It is very important for a traveler to manage his/her finances properly, else the quality or duration of travel might get affected. Most of us travelers do not bother about international banking as we prefer to use our home ATM, debit and credit cards to make all kinds of transactions and withdrawals during our travel days. Some of these card and bank accounts come with zero transaction charges, while the others charge a fee for all transactions made. While these charges do not amount to much on a short term holiday, they can have a significant drain for long term travelers and expats living abroad.
When most of us are traveling for long durations, we try to open a bank account in the country we are visiting, but these days, tightening bank rules and visa norms do not allow us to open such bank accounts. And that is precisely the reason why I think it is worthwhile to look at setting up an international bank account in your country of residence. Not many of us are aware of such a facility and that is why I am putting together some of the benefits of such an international bank account.
Whether you are a frequent traveler to that country, whether you are looking to work in that country, whether you are looking to retire in that country or whether you are looking to buy a property there, an international bank account comes in handy.
Multiple Currencies and No Fees
These accounts are available in multiple currencies, depending on the bank and has local presence in the country you are visiting, which means you pay no additional fees for any kind of transaction.
Free Overseas Transactions
These international accounts allow you to make international payments and receive money from overseas for free. You can also get your local salary credited into these accounts and when needed you can send money home to your family.
International Money Transfers
If you are looking to transfer money abroad or looking to receive money from home, these accounts don’t charge any fee. And all this across the major foreign currencies that the bank supports.
Current, Savings and Deposit Accounts
These international bank accounts allow you to hold it in current, savings or deposit forms, which means that you can continue saving and investing like your home bank account and earn attractive interest rates.
And the best part with this account is that you are spared of all the tax head aches and confusions related to home country versus foreign country income. If you have not yet taken a look at such international bank accounts, I would recommend that you do so and hopefully you will end up saving lots of money during your travels.