Best Online International Bank to Buy and Sell Jets11 min read

Best Online International Bank to Buy and Sell Jets11 min read

The private jet trade is a tricky business, often involving moving huge amounts of money across the globe with an online international bank. It’s all about selecting the right banking partner to make these payments easy and secure. 

This article explains why an online global bank such as The Kingdom Bank is best for jet buyers and sellers, and also how you can pick the right one for yourself.

Why Do You Need an Online International Bank to Buy and Sell Jets?

When you’re dealing with millions of dollars worth of valuable assets such as private jets, banking infrastructure is critical. 

An international bank that is online offers several distinct advantages over a local bank:

• Offshore banking capabilities. As an offshore bank licensed under the laws, The Kingdom Bank and similar companies let non-residents open accounts online without being physically in the country. That gives you privacy and security that traditional banks might not. Furthermore, offshore accounts are free from certain taxes and regulations in the client’s home country.
• Multi-currency accounts. The vast majority of private jet deals involve currencies being exchanged. An international bank such as The Kingdom Bank permits you to open and maintain accounts in world currencies such as USD, EUR, GBP, and others through one single online website. This facilitates currency exchanges during the buy/sell cycle.
• Global payment network. An international bank has correspondents with banks around the world, which facilitates quick, safe money transfers between practically any two nations. This is necessary for wire transfers for jet deposits, down payments, and final settlements on deals.
• Online banking access. Control your accounts, make payments and see your financial position from any point of the world through online and mobile banking at an international digital bank.

Top Features of an Online International Bank That Help You Buy and Sell Jets

When comparing online international bank options, look for those that directly accommodate private jets. Here are a few to watch out for:

Multi-Currency Wallets

Ideally, choose a bank such as The Kingdom Bank that supports holding several currencies in the account at once. This makes it easy to move currencies around during transactions without having to open individual accounts for them.

Fast International Payments

Monitor processing times for inter-country wire transfers. Next-day or same-day deliveries ensure deposits clear quickly to satisfy deadlines in purchase agreements.

Online Payment Initiation

The fact that you can start foreign payments directly from your online banking login saves time compared to going to branches or calling customer service.

Corporate Banking Services

If buying/selling jets as LLC or other business entity, make sure the bank accepts corporate accounts (with SWIFT codes and multi-user support).

Document Storage

Online document vaults from banks make it easy to store purchase orders, invoices, and other transaction documents anywhere and at any time.

How to Choose the Best Online International Bank to Buy and Sell Jets?

These days, you can find a wide range of online offshore banking services, so do your research and select one that is appropriate for your jet trading business:

• Licensing and regulation of checks – Banks licensed by reputable financial institutions for monitoring and deposit protection.
• Fees and minimums – Transaction fees and account balance minimums vary by bank, so weigh your options.
• Compare exchange services – Compare exchange rates for pairs you will regularly use to avoid additional fees.
• Test the web and mobile versions – Experiment with the real banking experience before investing so you can make sure it meets your usability expectations.
• Call for additional services – Find out if the bank has escrow accounts or financing options for aircraft transactions.
• Read reviews from other jet traders – You may get valuable insight into the true capabilities and customer service of a bank through their own real-life experience.

With the appropriate feature set and credible regulation and monitoring, an online international bank such as The Kingdom Bank provides the global reach and sophistication that jet buyers and sellers want to close the deal. 

Make sure to choose one with features that directly bolster your trading style.

Benefits of Using an Online International Bank to Buy and Sell Jets

A cross-border, online bank specifically geared toward cross-border trade can provide a number of benefits for those who are unfamiliar with private jet ownership and the international financial world:

• Convenience – Manage money, pay vendors, and view records online using your phone without having to visit branches.
• Faster – Secure international payments from approved counterparties, to meet short deadlines on purchase orders.
• Security – Offshore accounts are safer than giving out your “main-street” banks with your personal financial information.
• Control – Manage your currency exchanges through the internet instead of outsourcing them to third parties that may have ill-seeded fees or low rates.
• Customization – Specialized banks like The Kingdom Bank understand aviation finance and tailor services to jet owners’ unique requirements for things like escrow, financing, and multi-user account access.

For the more experienced jet traders, an online global bank still provides efficient global trading features, competitive rates and white-glove customer service to accommodate a high net-worth clientele.

What You Need to Know About Currency Exchange When Using an Online Bank to Buy and Sell Jets?

Exchange rates vary from day to day so pay attention to how currency converts when completing important transactions with other countries. 

Some key points:

• Digital banks have exchange rates available live and show buy/sell spreads in order to make this transparent. Track spreads on heavy volume currencies to ensure you aren’t paying too much.
• Consider locking deposit rates if payments will take a while to clear prior to the purchase close. This safeguards the purchase price.
• Banks can provide graduated rates depending on exchange rates for a given month. Keep the conversions high so you can earn special pricing as a loyal customer.
• Request alerts for big rate changes so you can time the conversions well instead of basing it on daily spot rates.
• Check economic calendars for unforeseen conditions that may affect exchange rates during the long process of purchase negotiations.

Future currency management involves incorporating FX into aircraft deals. 

An international bank such as The Kingdom Bank gives strong exchange support and market knowledge to help you extract maximum returns from every jet transaction.

Buying and selling private jets around the world requires bankable expertise. An online cross-border commerce bank streamlines aircraft deals with multi-currency accounts, instant foreign payments and exchange rate transparency. 

Be sure to look for a licensee that has served clients in the aviation field. The Kingdom Bank provides global reach and high-end services for international aircraft transactions, giving jet traders a trusted partner.