Which Bank is the Best to Do International Banking?12 min read

Which Bank is the Best to Do International Banking?12 min read

International banking used to be a complicated affair that required travelling to foreign countries or using less reputable offshore banks. 

However, thanks to digital banking platforms like The Kingdom Bank, doing international transactions online is now easy and secure. 

In this article, we’ll explore what The Kingdom Bank offers for international clients and why it may be the best choice for those seeking an online bank account without borders.

What Transactions Can Be Done with International Banking?

One of the main draws of international banking is the ability to manage finances globally without physical borders getting in the way. 

With an account at a bank like The Kingdom Bank, you have access to a wide variety of international payment and transaction options directly from your online account. Some of the most common transactions include:

• International money transfers – Send and receive money internationally to over 100 countries with fast and low-cost SWIFT transfers. The Kingdom Bank offers highly competitive exchange rates and transaction fees starting from just 0.5%.
• Multi-currency cards – Get a prepaid debit Mastercard that can be loaded and spent in over 50 currencies including USD, EUR, GBP, CHF and more. Load it from your The Kingdom Bank account at interbank rates with no loading fees.
• Foreign exchange – Buy and sell various foreign currencies through your The Kingdom Bank account at wholesale interbank rates. This allows you to take advantage of currency fluctuations for investment purposes.
• International bill pay – Set up recurring payments in foreign currencies directly from your account to pay international service providers, subscription plans, and foreign invoices.
• E-commerce purchases – Feel secure shopping on international sites and making purchases from all over the world using your The Kingdom Bank debit card.

As you can see, with just one online account at The Kingdom Bank you have the ability to manage finances globally and make fast international transactions easily without ever leaving home. 

This level of convenience has made The Kingdom Bank very attractive for expats, digital nomads and international businesses.

Can an International Banking Account Be Used for Investment?

Many people also leverage international banking for investment purposes. The Kingdom Bank allows clients to not only hold balances in multiple currencies but to also directly invest account balances in a variety of global asset classes through its online platform. 

Some ways an international banking account can be used for investment include:

• Online brokerage – Invest in stocks, ETFs, funds and more from over 50 global exchanges directly from your The Kingdom Bank account. Get access to advanced trading tools and comprehensive market data.
• Robo-advisor services – Let algorithms manage your international investments for you through target-date portfolios automatically rebalanced according to your risk profile and timeline. Low minimum investment amounts start from just a few hundred dollars.
• Crypto trading – Benefit from 24/7 global access to buy, sell and trade over 50 leading digital currencies including Bitcoin and Ethereum against fiat and stable coins. The Kingdom Bank aims to bring institutional-grade crypto services to retail investors.
• Precious metals – Diversify your portfolio with physical delivery of gold, silver and platinum in allocated storage from reputable vaulting partners. Metal holdings can even be used as collateral for cash loans.

Thus, those seeking to invest globally or take advantage of emerging opportunities abroad can do it seamlessly through just one integrated platform at a bank like The Kingdom Bank. 

Everything stays within one online banking account for ease of oversight and management.

Can Businesses Open an International Banking Account?

While individual clients are the main focus, The Kingdom Bank also provides tailored solutions tailored for small-to-medium sized international businesses. 

Some benefits of opening a business banking account include:

• Multi-user access – Grant different levels of access to accounting staff, executives and partners through individual secured logins. Perfect for collaborating teams in remote locations.
• Virtual IBANs – Get additional multi-currency IBANs for foreign subsidiaries without needing new accounts. Useful for segregating funds or serving clients in specific regions via a single provider.
• Corporate cards – Issue secured debit/credit cards to employees that can be loaded and spent internationally but managed centrally by designated approvers. Track all expenditures in real-time.
• Supplier/payroll management – Process international supplier payments, pay global contractors and freelancers, pay salaries to foreign nationals or reimburse international business expenses with ease.
• Multi-currency collections – Accept payments in various currencies through online payment links customised with your company’s branding. Funds are instantly credited to your corporate account in the deposit currency.

Opening a full fledged international corporate bank account requires thorough verification of business documents and KYC/AML checks. 

The Kingdom Bank conducts everything smoothly online so international founders can get their business banking solutions up and running remotely without a hitch.

What are the Requirements to Open an International Banking Account?

While online banks have greatly simplified international account openings, regulations still require a reasonable level of due diligence. 

The Kingdom Bank aims to strike a balance between compliance and convenience. Here are the basic requirements:

• Identity verification – Provide ID documents like passport and utility bill to onboard. The Kingdom Bank accepts e-documents for remote clients.
• Source of wealth – Explain the origin and history of your liquid assets. This could include paystubs, business registration documents etc. based on individual circumstances.
• Address verification – Provide your physical address which will be verified via video call or notarized documentation. Postal forwarding services are accepted.
• Minimum deposit – The Kingdom Bank requests a minimum initial deposit of $2,000 or equivalent in selected currencies to open an account.
• Age requirement – You must be at least 18 years of age to register.
• Residency – The Kingdom Bank prioritises security over location. Proof of residence is not required if you can successfully complete verification steps remotely.

The Kingdom Bank ensures responsible regulation is followed to serve international clients securely without unnecessary physical barriers to account opening. Meeting basic KYC requirements is streamlined online in a matter of days.

Can Crypto Transactions Be Made with an International Banking Account?

As the first regulated bank to offer crypto trading, The Kingdom Bank lets clients take advantage of the emerging asset class without compromising on security, governance or compliance standards. 

Advanced features include:

• Bank-grade security – Cryptos are customised independently of your fiat account balances by regulated partners, so holdings remain protected even if your bank account is compromised.
• Institutional liquidity – Trade against multiple fiat currencies with low spreads thanks to The Kingdom Bank sourcing liquidity directly from major exchanges rather than relying on smaller brokers.
• Regulated oversight – Benefit from the stability and recourse of a fully licensed bank even when participating in an emerging ecosystem still finding its footing regulatory-wise.
• Convenience – Access crypto services seamlessly alongside traditional banking features within a single, familiar interface rather than toggling between multiple accounts at different providers.
• Portfolio diversification – Consider including crypto as an alternative asset class within balanced investment plans rather than gambling your net-worth on speculative bets. The Kingdom Bank’s services aim to make the asset class investable for private clients.

For those seeking a holistic, regulated platform for international finances, The Kingdom Bank provides it all – from multi-currency accounts and payments to online brokerage, robo-investing and even crypto trading. 

Our banking solutions give you the freedom to bank, spend and invest globally from anywhere in complete security. To open your account today visit The Kingdom Bank’s website.