Many of our users have financial requirements that go beyond domestic banking. These requirements include everything from transferring money to foreign bank accounts, to arranging mass international payments for business, or receiving inheritance money from overseas. In this guide we present information about opening and managing international bank accounts, to help you decide if you could benefit from opening one.
An international bank account – also known as an overseas account – provides worldwide access to money in different countries. In most cases, these types of accounts also provide convenient global money transfer services, albeit with additional bank charges.
If you would like to learn more, check out the following guides on international bank exchange rates and fees:
In addition to day-to-day banking services, an international bank account gives customers the ability to hold, manage and transact in multiple major currencies.
The main benefit of an international bank account is the ability to conveniently manage different types of money from wherever you are in the world.
For this reason, customers with the following interests might consider opening an international bank account:
The overall cost of an international bank account varies depending on the provider, but oftentimes, there may be charges for maintaining a minimum balance, monthly account fees, direct debits, standing orders, overseas withdrawals and foreign exchange services.
As part of the decision process, it is important to consider what, when and why you might need an international bank account. Consider the following:
Opening an international bank account is much like a regular bank account, and most financial institutions offer in-person and online services.
International bank accounts are not available to everyone, however, eligibility criteria differs from country to country but the following requirements must typically be met:
Having an international bank account can prove useful for a number of reasons. Whether you want to open an account with a traditional brick-and-mortar bank, or a digital challenger bank, we implore our readers to consider the advice included in this guide. We strive to save our readers time and money when it comes to all things related to international finances.
Elliott is a former investment banker with a 20 year career in the city of London.
During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making.
During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.