I have a friend in Africa who was wondering if he could get a bank account so that he could do some trading with it online like forex
2006-10-01 02:02:35 · 8 answers · asked by blacknight 1 in Business & Finance ➔ Credit
Answerer two is wrong. You do not need to be resident in the UK to open an account, you just need to be able to prove your identity.
A friend in Africa wanting an account in UK and US is likely to have immense difficulty in opening an account for forex trading. The anti-money laundering regulations will put lots of hurdles in place.
If your friend really wants to do forex trading, he should approach a bank of good standing in his own country and ask to open accounts in USD and GBP. If you want to trade forex, you really want the accounts as close to you as possible. For instance, I have accounts in both USD and EUR in the UK.
2006-10-02 11:01:34 · answer #1 · answered by izzieere 5 · 0⤊ 0⤋
To get a full bank account in UK you have to be resident for 3 years. Anything less than that you can open something like "easycash" which is the most basic account - no interest, and only used in certain shops. However, you can't use it over the phone or on the internet (you might find a few that are willing to take it, but not many). Dont know if it's the same in US.
2006-10-01 09:09:20 · answer #2 · answered by paula c 2 · 0⤊ 1⤋
Maybe, but it's a lot more difficult. Most Western countries require banks to have a "know the customer" policy, which means you usually have to show up in person and provide identification before opening an account. There might be ways around it for on-line accounts though.
2006-10-01 09:09:11 · answer #3 · answered by stevewbcanada 6 · 0⤊ 0⤋
As far as I know you need to be a resident to open a bank account of any kind in the UK. The laws have been tightened recently so you need if you're not on the Electoral Register then you need to show proof of address in one form or another.
Hope this helps.
2006-10-02 04:00:37 · answer #4 · answered by Andrew 4 · 0⤊ 0⤋
How about getting offshore accounts with banks with branches in the UK and US - he's likely to be able to transfer accounts between his existing accounts.
2006-10-03 16:32:39 · answer #5 · answered by scallywag 4 · 0⤊ 0⤋
He/She will have to go through a process of identification due to the Patriot Act and Compliance prior to opening or doing transactions within the U.S.
2006-10-01 18:50:57 · answer #6 · answered by MicG 2 · 0⤊ 0⤋
The best is to try a few banks.
Contact them and ask them !
good luck
2006-10-01 21:55:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
maybe he could use a paypal account or something similar
2006-10-01 10:10:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋