International banking seems to be glamorous until you sit down to open an account. Before you send money across borders or make business deals through such an account you have to deal with paperwork.
Banks, especially international ones, still want to know exactly who you are, where you’re from, and sometimes even what you plan to do with the money. Their rules can shift depending on the country, the bank, and whether you’re opening a personal account or a business one. The good news is that with information about letter of credit vs line of credit this process can be easier. Here’s the paperwork you need when opening an international bank account online.
Identification Documents
Every bank, no matter how “modern” or “digital-first” it claims to be, is obsessed with one thing first—your identity. Not just your name, but you, proven beyond a doubt. And that means official documents. Most commonly, you’ll need a valid passport. Not a copy of your driver’s license from back home. Not that grainy selfie holding your ID. A full, high-quality passport scan or photo.
Banks can get picky about how your passport image looks. If the photo is cropped too tight, blurry, or has glare, you might get a “resubmit” email that sets you back days. Sometimes they’ll ask for a second form of ID, like a national ID card or a utility bill with your name and address. Even the utility bill can be a minefield. Some banks only accept bills from within the past three months. Others insist it be from a “recognized utility”.
So where does the question “what is DLC payment terms?” get answered? Well, if you’re opening an account for a business—especially one involved in international trade—banks may ask questions about how you’ll be transacting. If your business model involves Documentary Letters of Credit (DLC), they’ll want proof you understand and comply with payment terms. It’s partly about financial security, partly about anti-fraud measures, and partly about them covering their own backs. In other words, identification isn’t just about you: it’s about how you plan to move money.
The hack here? Prepare everything before you even start filling in the online form. Have your passport scanned in high resolution, a utility bill ready, and any trade-related paperwork if you’re opening a business account. The fewer back-and-forth emails you get, the faster you’re in.
2. Proof of Address Documents
This one trips up a lot of people—especially digital nomads who move every few months. Banks want to know where you live, even if “where you live” is a short-term Airbnb in Lisbon right now and a co-living space in Bali next month. Some banks won’t open your account without proof of a permanent residential address, even if you’re not planning to be there for a while.
The acceptable forms? Utility bills, tenancy agreements, or official government letters sent to your address. Some banks will take a statement from your existing bank, but it has to show your name and address exactly as you’ve entered it on your application. And “exactly” means exactly—if your application says “Apartment 3B” and your bank statement says “Unit 3B,” you could get flagged.
My advice? Even if you think your address situation is fine, double-check the document date and the formatting before sending. You don’t want to find yourself scrambling to get a new water bill in your name just because your last one was dated four months ago.
3. Income and Source of Funds Documentation
Banks don’t just want to know who you are and where you live. They also want to know where your money’s coming from. This isn’t them being nosy, it’s about complying with anti-money laundering (AML) and know-your-customer (KYC) laws. And in the international world, they take those seriously.
For personal accounts, this might mean sending in a payslip, tax return, or an employment contract. For business accounts, it could be invoices, contracts, or even your business registration certificate. Some banks go further and want to see actual transaction history from your existing account.
The tricky part? They sometimes phrase it as “proof of income” but really mean “evidence your funds are legitimate.” So, if you’re a freelancer, don’t panic if you don’t have a formal employment letter. Multiple paid invoices from different clients can work. And if you’re retired, pension statements or investment account summaries usually do the trick.
This is where being organized pays off—literally. Have your proof ready in PDF format before you start. And if you think your source of funds is unconventional (say, crypto trading), be prepared for extra questions.
4. Extra Requirements for Business Accounts
Opening a personal account online internationally is one thing. Opening a business account? That’s a whole other world of paperwork.
Beyond your identification, address, and proof of funds, business accounts often require incorporation documents, shareholder lists, and proof of your business activities. Some banks even ask for a short business plan or an explanation of your main markets and suppliers. If you trade internationally, they might ask for contracts or invoices that show you actually operate globally.
Different countries have different comfort levels with foreign-owned businesses. Some will welcome you with a quick form and minimal documents. Others will practically want your company’s family tree back to its founding. If you’re in import/export, they may even want to know your key trade partners and whether you use financial tools like letters of credit.
The bottom line: business accounts can still be opened online, but they’re rarely “click and done.” Expect more follow-up emails.
Wrapping Up
Opening an international bank account online isn’t hard because the forms are complicated—it’s hard because the requirements are often hidden until you’re halfway through. You think you’re ready, then you find out the passport scan you uploaded is “not clear enough” or your address proof is “too old.”
Once you know what they want, and you’ve gathered it in advance, the process won’t be difficult. Take the extra hour now to gather your passport, your proof of address, your income documents, and (if you’re going the business route) your company paperwork.
International Journal of Research (IJR) 