Do you spend all your time in one country or are you a jetsetter who prefers traveling the world? When you spend time abroad, whether for business or for pleasure, it is important that you have access to the money you need and in the currency that the country requires. Why not consider international banking? There are a variety of reasons to work with a professional international banker.
1. You’ll Have Access To Multiple Currencies
As a professional international banker Julio Herrera Velutini can tell you, it’s important to have access to multiple types of currency if you are someone who frequently travels abroad. Whether you’re moving to a new country, doing business in multiple countries, or simply want to make your international travels more convenient, international banking is beneficial. Multicurrency accounts also make it easier for you to transfer money between other accounts you have or to other people’s accounts. International accounts in multiple currencies also prevent you from losing money at costly currency exchanges.
2. You May Find Safer Banks
Consider how your domestic bank handles things. When the market slows or experiences other financial shocks, how safe is your current bank? A risky bank may fail during poor market times, leaving you cut off from your savings or dealing with closing branches and a lack of customer support. Moving at least some of your funds into well-capitalized banks in other countries protects you from a total financial mess in the event that your domestic bank unexpectedly closes.
3. You Deal With More Efficient Taxes
While you still need to claim your foreign bank accounts on your taxes, doing so is often more efficient and favorable for you. Some countries require you to deduct taxes before adding the interest, but the better option is to find a country that provides interest on your savings before deducting your taxes. Keep in mind that your specific tax advantages depend on your personal financial circumstances. When banking overseas, it’s always important to hire professional tax preparers to navigate complicated tax laws.
4. You’ll Have Access To Foreign Exchange Services
Banking regulations vary greatly from country to country. Opening multiple accounts is time-consuming and inconvenient, but trying to transfer money between overseas bank accounts means adhering to the different laws and dealing with fluctuating exchange rates. When you deal with one international bank and banker, you have someone to do all the hard work for you, meaning all you need to do is worry about how you’ll spend your money.
Typically, international banking requires individuals to have at least $750,000 in investable assets. You’ve worked hard for your money and want it to remain in capable hands. Choose a bank in an area with low or no taxes and minimal intervention from the government. Of course, you’ll also want a bank that is known for its privacy, has options that will maximize your finances, and is known as an expert in the industry. Take your time and research each bank first. Doing so ensures you make the right decision for your finances.