It is certainly no secret that opening an international bank account can help you in a number of significant ways. The benefits include potentially lowering your taxable income each year, paying less in overhead and maintenance bank fees and creating diversity in your portfolio as a safety net for your finances. However, many people don’t realize that international banking can also be incredibly practical, offering you the financial services you need most on a day-to-day basis.
At Caye Bank, for example, you can have access to loans, prepaid cards, online banking and more. Find out more about the most in-demand financial services you’ll have access to when you bank internationally.
The majority of the population will, at some point or another, require a loan. Whether for education, a home or medical expenses, you can get your line of credit or traditional loan from an international bank. These international loans may save you money in the long run and be easier to qualify for than many domestic loans.
Foreign Currency Accounts
Sometimes, all you really need from an international bank is a basic checking or savings account. Instead of being limited to one domestic currency, however, you’ll have access to them all. A foreign currency account might be the ideal choice for someone planning to retire overseas or just a frequent traveler who doesn’t want to have to worry about expensive currency conversions every time they leave the country.
Lifestyle Bank Accounts
If you are trying to increase your savings, a lifestyle account can be the perfect tool. A lifestyle account operates in virtually the same way as a traditional savings account, save for one big difference. This account has an increasing interest rate depending on your account’s total balance. This rising interest rate can motivate savings so that you reach the next milestone of $25,000 or $100,000 in less time.
Corporate Bank Accounts
An international bank may be the ideal place for you to open up corporate accounts. Whether you are a small startup thinking about expansion overseas or a large domestic corporation that just wants privacy regarding finances, an international or offshore account may be perfect.
In today’s world, you can do just about everything from your smartphone. For busy business owners, retirees or travelers, that should include being able to access your accounts online. Online banking can be a tremendous tool that allows you to move money instantly, pay bills without writing a single check and check up on your total balances whatever the time zone happens to be.
One of the financial services most people use daily is a debit or credit card. If you want to have a card that allows you to shop around the world and access the balance of your international accounts, then a prepaid card could be a fantastic choice. The prepaid MasterCard from Caye Bank, for example, limits your liability and is still accepted in more than 200 countries around the world.
With a range of financial services available to customers, international banks can be the perfect choice for anyone seeking security, privacy and diversity for their finances.