5 Reasons Expats Should Have An International Bank Account

Imagine the challenges an expatriate would have today attempting to purchase a home in Greece if they only had money in a Greek bank account.  As the question on cutting Greece loose from the Eurozone intensifies, no investor in their right mind is wiling to touch Greek futures.  Yet if you are an expatriate who lives or vacations in Greece, it may be crucial to find real estate in the turbulent climate.  The devaluation of currency combined with uncertainties of the nation’s economic future could leave a person paying extreme sums of money for nothing more than a piece of paper, or worse, leave them in debt for their life.  The solution to this problem is to conduct international banking so that your finances may be moved from nation to nation.  What are the advantages of an international bank?

1.You can get your money anywhere, anytime

Of the nearly two hundred nations across the world today, each one will have an international bank that can provide expatriate services.  International banks like Lloyds TSB international offer expat accounts that not only allow you to retain your standard banking model, but enjoy access to your finance whenever necessary.  Account members who utilize international banking receive debit cards that banks and ATMS around the globe will recognize and accept.  This keeps you from having to pay the percentage of a currency exchange whenever you need cash.  While there may not be many ATMs in some parts of the world, you can still keep control of your money with round-the-clock online and telephone services.

2. Currency exchange is easier

Managing your account with your home currency may be beneficial if you are not familiar with a foreign currency, if the rate of exchange is not favorable, or if the currency is so inflated that it requires calculations in the millions in order to purchase a loaf of bread.  Choosing the finance options of your international banking allows you to keep money safe from exchange rate dips.

3. The service has perks

Many banks offer to waive the fee if the customer keeps a standard amount of money in their international account (usually a few thousand pounds, Euros, or US dollars).  Other travel accounts provide insurance as well as financial security, allowing you or your family to put in a claim on travel, medical, or emergency finances should an incident occur.  What’s more, these international banks have relationship services for their premium members, providing intimate knowledge about locations and culture in foreign nations, perfect for tourism or for persons staying in unfamiliar locations for the long haul.

4. Frequent travel is no problem

Moving around the world is nothing short of a headache.  You need to contact your embassies, secure your passport, and apply for a visa well ahead of your intended departure.  Changing currencies back and forth only adds to the frustration.  International banks allow you to use a single debit card to provide payments in any type of currency.  There is no need to phone ahead and inform a bank of your intended destination: if you need to be in Zurich in the morning and Moscow in the evening, your card can serve just as well in both locations.

5. Property management is simple

Some people would prefer to invest their money in real estate when they go overseas rather than lose it to rental payments.  International accounts allow you to make mortgage payments as well as bill payments by writing a single check.  Banks employ multilingual finance advisers who can assist customers as they contemplate purchasing or selling a home in a foreign country.  What’s more, you can market the cost of your house in a home currency rather than have it fluctuate or lose value in a foreign currency.

Speak Your Mind