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.
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.
What is an international bank account? 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. In addition to day-to-day banking services, an international bank account […]
Founded in 1966, Mastercard is known as one of the biggest financial services companies of all time, having played a major role in the development of the electronic payments industry. Along with Visa, American Express and Discover, Mastercard competes for custom of handling member banks’ financial payments. In 2015, the multinational conglomerate decided to turn […]
In this guide we will explain what a building society is and the role they play in the financial services industry, looking specifically at roll numbers and whether you need one to make an international money transfer.
It can be hard to keep up with the various banking terms that apply to different international money transfers, which is why we strive to provide as much detail as possible on subjects relating to global payments. In this guide we will outline what sort codes and IBANs are, looking at when they are required and how to decode them.
Money transfers come in all shapes and sizes. You might be sending money to friends and family, setting up a recurring online payment or making mass international business transfers. In the interest of clearing things up for all customers, this guide will focus on how to differentiate between an IBAN and an account number.
For some customers, in spite of having used the services of a bank their whole life, the concept of an IBAN is entirely foreign: sometimes literally. This makes sense when considering that customers who have never sent money overseas will not need to use an IBAN number. This guide, therefore, is aimed at explaining why IBANs exist, what they represent, and how to convert and decode certain bank details to find out an IBAN when arranging an international money transfer.
Having a foreign bank account, or offshore account, can be very useful. For expats living or working abroad, freelancers with international clients or those supporting family overseas, international banking can prove to be an invaluable way of managing your finances wherever you are in the world. In this guide we will run through the various aspects of foreign bank accounts and how to get started with one.
Overseas bank accounts serve a multitude of people and purposes, and it is not just expats who need to access funds in foreign accounts. Due to the growth of international immigration, tourism, trade and commerce, money transfers are made all over the globe everyday, and an increasing number of people open bank accounts overseas to support these cross-border payments.
When sending funds to someone without a bank account, a multitude of practicalities must be considered. The money transfer needs to be not only safe and secure, but also efficient and easily accessible. In this guide, we will detail the various ways to successfully and securely transfer money to an unbanked person, whatever the circumstances.
How to transfer money within the same bank With the vast majority of banks having user-friendly online banking capabilities and apps these days, it’s easier than ever to transfer money between accounts within the same bank. Transfers within the same bank branch are usually made on the bank’s own internal network, allowing the process to […]
What are multi-currency accounts? Multi-currency accounts allow users to hold money in multiple foreign currencies within the same account. They are ideal for anyone with multinational expenses and commitments, providing a more cost-effective way of dealing with several different currencies. These accounts can be a great solution for companies of all sizes, as well as […]
Are banks the best option for international money transfers? Here we discuss how to transfer money abroad efficiently.
Who might need an international bank account?
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:
Global investment prospects
International study or housing commitments
Plans to travel or emigrate overseas
Expanding a business into other foreign markets
How much does an international bank account cost?
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.
Things to consider when opening an international bank account
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:
How soon do you need to access the account? Some banks take longer than others to verify and set up a new international bank account
Does this relate to international travel plans? If so, where are you going? Does the provider offer competitive exchange rates for the destination(s) you are heading to?
Do you need to use this international bank account in more than one country? If so, make sure the bank offers suitable global coverage to suit your needs
Will you need to conduct transactions online? If so, make sure the bank offers quality online access to all the services you will need
How do I open an international bank account?
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.
Read our detailed reviews of different Banks today, and use our comparison tool to find out the most affordable and convenient money transfer options for all international requirements.
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.