Whether you happen to be travelling to a new destination for a few days or a few months, you will almost certainly need to use some money along the way. Unfortunately, withdrawing cash in Tokyo, Paris or even Cape Town can bring with it some serious expenses. Currency conversion costs and high international fees can add up quickly, and for frequent travellers they may end up costing a fortune over the long term. Thankfully, the solution is a simple one: International bank accounts. Find out how this can benefit you and how easy it is to open an account right away.
Access to Foreign Currencies Right Away
Perhaps the biggest and most obvious benefit of choosing an international bank account is the fact that you can have access to a foreign currency right away. Whether you are buying a few espresso drinks in Rome or you are moving to Greece and paying rent, you will be able to access your foreign currency holdings in seconds. If you are curious about your bank balance, you don’t need to whip out the calculator to start converting currencies by hand. Instead, your bank balance will clearly show the foreign currency total, which makes it easy for you to know how much you can afford to spend on trips.
Use a Bank Card Abroad With Ease
Another major advantage of banking internationally is having a bank card that is easily accepted at your destination of choice around the globe. If you only have a domestic bank account with a domestic bank card, you might struggle to use cash machines in Hong Kong or pay for a restaurant meal in Berlin, you might have unexpected fees, or you might even encounter a technical problem that prohibits your card from being accepted. With an international bank account from the location where you most frequently travel, there will be no problems at all. Small, medium and large purchases can go through with ease, and you will certainly enjoy not having to worry about currency costs and transfer fees.
Forget About Traveller’s Cheques or Large Amounts of Cash
When some people travel abroad, they rely on large amounts of cash or even traveller’s cheques. While these items can have some advantages, they can also put you at risk for theft. Rather than having to worry about losing your cash or dealing with the hassle of reporting your traveller’s cheques as stolen, a bank card from an international bank account offers an extra level of protection. A simple call to your bank in the chance of theft will protect your wealth, and you can have a new card issued right away to help you as you travel through a new destination.
Enjoy the Perks of International Bank Accounts
Even when you are at home, there are some definite perks of having an international bank account. If you were interested in a business or personal loan, for example, an international bank account might allow you to access a different currency with a completely different interest rate. Or, you might want to investigate international investment opportunities that carry a different level of risk and profit than the domestic options that were previously your only options. Finally, there may be some tax benefits involved with having an international bank account. If you want further information about these perks, be sure to read more about offshore banking.
Diversify Your Portfolio For Peace of Mind
Another definite plus of opening up an international bank account is diversifying your holdings on a global scale. Most savvy investors know better than to put all of their wealth into a single company or a single stock, but many still invest all of their wealth into a single country’s banking system. By placing some of your wealth overseas into an international bank accounts, you might be able to make yourself less vulnerable, which can give you peace of mind when traveling or simply making plans for the future. Another safeguarding measure that can give you peace of mind is bonds. Research 1 year fixed rate bonds to find out how they could help you financially.
It should be clear to see that an international bank account has a number of perks, and they can be beneficial to business travellers as well as those planning to go on holiday or retire abroad.