In an increasingly globalised world, holding a bank account abroad is no longer the preserve of great fortunes or multinationals. More and more professionals, freelancers, expatriates and entrepreneurs now want to open accounts outside their country of residence, whether to receive payments in another currency, protect their assets or make international transactions easier. According to figures from the Bank for International Settlements (BIS), cross-border bank credit exceeded 32 trillion dollars in 2024, a new record for capital mobility. Source:BIS).

This is no accident. The OECD confirms that financial globalisation has led to growing holdings of assets abroad, particularly in Europe and Asia, which has in turn driven more regulation and tax scrutiny between countries. Source:OECD).

Opening an account abroad can be useful for many reasons: currency diversification, asset protection, international business or simply being paid in other currencies as a digital nomad. But doing so without living legally in that country means knowing the legal requirements very well, and the language requirements too. This is where translation becomes a crucial tool rather than a minor detail.

One mistranslated word in a contract or legal form can have serious consequences. As a curiosity, in 2009 a banking contract was challenged because “shall” had been translated as “may” rather than “must”, which completely changed the bank’s obligation. The importance of a professional legal translation is therefore far greater than it may appear.

Why open an account as a non-resident?

There are many legitimate reasons. You may want to:

• Receive payments in another currency.
• Protect your money from political or economic instability.
• Prepare for a move or future residency.
• Diversify your investments.
• Make international transactions easier.

Whether you are a business owner, an investor, a digital nomad or simply someone who travels a great deal, an international bank account can make life simpler.

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What does the law say? Key regulations

Every country has its own rules, but some global regulations affect everyone:

• FATCA (United States): requires banks almost everywhere in the world to report accounts held by US citizens.
• CRS (OECD): exchanges tax information between countries.
• KYC (Know Your Customer): every bank has to verify your identity, the source of your funds and your economic activity.

And this is where translation comes in: if your documents are not in the official language of the country or of the bank where you want to open the account, you will be asked for a sworn translation. This is not a mere formality, nor something you can sort out with Google Translate or a friend who speaks the language well. A sworn translation is a specialist service that only a translator authorised by the relevant national body can provide (in Spain, for example, the Ministry of Foreign Affairs).

This type of translation does not merely carry content from one language into another; it does so with legal validity, complete with the signature, stamp and sworn declaration of the professional responsible. In other words, the bank or institution receiving it can trust that the translation reflects exactly what the original document says, with no omissions, personal interpretation or technical errors.

What is more, the documents that usually require sworn translation, such as passports, certificates of residence, proof of income, company articles of association or tax forms, contain very precise legal and financial terminology . Any error, however small it looks, can cause anything from delays in opening the account to outright rejection of the application. Turning to a sworn translator specialising in legal or financial translation is therefore not a luxury: it is a necessity if you want your application to be taken seriously first time.

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What do I need in order to open an account?

It varies from country to country and bank to bank, but you will generally be asked for:

• A valid passport.
• Proof of address (a utility bill or tenancy agreement).
• Proof of the source of your funds (contract, payslip, tax return).
• A sworn translation of all of the above if it is not in the required language.

Where is it easiest to open an account as a non-resident?

Some countries make the process easier than others. Here are a few examples:

• United States: with digital banks such as Wise or Mercury you can open an account as a foreign national, even without a social security number.
• Portugal: very accessible; all you need is a NIF (Portuguese tax number) and basic proof of identity.
• Switzerland: still an option, although it requires more documentation and minimum balances.
• Singapore: ideal for companies or investors, though the process can be rather more technical.

Each country has its own conditions. Some banks let you do everything online; others will require you to appear in person. The key is to do your research, and to have all your documents properly translated.

Opening your international bank account step by step

1. Do your research: before starting any procedure, it is essential to look into the country where you want to open the account and the banks operating there. Not all of them accept applications from non-residents, and some have restrictions based on your nationality or the type of economic activity you carry out. Traditional banks such as Santander, HSBC or UBS tend to require more documentation and physical presence, whereas options such as Wise, N26 or Mercury let you do everything online provided you meet certain requirements. It is also important to check whether the country has signed up to international agreements such as FATCA or CRS, since this will affect your tax obligations. And do not forget to check which languages they accept documents in: if yours is not among them, you will need official translations.
2. Gather your documents: once you have chosen a bank, you will be asked for a set of basic documents. These almost always include your valid passport, proof of address (such as a recent utility bill or tenancy agreement) and evidence of the source of your funds, whether a payslip, a contract, a tax return or a certificate of business activity. If the account is in a company’s name, you will also have to provide the articles of association, the deed of incorporation and a list of shareholders or beneficial owners. Everything must be current, complete and clear. This is where the difference begins to show between an application that succeeds and one that runs into trouble.
3. Have everything translated by a sworn translator: this step is decisive and often misunderstood. If your documents are not in the country’s official language (or in English, where the bank allows it), you will need them translated. But not just any translation will do: it has to be sworn or certified by an authorised professional. A sworn translation is not simply “faithful”: it is legally valid. It carries the signature, stamp and declaration of the sworn translator, which gives it official standing. Many banks require it under internal protocol or regulatory rules. And it is no minor formality: a badly translated document can be grounds for immediate rejection or a later audit.
4. Submit your application: with everything ready, you can submit your application. Some banks let you do this entirely online, while others require a visit in person or at least verification by video call. This is where the earlier steps pay off: if the documentation is in order and properly translated, the process usually moves ahead without obstacles. Do check every detail before sending anything. A small error, such as a mistyped date or an incomplete page, can prompt the bank to send everything back for correction, needlessly drawing out the process.
5. Activate your account: once your application is submitted, it goes through a verification process. This may include a financial background check, a video call or validation of your documents by a legal department. If all goes well, your account will be approved and you will receive the details you need to activate it. In most cases you will have to make an initial deposit, although this is not always compulsory, before you can start operating. From then on you will have access to transfers, international payments, digital banking and whatever services come with the type of account you have taken out.

Why does a good translation matter so much?

Because an error in a legal document can cost you money, time, or even the chance to open the account.

Some common mistakes:

• Confusing technical terms such as “account holder”, “beneficiary” and “trustee”.
• Reading clauses that impose obligations (must) as if they granted permission (may).
• Leaving out key information because a form has been misunderstood.

A good sworn translation guarantees:

• Fidelity to the original document.
• Legal validity in the destination country.
• Peace of mind for you and for the bank.

What about tax?

Holding an account abroad is not illegal, but it does have to be declared in many countries:

• In Spain, if the balance exceeds €50,000 you have to report it on Form 720 (Modelo 720).
• In the United States, the FBAR form is compulsory if the total exceeds USD 10,000.
• In countries such as Mexico, Argentina and Colombia, specific requirements also apply.

And again: these forms have to be properly translated if a third party submits them or if the banks ask for additional documentation.

Which digital banks make it easier?

Some online banks and fintechs simplify the process without requiring residency:

• Wise (formerly TransferWise): offers multi-currency accounts with a European IBAN.
• Revolut: increasingly widely accepted, though it depends on the country.
• Mercury and Relay (United States): ideal for startups and global entrepreneurs.
• N26: very popular in Europe.

Even so, each platform has its own rules, and all of them require legally valid documents.

How to choose the right translator

Not every translator is suited to this kind of documentation. Make sure that they:

• Are a sworn or certified translator.
• Have experience in legal or financial translation.
• Know legal languagewell, particularly legal English.

If you are going to submit documents to a Swiss, Portuguese or US bank, you need to be sure the translation has the validity and the legal style appropriate to each country.

Common mistakes to avoid

• Submitting documents without the translator’s stamp and signature.
• Leaving out annexes or supporting documents.
• Using templates from the internet without checking whether they are legally valid.
• Handing in expired documents or documents with no up-to-date tax information.

Opening a bank account abroad as a non-resident is perfectly possible, but as you have seen there is one key ingredient you cannot underestimate: legal translation. An error in a document can delay your application, get it rejected, or even land you in difficulty with the tax authorities. Do not let one mistranslated word become an unnecessary obstacle.

At Alos we have spent more than 20 years helping individuals and companies to cross borders with confidence. We have sworn translators and legal English specialists, and we also offer specialist training in legal and financial English, so that you are ready for what comes next. Opening an account is only the beginning. What matters is doing it properly, from the very first document.

Frequently asked questions (FAQs)