The days of brick and mortar are long gone. We once used to visit department stores and electronics stores alike, and now we simply logon to our phones or tablets and purchase all of our consumer goods there. The only time we feel the need to leave our homes is for work or vacation. And with the globalization of the economy many of us are even able to work from home now. That’s precisely why the banking industry has had to adapt in order to keep current.
Between work and pleasure I often find myself traveling out of the country. This is precisely when international banking comes in handy. It can be difficult finding a reputable place to exchange your money for the local currency, and ATM fees can be rather extreme. Also, credit cards are a safe means of buying items in a foreign currency, but most of them come with exchange rate fees as well. By having bank accounts with the desired currency already available to you then you aren’t subjected to the constant flux of exchange rates from day to day.
International banking goes far beyond the above mentioned benefits. Just imagine as a US resident you could travel abroad to the UK and have accounts in GBP readily available for your use. Also, you would even be able to make and receive chaps payments, which typically can’t be done by a US consumer. A UK consumer would have similar benefits by being able to send and receive wires and ACH payments.
These accounts also open all sorts of other avenues. You can experiment with foreign exchange trading, or even investing in foreign stocks on their local exchanges. There are dozens of stock exchanges available out there but often times you need a financial presence in that country in order to invest. These bank accounts give you just that sort of presence. If you want to buy a piece of property, utilize local retirement accounts, or even purchase a car, then these accounts give you the necessary flexibility to avoid the typical red tape that many foreign visitors would experience.
International banking offers all the same conveniences of your usual brick and mortar banks. You can bank online, from your phone or computer. You have 24/7 access to your money. You can even initiate online payments as well. With all of these benefits available it’s a wonder why you don’t have multiple international bank accounts already.