How to Open an International Bank Account6 min readReading Time: 3 minutes
If you are wondering How To Open An International Bank Account, our article is for you. One of the first things to be done for people who will move or travel abroad is to open an offshore bank account.
Whether you work in a paid job or go abroad as a student, a bank account is a must. Is it possible to complete the account opening process without going to the bank? The answer is yes!
While the procedures for opening a bank account, which you are probably used to until now, and the waiting time for the card to arrive, nowadays, with the development of applications on smartphones, opening a bank account has also started to become online. The Kingdom Bank also offers very attractive account options, one of which is an international bank account.
We examined the issue of opening an international online bank account for you and gave information on how to have a bank account in the easiest way for those who have just moved abroad.
Steps to open an international bank account in 2023
First, start by finding an international bank account that you believe will suit your needs and make sure that this bank is right for you and that you understand the offer they have to offer.
In the meantime, we would like to remind you that you can contact customer service or get information from their website to learn about the offers that The Kingdom Bank will offer you.
Then apply online to the bank for the account you have chosen. In order to open the account, provide the required documents completely and transfer the required minimum deposit amount to this account. Now all you have to do is wait for your international bank account to open!
Transferring money to your international bank account
Wire transfers are the most convenient way to transfer money from a domestic account to an international one.
You’ll need one of each of the two codes that banks use for overseas banking.
SWIFT (Secure Wire Transfer) code
SWIFT is a sort of Bank Identifier Code (BIC) that is used to identify banks all over the world. Account statements normally include your SWIFT or BIC code.
IBAN (International Bank Account Number)
Your bank account’s IBAN, or International Bank Account Number, is a unique identity. In the European Union, these codes are most commonly used. Along with the SWIFT code, it should appear on your bank statements.
You should also know that each time you transfer money, you will be charged a fee. Use a transferring provider for low-cost exchange rates to reduce fees to a minimum.
It’s preferable if you can take care of these details as soon as possible. Your overseas vacation will run much more smoothly if you have money readily available.
To sum up, if you intend to spend a significant amount of time overseas, you should consider the benefits of an offshore bank account. This can help you avoid the high transaction fees that come with using a credit card.
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Would you like to go for an offshore account in The Kingdom Bank and meet our high-standard online services?