I am a freelancer having Indian nationality and residing in India. I own and operate Sub-Affiliate program of US based company.

I have bank accounts in India which operates in INR (Indian Currency).

Here is the issue I am facing.

I receive funds from my main affiliate program in USD which gets converted to INR, when they hit my local Bank account and I needed to pay my Sub-affiliates in USD as they are located outside of India, and they wants funds in their Bank account, So I need to do wire transfer from my local bank account. At the time of Wire transfer funds gets converted back from INR to USD.

So basically I have to pay money conversion fees twice, leaving me much less profit. One more issue is that I can't wire transfer more than 100k USD in single year from India as there are restrictions by government.

I can see only one option for me, opening Offshore bank account which operates in USD and provides International Wire transfer service via their Internet based site/portal. So I can receive funds in offshore account and send funds from offshore account and transfer the remaining funds which is profit to my bank account in India.

My question is: which Bank / Country Allows Indian customers to open offshore bank account without needing me to visiting them in person and don't have hefty minimum amounts like 50k USD?

(Also, supports USD currency and online international wire transfer.)

I have tried asking local banks to open an account for me in USD, but it's not possible because of Indian laws and regulations.

closed as off-topic by Ganesh Sittampalam Mar 18 '17 at 14:46

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "Questions seeking product or service recommendations are off-topic because they tend to become obsolete quickly. Instead, describe your situation and the specific problem you're trying to solve." – Ganesh Sittampalam
If this question can be reworded to fit the rules in the help center, please edit the question.


Well, first off, I would advise you to do this research yourself. You should not base your selection off someone's opinion (such as mine). That being said, these are some factors I suggest you consider and research before talking to an offshore bank account:

  • The economic fundamentals and political risk of the jurisdictions the bank operates in.

  • The quality of the bank’s assets—namely, its loan book and investments. This helps you determine what the bank is doing with your money. I look for banks that are conservatively run and don’t gamble with your deposits. Banks that make leveraged bets with things like mortgage-backed securities or Greek government bonds obviously are to be avoided. Having a sound loan book with a low nonperforming ratio is crucial.

  • Liquidity—a relatively safer bank will keep more cash on hand rather than invest it in risky assets or loan it out, all else equal. That way it can meet customer withdrawals without having to potentially sell off assets for a loss—which could affect its ability to give you back your deposits.

  • Capitalization—this is a measure of the financial strength of the bank. It also shows you if the bank is using excessive leverage, which can increase the risk of insolvency. A bank’s capitalization is like its margin of error: the higher the better.

Now, when opening an offshore account most offshore banks do not require you to be present at all. You can open an account simply by calling them or filling out their application online. However, be prepared to provide them with some information to verify who you are and the nature of your business, such as a notarized passport along with other various forms of information that they may require. Just think of what your local bank requires is generally what they will ask as well.

Here is a compiled list of offshore bank accounts to consider:

  1. Abu Dhabi Commercial Bank (UAE)
  2. Arab Bank (Jordan, Lebanon, UAE)
  3. Banca Privada d’Andorra (Andorra)
  4. Banque Audi (Lebanon)
  5. Bank of Tokyo-Mitsubishi UFJ (UAE, Japan)
  6. Bank of Valletta (Malta)
  7. Bank SinoPac (Taiwan)
  8. Butterfield (Bahamas, Bermuda, Cayman Islands)
  9. Crèdit Andorrà (Andorra, Panama)
  10. Crédit Libanais (Lebanon)
  11. Credicorp Bank (Panama)
  12. Finansbank (Turkey)
  13. FBME (Cyprus, Tanzania)
  14. HSBC (Hong Kong)
  15. Is Bank (Turkey)
  16. Jyske Bank (Gibraltar)
  17. Maduro & Curiel’s Bank (Curaçao)
  18. National Bank of Abu Dhabi (UAE)
  19. OCBC (Singapore)
  20. SEB (Estonia, Sweden)
  21. State Bank of Mauritius (Mauritius)
  22. UBS (Switzerland)

These banks overall have a range between $0 - $1 million (domestic currency) minimum deposits. Most of them ranging from $1000-$5000. It all depends on the type of account, the nature of the account, and the business associated with the account.

  • Your welcome and good luck. – NuWin Jul 14 '15 at 6:35

India does allow Resident Indians to open USD accounts. Most leading National and Private Banks offer this. You can receive funds and send funds subject to some norms.

  • Thanks for your input, i do see they offer account type Resident Foreign Currency (Domestic) Account, but there are lots of restrictions on them too. – S Kapoor. Jul 19 '15 at 12:50

All Indian Banks are offering USD accounts known as multicurrency account, where you can hold your fund, this account also permits you to book the USD to INR rates in advance if you require. You can keep your money in this account and also can remit the same back to source or other destination country.

Not the answer you're looking for? Browse other questions tagged or ask your own question.