How to Make Payments Easier with International Banking?10 min read

How to Make Payments Easier with International Banking?10 min read

International banking allows you to conduct transactions anywhere in the world with a single bank account. Handling money across borders was once an exhausting and cumbersome exercise. 

But since the advent of digital banks such as The Kingdom Bank, global banking has become simplified and hassle-free. In this post, let us see how global banking can enable you to pay no matter where you are on the planet.

Send Money Abroad in Real Time With an International Banking Account

One of the main perks of having an international bank account with The Kingdom Bank is to send and receive money internationally, in real time. 

You no longer have to wait days for a wire transfer to come through; now you can send money overseas in the same time it takes at home.

This is really handy when it comes to paying contractors, freelancers or suppliers working overseas. In your The Kingdom Bank international bank account, you can avail the payment rails in real time so as to pay foreign invoices right on the spot.

Real-time international payments are also easy to use for personal purposes. From paying for a hotel room with friends abroad, to sending emergency money to a family member abroad, all you have to do is open a The Kingdom Bank account with a couple of taps on your phone. 

No more worrying about cut-offs or hold-ups with wire transfers.

How Do Multi-Currency Accounts in International Banking Simplify Payments?

Another feature of global banking that automates payment is multi-currency accounts. At The Kingdom Bank, you can keep more than 50 major currencies on your account at any given time. That is a lot more convenient than having separate accounts at several foreign banks.

Having a multi-currency The Kingdom Bank account means you won’t need to change currencies and worry about exchange rates all the time. You can bill clients, pay suppliers, and send money worldwide without changing the money out in the same base currencies. 

This makes accounting and record keeping very easy because you don’t have multiple exchange rates to track for every single transaction.

Plus, you can pay users in their preferred currency no matter where they are located.

Instead of having international contacts issue invoices in your local currency, you can receive and pay invoices in whichever currency is most comfortable for both parties.

Can International Banking Offer Real-Time Tracking for Payments?

Another common question when dealing with payments globally is real-time tracking of the payment status. 

When you use wire transfers, you don’t have a clear idea of how far along a payment is after it has been made. This invisible layer causes frustrations and delays.

Luckily, global banking platforms such as The Kingdom Bank facilitate easy payment tracking for senders and receivers. Whether it’s via the bank’s mobile app or web portal, you have access and oversight over all your outbound and inbound international transfers.

If, for instance, you want to send money to a vendor outside of the United States, you can track the payment route from your “Sent” list. It will go from “Pending” to “In Process” when it transits the banking systems, and then “Delivered” when it arrives at the recipient’s account. 

Incoming transfers appear, as well, in your “Received” tab, in their real-time status.

This transparency dispels any ambiguity surrounding cross border payments. Both sides know exactly where a transaction is in real time instead of waiting for it to finish. 

Real-time monitoring via a global bank such as The Kingdom Bank truly simplifies the entire payment process across borders.

How Does International Banking Help with Managing Multiple Currencies?

This is one of the most difficult tasks to be done while dealing with several different currencies every day. That’s where the sophisticated currency management services offered by The Kingdom Bank come in handy.

The Kingdom Bank’s mobile and web apps allow foreign clients full access to exposures, exchange rates and conversions. 

Each account has a central dashboard that shows live balances in all stored currencies and exchange rates. This guarantees the full visibility of account value no matter how erratic foreign exchange markets are.

The bank also provides low-cost, customisable currency exchange services so that you can switch between currencies as required. You can convert on demand or set rules to exchange currencies at certain levels or rates. This avoids tracking the live exchange rate and performing manual conversions.

Furthermore, The Kingdom Bank’s multi-currency accounting tool enables you to create reports, invoices and ledgers in the currency of your choice. 

Transactions are automatically saved in the original currency pairs to provide a transparent audit trail. With this international bankability, it is easy to keep records for taxation or accounting purposes.

Best Digital Bank to Open an International Banking Account for Free

For all these conveniences, it is easy to see why The Kingdom Bank has been a favorite for hassle-free, easy foreign banking. 

But what makes it exceptional is that you can open an international fully functional account for absolutely no monthly, annual or transaction charges.

Most other banks in the world charge heavy monthly maintenance fees just for access to simple account features. 

Add to this the fact that most transfers and currency exchanges carry heavy foreign exchange markups. When you have The Kingdom Bank, you get the best banking services with no one hanging on to you in the long run.

Additionally, The Kingdom Bank is fully authorised and supervised by Dominica’s Financial Services Unit. You’ll have your money held in separate client accounts that are covered under bank secrecy regulations. We are also rated as having great customer service, multilingual support 24/7 by phone, email and live chat.

We haven’t found a better one-stop shop for cheap, easy-to-use international banking. Whether you want to send and receive funds around the world, keep balances in multiple currencies or simply have an extra account to work from abroad – The Kingdom Bank is the answer.

So if you are interested in eliminating the hassle of foreign payments and bank accounts, create a free The Kingdom Bank account today. 

Make it easier to bank internationally with an online international bank account that is as simple as your local one.