If you’re serious about wealth creation, international investment or travel, consider the benefits of opening an international bank account.
If you’re already living abroad while your business continues to operate at home, you’re planning to emigrate, or expand your business interests while you remain at home, an international bank account is an excellent way to manage your money flexibly and conveniently across different countries.
Here are seven reasons why it makes sense to consider an international bank account.
1. ENJOY THE BENEFITS OF MULTICURRENCY BANKING
As a global citizen who is either immigrating, lives and runs a business in different regions, or has more than one primary residence, keeping your bank account in one place while operating across different countries is a major benefit. International accounts allow you to hold an account and transact in multiple currencies as well, which means you can more easily mitigate and manage the risks associated with forex fluctuations.
A multicurrency account means that you can transfer money between accounts quickly and at no cost if the accounts are within the same bank. International savings accounts can offer competitive interest rates, which can be beneficial if you have financial obligations across different countries. Repeatedly dealing with costly currency conversions wastes your time and money.
A multicurrency account also means that you can cover payments in your home country, settle everyday expenses in the country you’re currently residing in, and even travel easily and conveniently to other regions without worrying about how you will access your funds. If you have buy-to-let property, you can also manage costs, settle bills and receive rental income from the same account.
International bank accounts allow clients to maintain account balances in different currencies, which means you always know exactly how much of a specific currency you have on hand. It also means that volatile exchange rates won’t negatively impact your bottom line or account balances.
2. DIVERSIFICATION OF RISK
Investing in multiple regions also diversifies your risk and gives you the opportunity to invest in international money markets with -a range of options, including some with capital protection.
Standard Bank offers a range of global investment opportunities.
