3 International Banking Services You Need

International banking services are available to individuals and corporations that do business internationally. The need for international banking is a requirement of anyone who has extensive business relationships in foreign countries or is looking to expand into the foreign marketplace.  An international bank can help you meet your banking needs when playing on the world stage by providing you with essential services and assistance.

The essential services that you need when choosing to establish an international banking relationship are private banking services, the ability to convert or exchange your currency and paying and receiving payment for your goods and services.  These services are the basic level of services you require in order to be successful at international banking.

Private Banking

Private banking involves the offer of loan rates and other products and services that are not generally available to retail customers.  A private banking relationship with your international bank gives you access to special offerings and greater discretion in the way your account transactions are handled or the priority you account is given.

Advantages
•Private banking gives you exclusive action to special deals and rates.
•You become a prime banking customer with the bank.

Disadvantages
•You may be subject to some additional scrutiny, depending on the country in which you are doing business.
•Your account may be subject to special taxation or assessment, depending on the foreign country.

Foreign Currency Exchange
You should have a currency exchange service set up in order to take advantage of changes in currency rates between countries when traveling. The foreign currency exchange department for an international bank can help determine the best time to exchange your U.S. dollars for local currency as well as trade currency contracts for you to increase your account’s income.

Advantages
•Helps you take advantage of differences in exchange rates.
•Gives you an opportunity to profit from foreign currency trading.

Disadvantages
•You may have to pay higher service fees on certain currency transactions.
•It is difficult to predict changes in currency rates, which may result in some losses for you.

Money Transfer and Collection
As you operate your business with foreign companies, the ability to collect receivables and pay bills is important.  A money transfer and collection facility within an international bank allows you to transfer and receive payments in an efficient and timely manner without worrying about time or having to be present to complete transactions.

Advantages
•You can pay bills and complete payments without the need to be present.

Disadvantages
•You are relying heavily on the abilities of the bank to complete transactions in a timely manner.

Don P.

International banking services are available to individuals and corporations that do business internationally. The need for international banking is a requirement of anyone who has extensive business relationships in foreign countries or is looking to expand into the foreign marketplace.  An international bank can help you meet your banking needs when playing on the world stage by providing you with essential services and assistance.

The essential services that you need when choosing to establish an international banking relationship are private banking services, the ability to convert or exchange your currency and paying and receiving payment for your goods and services.  These services are the basic level of services you require in order to be successful at international banking.

Private Banking
Private banking involves the offer of loan rates and other products and services that are not generally available to retail customers.  A private banking relationship with your international bank gives you access to special offerings and greater discretion in the way your account transactions are handled or the priority you account is given.

Advantages
•Private banking gives you exclusive action to special deals and rates.
•You become a prime banking customer with the bank.

Disadvantages
•You may be subject to some additional scrutiny, depending on the country in which you are doing business.
•Your account may be subject to special taxation or assessment, depending on the foreign country.

Foreign Currency Exchange
You should have a currency exchange service set up in order to take advantage of changes in currency rates between countries when traveling. The foreign currency exchange department for an international bank can help determine the best time to exchange your U.S. dollars for local currency as well as trade currency contracts for you to increase your account’s income.

Advantages
•Helps you take advantage of differences in exchange rates.
•Gives you an opportunity to profit from foreign currency trading.

Disadvantages
•You may have to pay higher service fees on certain currency transactions.
•It is difficult to predict changes in currency rates, which may result in some losses for you.

Money Transfer and Collection
As you operate your business with foreign companies, the ability to collect receivables and pay bills is important.  A money transfer and collection facility within an international bank allows you to transfer and receive payments in an efficient and timely manner without worrying about time or having to be present to complete transactions.

Advantages
•You can pay bills and complete payments without the need to be present.

Disadvantages
•You are relying heavily on the abilities of the bank to complete transactions in a timely manner.

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