How to Simplify Banking if You Travel Several Times a Year

For frequent travellers, managing money across borders can become complicated. Different currencies, foreign exchange charges, international transfers, and multiple payment cards can make a short trip into less of a holiday and more of a financial exercise. 

Fortunately, frequent travel doesn’t have to mean complicated financial ties. This guide explores why frequent travel complicates finances, and how to simplify your banking without giving up on your time abroad. 

Why frequent travel can make banking complicated 

Every international trip creates another set of financial considerations. You may need euros for a European holiday, US dollars for a business trip, RMB for going back home to family, and HKD for a day trip. 

Using a conventional current account can mean repeatedly converting money as you travel. No matter if you’re using your card to pay, or buying local cash at a local currency converter, rates and exchange fees can eat into your finances unnecessarily, so you end up spending more than you otherwise wanted to. 

The solution isn’t necessarily to carry more cash or open a library of local accounts around the world. Instead, the idea is to consolidate your international finances into a singular flexible banking relationship. 

Keep multiple currencies in one account 

One of the best ways to simplify your international finances is to use a multi-currency account. The iFAST Multi-Currency Current Account is especially useful as it allows customers to hold up to 11 different currencies in one account, allowing you to receive, pay, and send in all 11 currencies. This allows you to plan ahead for your travels without constantly worrying and shifting. Regularly go to the US? Keep a USD balance in your iFAST Global Bank account without worrying about converting it back. Going on holiday in Europe? Keep a euro balance as well. No need to convert everything back and forth all the time, simply keep your money in whatever currency you wish. There’s no need to worry about missing out on interest either, as the iFAST Multi-Currency Current Account allows customers to earn interest on all 11 currencies, simply for storing those currencies with iFAST Global Bank*. 

Convert when it suits you 

Frequent travellers often think about when to exchange money as well as how much to exchange. Often, the holiday has to take a backseat in order to find somewhere to get more local currency. With iFAST Global Bank, that changes. 

Within your Multi-Currency Current Account, iFAST Global Bank provides foreign currency conversion at competitive market rates and with no extra fees, ensuring that when you convert, as much of your money as possible ends up on the other side. 

This gives travellers greater control over their currency management. Rather than waiting until you get to an airport, or worrying about a minimum currency amount to convert, iFAST Global Bank allows you to convert when you want, and however much you want. 

Pay with more than just card 

When travelling frequently, sometimes you’ll go to places where your card isn’t the best way to pay. 

Places like China very rarely use bank cards to settle transactions, with almost all establishments using QR code payments, having a bank card as your only method of payment causes problems and delays. Fortunately, iFAST Global Bank has multiple ways for you to settle your transactions. With Worldwide Scan & Pay, you can make cross-currency QR code payments straight from your iFAST Global Bank account. Simply can QR codes at participating merchants worldwide, and the money in your iFAST Global Bank account will pay the merchant in their local currency, with no extra fees**.  

Travel more. Bank less. 

Travelling around several times a year should be about discovering new places, meeting old friends, and creating memories for a lifetime–not worrying about international banking fees and inconveniences. The iFAST Global Bank Multi-Currency Current Account is built around that idea: One account for those whose financial lives extends beyond just one border. With support for 11 different currencies in one account, digital management, international payment options***, interest paid on all accounts, and fee-free conversions, iFAST Global Bank streamlines your finances so that you can spend more time actually travelling. 

So if you spend more time worrying about where and how you’ll exchange your money, as opposed to what you’re going to do with that money, it might be time to change that. 

iFAST Global Bank, banking without borders. 

*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. 
**Scan & Pay is for cross-currency payments only. Availability of QR payments may vary by country and merchant. T&Cs apply. 
*** Same currency international transfers will incur fees. Refer to our Fees and Charges (Link) for up to date figures.