Five Questions to Ask Before Choosing a Bank for International Living

Living internationally means your life is fundamentally different from someone who lives in only one country. It means you’ll have to handle multiple places of residence, multiple different lives, and multiple different currencies. It’s not easy, especially if you haven’t chosen the right bank. Financially untangling yourself from an unfavourable banking partner while living between multiple countries adds another layer of complexity to your life. These are the 5 questions you need to ask yourself before you choose a bank for your international life. 

1. Does this bank let me spend across multiple currencies? 

When living internationally, it’s inevitable that you’ll run into multiple different currencies. Unfortunately, different currencies usually mean paying much more. Bad FX spreads and steep exchange costs can eat away at an otherwise healthy budget. Ensuring that your bank of choice allows you to spend fee-free across multiple currencies is vital. That’s where the iFAST Global Bank Multi-Currency Current Account comes in. The iFAST GB Multi-Currency Current Account allows you to spend with your iFAST GB debit card in up to 11 different currencies without exchange fees, and with market competitive FX spreads, ensuring that if you need to top up one specific currency for spending, iFAST allows you to do so at a fair market rate. 

18+, Interest rates are variable and are subject to change. Details regarding the interest rates can be found on our website at www.ifastgb.com. Please refer to our website for full terms and conditions. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). https://www.fscs.org.uk/ has further details on the scheme. 

2. Does this bank allow me to send money without fees? 

Sending money abroad is also a vital component of living internationally, as remittances to friends and family are becoming more and more common. The standard form of money transfer is SWIFT, but SWIFT transfers take several days to process, and incur hefty fees along the way. Dedicated remittance platforms have grown to be more popular, however a dedicated remittance platform ends up being another app with your data, and such apps also end up charging fees for their services.  

With iFAST, you can send money abroad to both physical banks and digital wallet using the EzRemit and EzWallet services, fee free. Using EzRemit and EzWallet, you can make cross-currency payments to over 160 countries in over 30 currencies, using any currency stored in your iFAST GB Multi-Currency Current Account. EzRemit and EzWallet transfers are also fast, with most transfers completed within minutes, ensuring that even in a race against time, your money still comes out on top.  

Transfer time is subject to receiver country. Same currency international transfers will incur fees. Refer to our Fees and Charges (Link) for up to date figures. 

3. What happens to money I receive internationally? 

Living internationally means getting paid internationally, which causes serious problems with conventional bank accounts. Working all around the world means paycheques will come in multiple different currencies, which could mean losing money to bad FX rates and exchange fees. With the iFAST Multi-Currency Current Account, you can receive international payments straight into their respective currencies without additional fees, ensuring that more of your money stays yours. 

4. Can I withdraw my money worldwide? 

Living internationally means paying internationally, and sometimes that means paying in cash, as not every establishment accepts bank cards. Unfortunately, many banks charge extra fees for withdrawing cash in a foreign country. Fortunately, with iFAST, customers can withdraw up to £500 a day (or any foreign equivalent) in cash, fee free.  

Some local ATM operators may apply their own service charges. 

5. How easy is it to grow my money? 

It’s never important to let your money sit idle, regardless of the period of time it’s sitting idle for. Unfortunately, most banks don’t offer short period money growth tools, with many time deposits mandating a 1-year minimum period. With iFAST Global Bank, you can grow your money in long or short bursts, with time deposits as short as 1 month or as long as 60 months depending on the currency. With iFAST, you can also invest that money in 10 out of 11 currencies, with only the low interest CHF not having a time deposit option. With short period time deposits at competitive market rates, iFAST allows you to save on your own timeline, ensuring that even if just for a little bit, your money is growing at the best rate. 

iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on our website at www.ifastgb.com. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details: https://www.fscs.org.uk/. T&Cs apply. 

The true international bank 

International banking means choosing a bank that can move with you, not restrict where you go. With iFAST Global Bank, you’re empowered to move around at your own pace, and on your own terms, with peace of mind knowing that your money is working for you. No matter if you need so send, save, receive, or spend, iFAST Global Bank has the tools to let you do so on your terms. 

iFAST Global Bank, the bank that moves with you.