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Travelling 3 December 2019

Bank globally even if you live locally

With a bank account held abroad, you remove the need to buy foreign exchange every time you travel abroad.

The good news is that there are banking services that facilitate the purchase of foreign currency and ensure that you get foreign exchange rates. These services also allow you to manage your multi-currency business interests, property or investments more efficiently. 

Opening an international bank account

International accounts are designed for everyday transactional banking requirements. They allow you to bank in different currencies or even multi-currencies, and are most useful for people who have financial commitments in countries other than the one in which they reside. 

You can manage your finances across borders, make payments and access your money wherever you are in the world. They generally support multiple currencies and offer unlimited deposits and withdrawals. 

You’ll be able to access your cash at ATMs worldwide, make purchases and have access to savings accounts and foreign exchange. Internet and mobile banking will enable you to manage your accounts on the go from any mobile device.

An international bank account offers several key benefits

Protection

An international bank account enables you to avoid the risks that come with unstable economic environments, such as currency devaluation or high inflation in the country in which you live.

Foreign currency 

An international bank account  makes it easier for you to use foreign currencies, whether you are sending or receiving. Transfer of funds from your bank account to an overseas account is simple. You may gain access to investment options that are not be available where you currently reside.

Convenience and flexibility

Many international bank accounts offer maximum flexibility. They can be accessed anytime from anywhere by phone, the internet, or mobile app, and you can get any amount you require as there are no limitations on withdrawal.

Access to foreign markets

With an international bank account, you gain convenient access to foreign markets, enabling you to easily trade in forex.

Tax efficiency

If the country you live in requires you only to pay tax on the money you earn in that country, you may get some tax benefits by keeping your money in an international bank account. Some foreign locations offer low tax rates. To take advantage of these, you need to get professional advice before going ahead with anything, to ensure you don’t fall foul of fines or penalties.

Greater privacy and protection

Greater account privacy is a significant advantage and several jurisdictions put greater emphasis on maintaining their clients’ *confidentiality. You can protect your finances from speculative or unfair litigious action.

Investment options

International banking may offer more interesting investment services and solutions because there is less government intervention. This enables a greater diversity of investment services and solutions.

While there are many advantages to international banking, as with any financial arrangement, it’s advisable to talk to a financial manager before making the move

Next step

If you need to make forex payments, take a look at the International Bank Accounts that we offer.