What is the best personal bank account to open?

[pincho]

I want to open a personal bank account just for my regular banking needs do you know where it is the easiest to do?

The fact that I don't have any privacy and my account get reported is known to me and I'm fine with it. I just need a option to bank private.

 

[negon]

You may want to go with Bank of Cyprus, Breder Suasso, LeuPay or even a UK bank for this purpose.

I assume you require simple Internet banking and a debit card right?

 

[Luigi]

The easiest one is opening an account where you live. Some countries are not difficult, but you might need to travel there, have an interview, and wait for their approval, which might be something as stupid as "I can't open an account because you are zero-credit in this country".
Search for online banks, but don't forget to check the bank's fees.

 

[Richmond]

Leupay

 

[Volex]

Leupay is not a bank

 

[Richmond]

Leupay is not a bank

Leupay works perfectly.

 

[thegazelle]

Well...without knowing what your specific requirements are for a personal account, it is hard to give a definitive recommendation. However, if you are looking for ease of transfer, good customer service and a bank that is solid (ie. larger offshore bank), I actually would encourage you to consider Mauritius Commercial Bank (MCB). You don't hear too much about them, but they have been around forever, I really enjoy dealing with them, and their customer service is good. They also are very socially conscious, occasionally donating funds on your behalf (not your funds from your account) to various local charities. They have internet and mobile interfaces, though if you are applying, talk with me first, as getting the internet access is not as straight forward...and it does require a small purchase of a security token. You want to do all this during your application process.

There are many other banks out there that are good, but in general if you are looking for a bank that is solid, that you can open a personal account remotely, the customer support is good, and the transfers are fast (and fees are very reasonable), you may wish to consider MCB. Oh, one thing - personal accounts are denominated in the Mauritian Rupee (MUR) so bear that in mind. I don't believe there are any minimum balances as far as I am aware.

Of course, there are other factors, depending on where you are located. If you are a US citizen/resident, your options are a bit more limited. Also, some banks that are open to Europeans and Asians, may not be open to North Americans. Some banks have visitation requirements, while others have limitations on transfers, etc. (ie. if you have a bank account in Iceland, there are currency restrictions in moving money back out).

Of course, Euro Pacific Bank is very much worth consideration for just a basic account - it is advertised here. No interest bearing account though and a fee that is like 5.00 US or something like that per month. Americans are not accepted. Transfers are a bit on the pricy side. But transfers in and out are good. So basically EPB is more to just park some cash.

Again, much depends on your expectations, how much money you want to put in, your tolerance of fee structures, etc.

 

[lostman]

OP why do you want to open a personal bank account? No one is doing this these days!

 

[thegazelle]

There is actually nothing wrong with opening a personal account, if the funds are legal and you understand the reporting requirements. One big reason to open one is for international currency diversification. Another is for jurisdictional diversification. Some people in some countries may wish to open one to be in a more stable jurisdiction. My brother's girlfriend's family is from a country where banking integrity is very questionable so that case, they want to have money elsewhere in case their own government skims their money. This is unheard of in the first world countries, but not everyone lives in a country where the government will not take your money. Some people also do not own businesses, do not have enough money to own a business or are simply not interested in opening up an corporation. I agree that you get no privacy from a personal account but as the OP indicates, he accepts that condition as well as the reporting requirements. The biggest thing for a personal account is to ensure that you do not put all your eggs in one basket; that is, you should have multiple personal accounts in multiple jurisdictions under multiple currencies.