Best way to open a Foreign Bank Account from India

[hvninhll]

I see a lot of people asking about this in the forums, but, I was unable to post this anywhere else due to not getting the requisite amount of member points to do so.

Anyhow, here is the best way to open a Foreign Bank Account from India without traveling.

1. Get a Premier Banking Relationship with HSBC in India (via Salary > 3LPM or Home Loan above 2cr)

HSBC has a feature wherein if you are premier in one country, you are auto-eligible for premier across all countries that they operate in.

2. Leverage this Premier Banking Relationship to open a foreign bank account while staying in India by contacting your RM and asking to be put in touch with International Banking Centre for a Foreign Bank Account opening. (Slow)

3. Alternatively, go to the website of your preferred country's HSBC Banks website and apply for an account opening and mention that you are already a premier customer in another jurisdiction. (Faster)

P.S. The process will take around 2-3 weeks but you would get a proper bank account vis-a-vis the accounts that you get through neoBanks.
I have used this method successfully for Singapore. And mostly these accounts would be zero balance and without any charges due to Premier Status.

 

[rohitb]

I like point 1 . Basically get rich 😜

 

[kowsikbabu]

Thank you for sharing this, I hope someone else updates similarly for other banks and hopefully some banks that will let you open an foreign account with lesser NRV.

 

[percolate]

Hi, is there a generic email id for International Banking Centre? if yes, can you DM me the email id?

 

[hvninhll]

Hi, is there a generic email id for International Banking Centre? if yes, can you DM me the email id?

It is icoindia@hsbc.co.in

But, it's better to do via RM, or if you are in Bangalore, speak to Jayanagar Branch Head who is very friendly and approachable.

 

[mojo_jojo123]

does hsbc premier account gets downgraded if salary credit is < 3L pm

 

[hvninhll]

I am not sure, they say it you will get notice after 6 months, and thereafter, it will get downgraded.

 

[Aquarius]

Anyone able to open foreign bank account using hsbc premier

 

[percolate]

Anyone able to open foreign bank account using hsbc premier

yes, I was able to open

 

[mojo_jojo123]

yes, I was able to open

what is the use of foriegn bank acc ?

 

[Riya Sharma]

what is the use of foriegn bank acc ?

I use it to buy crypto on card and for not paying forex when traveling.

 

[Riya Sharma]

I see a lot of people asking about this in the forums, but, I was unable to post this anywhere else due to not getting the requisite amount of member points to do so.

Anyhow, here is the best way to open a Foreign Bank Account from India without traveling.

1. Get a Premier Banking Relationship with HSBC in India (via Salary > 3LPM or Home Loan above 2cr)

HSBC has a feature wherein if you are premier in one country, you are auto-eligible for premier across all countries that they operate in.

2. Leverage this Premier Banking Relationship to open a foreign bank account while staying in India by contacting your RM and asking to be put in touch with International Banking Centre for a Foreign Bank Account opening. (Slow)

3. Alternatively, go to the website of your preferred country's HSBC Banks website and apply for an account opening and mention that you are already a premier customer in another jurisdiction. (Faster)

P.S. The process will take around 2-3 weeks but you would get a proper bank account vis-a-vis the accounts that you get through neoBanks.
I have used this method successfully for Singapore. And mostly these accounts would be zero balance and without any charges due to Premier Status.

I have a friend who also is interested in getting this done but he doesn’t want to open a premier account. Is this also possible on their other basic savings account with 150k mab?

 

[percolate]

I have a friend who also is interested in getting this done but he doesn’t want to open a premier account. Is this also possible on their other basic savings account with 150k mab?

It's only possible with Premier account

 

[CodeCrusher]

Whats the point of having a foreign bank account if you live in india?

 

[sahilgulati5]

Whats the point of having a foreign bank account if you live in india?

Get international credit card with 0 forex charge , buy cryptocurrency etc and many other benefits depending on which card u want to take

 

[Pravas]

@hvninhll @sahilgulati5 How will you fund this account apart from LRS if all your income is in INR ?

I satisfy the criteria and want to open this account for crypto and international equity but I am already using the 7L limit for LRS.

 

[sahilgulati5]

There are many Ways u can fund like transfer money from ur Family members account, tell ur friends who are staying outside india to transfer etc

 

[Riya Sharma]

@hvninhll @sahilgulati5 How will you fund this account apart from LRS if all your income is in INR ?

I satisfy the criteria and want to open this account for crypto and international equity but I am already using the 7L limit for LRS.

why not just buy crypto and then sell it for the currency you want to get deposited into your account?

 

[Riya Sharma]

and btw there are many crypto-centric services that also do this for you

 

[gurbina]

Few things, doesn't matter whether you have HSBC Premier or not.

1. Banks have to abide by local regulations, that will exclude you from having a bank account in many jurisdictions unless you have the paperwork (long term visa, tax registration, tax residency certificate, etc). HSBC can't open a bank account illegally just because you're "HSBC Premier". Singapore has a fairly lax regulation, but it's just very few countries that will allow you to easily open a bank account.

2. The banks are mandated to report your foreign bank account to the tax authorities of your respective tax residency country. As an Indian tax resident they'll ask for PAN number. Even neoBanks will ask for your tax details to stay in compliance, whether they actually submit or report anything to the Indian government, I don't know.

3. You are OBLIGATED to report such foreign bank accounts to the Income Tax department while filing ITR if you're tax resident in India (so pretty much everyone here) . Whether you're more likely to get audited or receive a notice, I don't know.

But as long as you're a tax resident in India and have a foreign bank, you'll have to stay compliant as per Indian tax laws.

But if you're doing crypto transactions, you have a foreign bank account receiving and sending money then you have to pay taxes. It's just a matter of time before it comes and bites you back if you haven't.