International Banking Tips: How to Manage Your Money Across Borders

 

𝙒𝙞𝙩𝙝𝙤𝙪𝙩 𝙩𝙝𝙚 𝙥𝙧𝙤𝙥𝙚𝙧 𝙥𝙡𝙖𝙣, 𝙝𝙖𝙣𝙙𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙢𝙤𝙣𝙚𝙮 𝙬𝙝𝙞𝙡𝙚 𝙡𝙞𝙫𝙞𝙣𝙜, 𝙬𝙤𝙧𝙠𝙞𝙣𝙜, 𝙤𝙧 𝙫𝙞𝙨𝙞𝙩𝙞𝙣𝙜 𝙖𝙣𝙤𝙩𝙝𝙚𝙧 𝙘𝙤𝙪𝙣𝙩𝙧𝙮 𝙘𝙖𝙣 𝙗𝙚 𝙘𝙝𝙖𝙡𝙡𝙚𝙣𝙜𝙞𝙣𝙜. 𝘾𝙤𝙣𝙫𝙚𝙣𝙞𝙚𝙣𝙘𝙚 𝙞𝙨 𝙖 𝙗𝙚𝙣𝙚𝙛𝙞𝙩 𝙤𝙛 𝙞𝙣𝙩𝙚𝙧𝙣𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙗𝙖𝙣𝙠𝙞𝙣𝙜, 𝙗𝙪𝙩 𝙩𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙙𝙧𝙖𝙬𝙗𝙖𝙘𝙠𝙨 𝙖𝙨 𝙬𝙚𝙡𝙡, 𝙨𝙪𝙘𝙝 𝙖𝙨 𝙚𝙭𝙥𝙚𝙣𝙨𝙞𝙫𝙚 𝙛𝙚𝙚𝙨, 𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝙘𝙤𝙣𝙫𝙚𝙧𝙨𝙞𝙤𝙣, 𝙖𝙣𝙙 𝙨𝙚𝙘𝙪𝙧𝙞𝙩𝙮 𝙩𝙝𝙧𝙚𝙖𝙩𝙨. 𝙏𝙝𝙚𝙨𝙚 𝙬𝙤𝙧𝙡𝙙𝙬𝙞𝙙𝙚 𝙗𝙖𝙣𝙠𝙞𝙣𝙜 𝙞𝙙𝙚𝙖𝙨 𝙬𝙞𝙡𝙡 𝙝𝙚𝙡𝙥 𝙮𝙤𝙪 𝙚𝙛𝙛𝙚𝙘𝙩𝙞𝙫𝙚𝙡𝙮 𝙢𝙖𝙣𝙖𝙜𝙚 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙨𝙮𝙨𝙩𝙚𝙢𝙨 𝙬𝙝𝙚𝙩𝙝𝙚𝙧 𝙮𝙤𝙪'𝙧𝙚 𝙖 𝙙𝙞𝙜𝙞𝙩𝙖𝙡 𝙣𝙤𝙢𝙖𝙙, 𝙛𝙧𝙚𝙦𝙪𝙚𝙣𝙩 𝙩𝙧𝙖𝙫𝙚𝙡𝙚𝙧, 𝙤𝙧 𝙖𝙗𝙧𝙤𝙖𝙙.

 1. Select the Proper Account or Bank

Selecting a bank that meets worldwide needs is the first step in doing business globally. Seek out global financial institutions like HSBC, Citibank, or online financial institutions like Revolut and Wise (previously TransferWise).

Tips: 

𝘾𝙝𝙤𝙤𝙨𝙚 𝙢𝙪𝙡𝙩𝙞-𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙨, 𝙬𝙝𝙞𝙘𝙝 𝙡𝙚𝙩 𝙮𝙤𝙪 𝙠𝙚𝙚𝙥 𝙖𝙣𝙙 𝙨𝙥𝙚𝙣𝙙 𝙢𝙤𝙣𝙚𝙮 𝙞𝙣 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙞𝙚𝙨 𝙬𝙞𝙩𝙝𝙤𝙪𝙩 𝙝𝙖𝙫𝙞𝙣𝙜 𝙩𝙤 𝙘𝙤𝙣𝙫𝙚𝙧𝙩 𝙩𝙝𝙚𝙢 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙩𝙞𝙢𝙚.

 𝙀𝙭𝙖𝙢𝙞𝙣𝙚 𝙩𝙝𝙚 𝙛𝙚𝙖𝙩𝙪𝙧𝙚𝙨 𝙤𝙛 𝙞𝙣𝙩𝙚𝙧𝙣𝙚𝙩 𝙗𝙖𝙣𝙠𝙞𝙣𝙜: 𝙑𝙚𝙧𝙞𝙛𝙮 𝙩𝙝𝙖𝙩 𝙩𝙝𝙚 𝙗𝙖𝙣𝙠 𝙤𝙛𝙛𝙚𝙧𝙨 𝟮𝟰/𝟳 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧 𝙨𝙪𝙥𝙥𝙤𝙧𝙩 𝙖𝙣𝙙 𝙨𝙩𝙧𝙤𝙣𝙜 𝙢𝙤𝙗𝙞𝙡𝙚 𝙖𝙥𝙥𝙨. 

𝙑𝙚𝙧𝙞𝙛𝙮 𝘼𝙏𝙈 𝙖𝙘𝙘𝙚𝙨𝙨𝙞𝙗𝙞𝙡𝙞𝙩𝙮: 𝙏𝙤 𝙥𝙧𝙚𝙫𝙚𝙣𝙩 𝙬𝙞𝙩𝙝𝙙𝙧𝙖𝙬𝙖𝙡 𝙞𝙨𝙨𝙪𝙚𝙨, 𝙥𝙞𝙘𝙠 𝙖 𝙗𝙖𝙣𝙠 𝙬𝙞𝙩𝙝 𝙖 𝙬𝙤𝙧𝙡𝙙𝙬𝙞𝙙𝙚 𝘼𝙏𝙈 𝙣𝙚𝙩𝙬𝙤𝙧𝙠.

2. Recognize fees associated with foreign transactions

 Using your card globally can result in foreign transaction fees that mount up quickly.  Typically, these costs fall between 1% and 3% for each transaction

𝙐𝙨𝙚 𝙘𝙖𝙧𝙙𝙨 𝙩𝙝𝙖𝙩 𝙙𝙤𝙣'𝙩 𝙘𝙝𝙖𝙧𝙜𝙚 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣 𝙛𝙚𝙚𝙨.

  𝙏𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙘𝙧𝙚𝙙𝙞𝙩 𝙘𝙖𝙧𝙙 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙖𝙣𝙙 𝙗𝙖𝙣𝙠𝙨 𝙩𝙝𝙖𝙩 𝙤𝙛𝙛𝙚𝙧 𝙘𝙖𝙧𝙙𝙨 𝙬𝙞𝙩𝙝 𝙣𝙤 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙛𝙚𝙚𝙨. 

𝙎𝙩𝙖𝙮 𝙘𝙡𝙚𝙖𝙧 𝙤𝙛 𝙙𝙮𝙣𝙖𝙢𝙞𝙘 𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝙘𝙤𝙣𝙫𝙚𝙧𝙨𝙞𝙤𝙣: 𝙏𝙤 𝙤𝙗𝙩𝙖𝙞𝙣 𝙗𝙚𝙩𝙩𝙚𝙧 𝙘𝙤𝙣𝙫𝙚𝙧𝙨𝙞𝙤𝙣 𝙧𝙖𝙩𝙚𝙨, 𝙖𝙡𝙬𝙖𝙮𝙨 𝙘𝙝𝙤𝙤𝙨𝙚 𝙩𝙤 𝙗𝙚 𝙗𝙞𝙡𝙡𝙚𝙙 𝙞𝙣 𝙩𝙝𝙚 𝙡𝙤𝙘𝙖𝙡 𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙮. 

3.Make Use of Safe Online Banking Resources 

Although online banking is practical, it also raises your risk of fraud, particularly when using public Wi-Fi or in foreign nations. 

 Advice: 

𝙏𝙪𝙧𝙣 𝙤𝙣 𝙩𝙬𝙤-𝙛𝙖𝙘𝙩𝙤𝙧 𝙫𝙚𝙧𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣 (𝟮𝙁𝘼): 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙨 𝙖𝙣 𝙖𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙙𝙚𝙜𝙧𝙚𝙚 𝙤𝙛 𝙥𝙧𝙤𝙩𝙚𝙘𝙩𝙞𝙤𝙣.

 𝙒𝙝𝙚𝙣 𝙜𝙖𝙞𝙣𝙞𝙣𝙜 𝙖𝙘𝙘𝙚𝙨𝙨 𝙩𝙤 𝙥𝙧𝙞𝙫𝙖𝙩𝙚 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙞𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣, 𝙪𝙨𝙚 𝙖 𝙑𝙋𝙉.

𝙆𝙚𝙚𝙥 𝙖 𝙛𝙧𝙚𝙦𝙪𝙚𝙣𝙩 𝙚𝙮𝙚 𝙤𝙣 𝙮𝙤𝙪𝙧 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙨: 𝙄𝙙𝙚𝙣𝙩𝙞𝙛𝙮 𝙦𝙪𝙚𝙨𝙩𝙞𝙤𝙣𝙖𝙗𝙡𝙚 𝙙𝙚𝙖𝙡𝙨 𝙚𝙖𝙧𝙡𝙮.

4. Inform Your Bank before taking Your Trip

 International transactions are automatically marked as suspicious by many banks. Inform your bank of your trip schedule to prevent your card from being blocked.

 Advice: 

𝙏𝙤 𝙨𝙚𝙩 𝙩𝙧𝙖𝙫𝙚𝙡 𝙣𝙤𝙩𝙞𝙘𝙚𝙨, 𝙪𝙨𝙚 𝙩𝙝𝙚 𝙖𝙥𝙥 𝙤𝙧 𝙬𝙚𝙗𝙨𝙞𝙩𝙚 𝙤𝙛 𝙮𝙤𝙪𝙧 𝙗𝙖𝙣𝙠. 

𝙃𝙖𝙫𝙚 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧 𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙣𝙪𝙢𝙗𝙚𝙧𝙨 𝙤𝙣 𝙝𝙖𝙣𝙙, 𝙥𝙖𝙧𝙩𝙞𝙘𝙪𝙡𝙖𝙧𝙡𝙮 𝙛𝙤𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙩𝙝𝙖𝙩 𝙤𝙥𝙚𝙧𝙖𝙩𝙚 𝙖𝙗𝙧𝙤𝙖𝙙.

5. Use Currency Exchange Wisely

High fees and bad exchange rates might deplete your finances. Over time, money can be saved by using a smart approach to currency exchange.

 Advice:

 𝙎𝙩𝙚𝙚𝙧 𝙘𝙡𝙚𝙖𝙧 𝙤𝙛 𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝙚𝙭𝙘𝙝𝙖𝙣𝙜𝙚 𝙖𝙩 𝙝𝙤𝙩𝙚𝙡𝙨 𝙤𝙧 𝙖𝙞𝙧𝙥𝙤𝙧𝙩𝙨.

 𝙁𝙤𝙧 𝙗𝙚𝙩𝙩𝙚𝙧 𝙚𝙭𝙘𝙝𝙖𝙣𝙜𝙚 𝙧𝙖𝙩𝙚𝙨, 𝙪𝙨𝙚 𝙣𝙚𝙖𝙧𝙗𝙮 𝘼𝙏𝙈𝙨 𝙤𝙧 𝙛𝙞𝙣𝙩𝙚𝙘𝙝 𝙖𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙡𝙞𝙠𝙚 𝙍𝙚𝙫𝙤𝙡𝙪𝙩 𝙖𝙣𝙙 𝙒𝙞𝙨𝙚. 

 𝙐𝙨𝙚 𝙥𝙧𝙤𝙜𝙧𝙖𝙢𝙨 𝙨𝙪𝙘𝙝 𝙖𝙨 𝙂𝙤𝙤𝙜𝙡𝙚 𝘾𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝘾𝙤𝙣𝙫𝙚𝙧𝙩𝙚𝙧 𝙤𝙧 𝙓𝙀 𝙩𝙤 𝙘𝙤𝙢𝙥𝙖𝙧𝙚 𝙧𝙖𝙩𝙚𝙨.

 6. Make an Emergency Plan

 There are risks associated with banking abroad, therefore having an emergency strategy is crucial.

 Advice:

 𝘼𝙡𝙬𝙖𝙮𝙨 𝙝𝙖𝙫𝙚 𝙘𝙖𝙨𝙝, 𝙖 𝙘𝙧𝙚𝙙𝙞𝙩 𝙘𝙖𝙧𝙙, 𝙖𝙣𝙙 𝙖 𝙙𝙚𝙗𝙞𝙩 𝙘𝙖𝙧𝙙 𝙤𝙣 𝙝𝙖𝙣𝙙. 

 𝙀𝙢𝙚𝙧𝙜𝙚𝙣𝙘𝙮 𝙘𝙖𝙨𝙝 𝙨𝙝𝙤𝙪𝙡𝙙 𝙗𝙚 𝙠𝙚𝙥𝙩 𝙬𝙞𝙩𝙝 𝙖 𝙩𝙧𝙪𝙨𝙩𝙬𝙤𝙧𝙩𝙝𝙮 𝙞𝙣𝙙𝙞𝙫𝙞𝙙𝙪𝙖𝙡 𝙤𝙧 𝙞𝙣 𝙖 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙩 𝙖𝙘𝙘𝙤𝙪𝙣𝙩.

 𝙆𝙣𝙤𝙬 𝙝𝙤𝙬 𝙩𝙤 𝙜𝙚𝙩 𝙞𝙣 𝙩𝙤𝙪𝙘𝙝 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙗𝙖𝙣𝙠 𝙖𝙗𝙧𝙤𝙖𝙙 𝙞𝙣 𝙘𝙖𝙨𝙚 𝙮𝙤𝙪 𝙣𝙚𝙚𝙙 𝙖𝙨𝙨𝙞𝙨𝙩𝙖𝙣𝙘𝙚 𝙧𝙞𝙜𝙝𝙩 𝙖𝙬𝙖𝙮.

 7. Examine Local Laws and Their Effect on Taxs

 Banking regulations differ from one nation to the next, and ignorance of them may result in legal or tax problems.

 Advice:

𝙁𝙞𝙣𝙙 𝙤𝙪𝙩 𝙖𝙗𝙤𝙪𝙩 𝙖𝙘𝙘𝙤𝙪𝙣𝙩 𝙧𝙚𝙨𝙩𝙧𝙞𝙘𝙩𝙞𝙤𝙣𝙨 𝙖𝙣𝙙 𝙡𝙤𝙘𝙖𝙡 𝙗𝙖𝙣𝙠𝙞𝙣𝙜 𝙧𝙚𝙜𝙪𝙡𝙖𝙩𝙞𝙤𝙣𝙨. 

 𝙑𝙚𝙧𝙞𝙛𝙮 𝙬𝙝𝙚𝙩𝙝𝙚𝙧 𝙮𝙤𝙪𝙧 𝙣𝙖𝙩𝙞𝙫𝙚 𝙣𝙖𝙩𝙞𝙤𝙣 𝙧𝙚𝙦𝙪𝙞𝙧𝙚𝙨 𝙮𝙤𝙪 𝙩𝙤 𝙧𝙚𝙥𝙤𝙧𝙩 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙗𝙖𝙣𝙠 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙨.

 𝙎𝙥𝙚𝙖𝙠 𝙬𝙞𝙩𝙝 𝙖 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙖𝙙𝙫𝙞𝙨𝙤𝙧 𝙬𝙝𝙤 𝙞𝙨 𝙠𝙣𝙤𝙬𝙡𝙚𝙙𝙜𝙚𝙖𝙗𝙡𝙚 𝙞𝙣 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙩𝙖𝙭𝙖𝙩𝙞𝙤𝙣.

Concluding remarks

𝙄𝙩 𝙙𝙤𝙚𝙨𝙣'𝙩 𝙝𝙖𝙫𝙚 𝙩𝙤 𝙗𝙚 𝙙𝙞𝙛𝙛𝙞𝙘𝙪𝙡𝙩 𝙩𝙤 𝙣𝙖𝙫𝙞𝙜𝙖𝙩𝙚 𝙞𝙣𝙩𝙚𝙧𝙣𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙗𝙖𝙣𝙠𝙞𝙣𝙜. 𝙍𝙚𝙜𝙖𝙧𝙙𝙡𝙚𝙨𝙨 𝙤𝙛 𝙬𝙝𝙚𝙧𝙚 𝙡𝙞𝙛𝙚 𝙩𝙖𝙠𝙚𝙨 𝙮𝙤𝙪, 𝙮𝙤𝙪 𝙘𝙖𝙣 𝙢𝙖𝙣𝙖𝙜𝙚 𝙮𝙤𝙪𝙧 𝙢𝙤𝙣𝙚𝙮 𝙬𝙞𝙩𝙝 𝙘𝙤𝙣𝙛𝙞𝙙𝙚𝙣𝙘𝙚 𝙞𝙛 𝙮𝙤𝙪 𝙨𝙚𝙡𝙚𝙘𝙩 𝙩𝙝𝙚 𝙖𝙥𝙥𝙧𝙤𝙥𝙧𝙞𝙖𝙩𝙚 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙨, 𝙠𝙚𝙚𝙥 𝙪𝙥 𝙬𝙞𝙩𝙝 𝙛𝙚𝙚𝙨 𝙖𝙣𝙙 𝙧𝙪𝙡𝙚𝙨, 𝙖𝙣𝙙 𝙨𝙖𝙛𝙚𝙜𝙪𝙖𝙧𝙙 𝙮𝙤𝙪𝙧 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙞𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣. 𝙍𝙚𝙘𝙖𝙥 𝙤𝙛 𝙎𝙀𝙊 𝙆𝙚𝙮𝙬𝙤𝙧𝙙𝙨: 𝙛𝙤𝙧𝙚𝙞𝙜𝙣 𝙗𝙖𝙣𝙠𝙞𝙣𝙜 𝙖𝙙𝙫𝙞𝙘𝙚, 𝙩𝙤𝙥 𝙗𝙖𝙣𝙠𝙨 𝙛𝙤𝙧 𝙩𝙤𝙪𝙧𝙞𝙨𝙩𝙨, 𝙖𝙫𝙤𝙞𝙙𝙞𝙣𝙜 𝙛𝙚𝙚𝙨 𝙤𝙫𝙚𝙧𝙨𝙚𝙖𝙨, 𝙨𝙖𝙛𝙚 𝙤𝙣𝙡𝙞𝙣𝙚 𝙗𝙖𝙣𝙠𝙞𝙣𝙜, 𝙖𝙣𝙙 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙜𝙪𝙞𝙙𝙖𝙣𝙘𝙚 𝙛𝙤𝙧 𝙖𝙗𝙧𝙤𝙖𝙙