Open DBS Treasures Account
With the rise in international transactions among Indians, opening an overseas bank account has become a common consideration. Having such a bank account is beneficial for various purposes such as higher education, long-term international stay or diversifying foreign currency holdings.
This article provides a clear overview of how one can open an international bank account online, eligibility requirements and factors to consider when selecting an account.
An offshore account is a financial account held in a foreign country outside the individual's country of residence.
Indian citizens can open an overseas bank account in accordance with the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), which permits outward remittances of 250,000 per year.
Maintaining an offshore account can offer the following benefits:
DBS Treasures offers Premium Savings Accounts that enable multi-currency access and allow clients to manage global expenses more efficiently.
There are several types of accounts available depending on your purpose:
Eligibility to open an overseas bank account depends on the regulations and laws of the host country. Most financial institutions require the following:
Some banks may also request a minimum deposit or monthly average balance.
To open an overseas account, the following documents are typically required:
Many institutions accept soft copies or facilitate submission through secure online portals.
The process for account opening has become simpler with the support of digital banking platforms. Here is a typical step-by-step approach:
Some banks also support account set-up through partner branches or relationship managers in India.
With DBS Treasures Remittance Services, clients can transfer funds to global accounts seamlessly, often with same-day credit and competitive exchange rates.
Indian residents often consider countries with stable banking regulations and tax clarity. Popular jurisdictions include:
Choose institutions that offer strong digital support, low account maintenance charges, and currency flexibility.
Before applying, keep the following points in mind:
All offshore assets and income must be disclosed in the Indian tax return if you are a resident. Key guidelines include:
It is essential to maintain transparent records of fund transfers and income earned through offshore accounts. For guidance, clients can consult DBS Treasures Wealth Management experts to align their global financial activities with applicable tax laws.
Despite growing interest, several misconceptions still surround offshore bank accounts. Here is a quick check.
Myth
Fact
Offshore accounts are illegal
They are legal if held under LRS and disclosed for tax purposes
Only high-net-worth individuals can open one
Many banks allow moderate opening balances
Offshore accounts are for hiding money
They are used for lawful international payments and savings
After your overseas bank account is set up, transferring money into it is the next important step. DBS Treasures Remittance Services offers a reliable and fully digital way to move your funds abroad.
Here’s how it can help:
Explore how DBS Treasures makes sending money abroad fast and simple in the video below.
Opening an overseas bank account online is now easier for Indian residents, thanks to improved digital access and clear regulations. With the right bank and full compliance, managing global expenses and assets is more seamless.
DBS Treasures offers end-to-end support through its Premium Savings Account, Remittance Services, and Wealth Management solutions. For NRIs and global investors, choosing to Open NRI Savings Account alongside an overseas account ensures better fund management, smoother remittances, and integrated international banking benefits.
