10 Benefits of Having an International Bank Account

3 Mins read

Whether in person or digital, we increasingly connect with the world and the world connects with us. When shopping or receiving values online, traveling and paying expenses abroad, an option can prove to be very advantageous. We list here 10 benefits of international banking, which should be on the radar of those who want or need to carry out transactions in foreign currency, packing their bags to study abroad or planning a next destination to visit.

What is an international bank account?

It is a digital foreign currency account used to facilitate international financial transactions.

Through it, it is possible to generate an international debit card and withdraw money abroad at accredited ATMs, avoiding fees related to this type of bank transaction.

In addition to opening an account without leaving the country, the bank balance is already converted into the local currency, usually in dollars or euros, which reduces the concern with possible and probable exchange rate fluctuations, in addition to the incidence of taxes on exchange transactions.

International bank account worth it?

Opening an international bank account depends on the goals and profile of each person. Therefore, it is essential to identify the cases in which it is necessary or recommended.

An international bank account can be a good strategy for those who intend to travel abroad, invest, live abroad or shop in foreign virtual stores. However, if the objective is to buy and sell foreign currency, it is important to assess the need for opening.

For this purpose, it may be more interesting to have a specialized platform. This is because a bank account outside the country is a debit account that cannot have a negative balance, for example, which requires more planning and financial control.

Reasons to open international bank account

  • Regular or frequent trips abroad;
  • Receiving payments from another country;
  • Need to send money to family members residing in another country;
  • Desire to have a reserve in foreign currency;
  • Habit of shopping on foreign sites — AliExpress, Amazon, eBay;
  • Obtain credit/financing for the purchase of property abroad;
  • Intention to invest in foreign currency.

Benefits of openinginternational bank account

1. Exemption from opening and maintenance fees

Not having to pay to open or maintain an international account is one of the reasons that makes this financial experience of carrying out operations in dollars even more advantageous.

2. No need to have a current account linked

Not conditioning the opening of the international account to a current account is another positive point that facilitates the process and should weigh in the choice. After all, it gives the customer the freedom to continue operating their national account at the bank they are used to using.

3. Instant conversion based on the commercial dollar

Having an international account means making this movement via app between wallets (wallet in dollars and wallet in local currency), whenever you want and anywhere in the world.

4. No billing for account inactivity

The use of the international account is not subject to frequent or recurring transactions. In this context, the absence of a fee for inactivity becomes a positive aspect. In addition to not being charged, the customer has the flexibility to transact in dollars when they really need to.

5. International dollar debit card

Prefer an international account that offers a free physical international debit card. Thus, you pay your expenses and make online and offline purchases in real time in foreign currency – in addition to the option of using ATM withdrawals, at the rates provided for this type of operation abroad.

6. Access to more competitive rates

The international dollar account may offer more advantageous rates compared to market standards. One of them is the lower IOF in the instantaneous conversion from local currency to dollars when compared to the IOF charged for using a credit card abroad (6.38%).

7. Purchases on international sites

The combination of better rates and instant conversion provided by the international account in dollars also stands out as a benefit for those who have the habit of shopping on international sites and can make their purchases more advantageous.

8. Money orders and international remittances

In this case, the international account in US$ becomes a great ally for those who receive subscribe donate and adsense payments, make payments or sell products and services in dollars, providing more security and control over the entry and exit of values.

9. Insurance linked to the debit card

By purchasing tickets with the debit card provided by an international account, the customer can request insurance benefits offered by the Mastercard brand, to use during their stay abroad – such as protection for purchases and loss of luggage, medical coverage and assistance emergency, and setbacks that may occur during the trip.

10. Operations performed directly in the application

Moving the international account directly through the app is an experience that brings convenience, autonomy, comfort and, above all, security. This is also a convenience differentiator that needs to be included in the assessment.

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