank account in the Bahamas is a good move for most companies.
Some of the reasons are:
- Tax advantages – No corporate income and capital gains taxes on operations or earnings abroad.
- Financial knowledge– Bahamian banks are familiar with foreign business demands and have commercial banking teams.
- Regulatory compliance– Enforced confidentiality policies safeguard confidential commercial information.
- Accounts with customizable structures – You can create accounts for Corporations, LLCs, Partnerships, Trusts and other entities.
- Digitalization – Cutting edge online banking sites automate payments, billing and accounting.
In particular, The Kingdom Bank is a good choice as its corporate banking department is configured to manage business accounts.
The registration is similar except it requires proof of the business such as articles of incorporation or partnerships. The overseas Bahamas account offers many tax and banking benefits to companies worldwide.
The Bahamas is a unique combination of political stability, banking experience and tax incentives making it one of the best destinations for overseas banking.
Either for personal or business accounts, The Kingdom Bank is the easiest and most intuitive way to establish an international account with its digital application and fully-featured online banking system.
To begin making use of all that the Bahamas can provide as an offshore financial centre, visit The Kingdom Bank and apply for a new account now.
With the help of our experienced staff, you’ll have your new overseas Bahamas bank account within days and you’ll be enjoying the international banking benefits. Why wait? You can start right now here.
