It’s easier than ever to open a global bank account from anywhere in the world thanks to international digital banks. Whether you need to make global transfers or have access to multi-currency accounts to support your travel lifestyle, you can easily manage all your finances from a single account online. But is it safe to use an international digital bank account for global transactions?
Moving money across borders is now easier than ever with online banks and payment services. With Jetonbank, it is possible to open a bank account online and make payments with a few taps on your phone.
While the convenience and accessibility are undeniable, some people may wonder whether relying on an international digital bank account has its risks.
In this blog post, we’ll go through safety and security measures that are in place so you can be sure that digital banking is a trusted way to manage your money abroad.
How Secure is an International Digital Bank Account for Global Payments?
Security is a common concern when it comes to international digital bank accounts for global payments. After all, your money is stored and moved across international networks rather than in a branch near your home.
However, digital banks take security very seriously. Jetonbank and other reputable international digital banks use the latest encryption technologies to protect all customer data and financial transactions.
Every time you log in to your account or make a payment, a secure connection is established using 256-bit SSL encryption. That is the same level of encryption used by the world’s leading online retailers and financial institutions.
This ensures that hackers cannot intercept or access any data transmitted between your computer and the bank’s network.
In addition to encryption, Jetonbank also has multiple layers of other advanced firewalls, daily vulnerability scanning, and regular penetration testing in place.
The back-end infrastructure is built with no single points of failure so that if one area is compromised, others can take over.
Servers are stored in secure, climate-controlled data centers with restricted physical access. The bank is also audited regularly to maintain compliance with international security standards.
The encryption technology and overall security infrastructure at a reputable international digital bank is equivalent to and sometimes even higher than what you will find at a local bank in your home country.
Your money and information are well-protected both in terms of storage and during payment/transfer activities.
What Encryption Standards Protect Your International Digital Bank Account?
If you want to better understand what goes on behind the scenes with digital banks like Jetonbank, we can take a look at some of the specific encryption standards in place to protect customer accounts.
- TLS/SSL encryption: Jetonbank uses TLS 1.2 (Transport Layer Security), the latest version of the SSL/TLS encryption protocol to protect all internet communications. This is the same protocol that secures online banking, e-commerce websites, and other sensitive online activities all over the world.
- AES-256 encryption: Sensitive personal and financial information is stored and encrypted using the advanced encryption standard (AES) with 256-bit keys. AES-256 is considered uncrackable by current computing power.
- Two-factor authentication: Accessing your account requires two authentication factors: a password and a one-time verification code that gets sent to your mobile phone. This is stronger than password-only access.
- PIN encryption: Digital PINs used for payments and transfers get hashed multiple times using strong cryptographic functions before they are stored.
- Secure protocols: Only secure file transfer protocol (SFTP) is used for file transfers, not regular FTP. IMAPS/POP3S rather than regular IMAP/POP3 is used for secure email retrieval.
By using these and other strong encryption standards, Jetonbank ensures that all sensitive data is encrypted both as it enters the system and leaves and when it is simply being stored.
Are Funds in an International Digital Bank Account Insured?
Another important question to address is whether the funds in your international digital bank account are insured in case something unexpected happens. At Jetonbank, the good news is that customer funds are protected by insurance.
Specifically, Jetonbank is licensed by the government of Dominica and, as a licensed bank, must adhere to all required capital reserves and prudential regulations as enforced by the Dominica Financial Services Unit.
Jetonbank is also part of the Dominica Deposit Insurance Corporation program. This means customer deposits with Jetonbank are insured up to EC$100,000 equivalent.
So even in a worst-case scenario like liquidation, you can be assured that the first EC$100,000 of your account balance would be protected.
Amounts over this limit may take some time to be paid back, but given the bank’s strong financial position and risk management, the likelihood of a global transactions with international digital bank account provider like Jetonbank going under is very low.
Having deposit insurance gives Jetonbank customers a higher level of comfort compared to non-insured e-money accounts provided by fintech companies. Your money is treated like a traditional bank account balance and not a prepaid card balance.
How Do International Digital Bank Account Providers Handle Fraud Prevention?
Another aspect of the security conversation centers around a bank’s ability to prevent fraud.
This is how Jetonbank actively monitors and safeguards customer transactions from fraud:
- Real-time transaction monitoring: Automated systems analyze all incoming and outgoing payments in real-time to identify suspicious transactions based on variables like location, amount, recipient, etc. Activity gets flagged and sent for review if it meets internal risk criteria.
- Device fingerprinting: The bank knows the specific devices you typically use to access your account. Logins from unrecognized devices will be subject to additional security checks.
- Behavior analytics: Your login history and payment patterns are continuously analyzed to build a unique profile of “normal” activity. Deviations from this normal activity generate alerts.
- Blacklisting risky recipients: Addresses involved in prior fraud attempts are placed on internal blocked lists.
- One-time passwords for high-risk actions: Performing sensitive actions like changing international account for business payments details require extra verification steps.
- Fraud support: Dedicated fraud analysts actively monitor and watch for potential threats and can quickly freeze accounts or reverse transactions if suspicious activity is detected.
These protections make it very difficult for fraudsters to access or misuse customer accounts without being detected. Any legitimate fraud claims can be quickly reimbursed thanks to the account insurance.
What are the Risks of Using an International Digital Bank Account Abroad?
While using an international digital bank account has many benefits, some residual risks are worth considering:
- Political or economic instability in the home country: If you keep money in a bank account based in another country, economic or political turmoil could impact the local financial system. However, reputable banks actively manage and hedge this risk.
- Currency conversion fees and exchange rate fluctuations: International banking payments may be subject to currency conversion fees, and exchange rates may fluctuate impacting balances over time. Most digital banks offer very competitive conversion rates.
- Tax: Interest earned or capital gains may be taxed in multiple jurisdictions depending on your residency and other factors. Speak with a tax specialist to clarify your tax obligations.
- Time zones: Support hours and emergency response times for things like a hacked account could be impacted if the bank and its clients are in very different time zones.
- Local regulations: International banks must follow the rules and regulations in the jurisdiction where they are licensed. This could change slightly over time and impact some services.
If you love to travel and are looking for a way to better manage your finances from one global account, consider opening a Jetonbank account.
You can open your account with just a few clicks from the bank’s website. Our helpful specialists are always available to answer any questions you might have during onboarding.
Can You Trust an International Digital Bank Account for Large Transactions?
The one concern most people have is whether digital transfers are really safe, especially for larger sums of money that you may not carry around. The good news is that banks like Jetonbank have extensive measures in place to protect user funds during international banking payments for business.
First of all, as a licensed and regulated international digital bank, Jetonbank has the required licenses and approvals from its home jurisdiction to operate as a full-service banking institution. The bank’s parent company is authorized and supervised by financial authorities there.
This oversight includes strict compliance requirements for the bank in terms of capitalization, risk management practices, AML measures and more.
The bank also banks-grade encryption of all payment information and login credentials. So your personal and payment data is protected.
The bank only processes international bank account transactions between you and counterparties it has thoroughly screened via its KYC process. Customer funds are also segregated from the bank’s operating accounts and held in reserve as a deposit guarantee.
Taken together, these various levels of protection help you trust that money sent and received using an international digital bank is as if not more secure than traditional wire transfers or even checks.
Platforms are built from the ground up with security as the top design priority versus having to retrofit older, legacy systems.
For those remitting larger sums or receiving international payments for business, digital banking also enables seamless tracking of those funds with full audit trails and transaction history available.
Automated confirmations further add peace of mind that funds have arrived safely. In general, international digital banks can be very responsible when it comes to even high-value transactions.
How Do Regulations Affect the Safety of an International Digital Bank Account?
As you explore different options for online cross-border banking, it is important to understand how the regulatory environment affects security. Here are some important points to note:
International digital banks become regulated by launching operations in a supportive jurisdiction. Jetonbank is licensed from the financial authorities in Dominica. This means the bank is subject to ongoing prudential supervision and must comply with strict AML regulations.
The safety benefits are derived from being regulated and licensed by authorities as a bank. Licensed institutions must meet capital and risk management policy requirements, undergo regular audits, have qualified compliance officers and more to help protect customer deposits.
They must also meet Know Your Customer / Anti-Money Laundering (KYC/AML) requirements. This means verifying ID at account opening.
In addition, by establishing operations from a regulated jurisdiction, banks like Jetonbank fall under that country’s strict bank secrecy and data privacy laws. Customer information is further protected by confidentiality laws.
International digital banks are able to provide very secure banking services by actually being registered, licensed and regulated financial institutions versus unlicensed startups.
This compliance with established oversight frameworks helps foster trust among users and protects them from financial crime.
What Customer Support Options are Available with an International Digital Bank Account?
Customer support is another area that can really help people feel at ease when using a financial service. Full-time support shows a provider is serious about helping resolve any issues in a timely manner.
Here are some of the support options offered by leading international digital banks like Jetonbank:
- Live chat: Bank representatives are available to be contacted 24/7 via the online app or website. Live chat is an ideal way to quickly resolve many common questions.
- Phone support: Toll-free hotlines are another avenue for those who prefer to speak directly with an agent. International calling numbers further make support available globally.
- Email support: International digital banks have a dedicated email address where users can get in touch using their preferred method. Emails are prioritized and sent to a trained agent.
- Community forums: Public discussion boards enable users to get help from other customers or get answers from community managers. This extends the reach of the bank even further for business payments international.
- Social media: The bank has an active presence on social media platforms such as Facebook and X to field direct messages.
Taken together, such a range of easily accessible methods to reach support means any issues can be addressed quickly.
International digital banks recognize the importance of reliable customer care to gaining trust in their services.
How Do International Digital Bank Account Apps Ensure Login Security?
When it comes to digital banking, another thing providers take extremely seriously is securing access to their apps.
Leading banks like Jetonbank employ cutting-edge authentication protocols to do this, such as:
- Multi-factor authentication: In addition to a strong password, identity is verified via one-time codes that provide an extra layer of security against unauthorized access.
- Biometric login: Fingerprint or facial recognition login on mobile devices leverages the latest security capabilities built into those devices, essential for money transfers with international digital bank account.
- Automatic logouts: The app is programmed to automatically sign a user out if the app is left idle for too long or if the device itself is not active.
- Limiting login attempts: After repeated failed login attempts from an unrecognized device, the account will be locked until the true owner can confirm their identity.
- Geofencing: Location-based restrictions can block logins from regions deemed high risk unless the user can confirm it is really them.
- Device management: Users can view all active sessions on the bank app and have the option to remotely log out any suspicious devices.
It is important for banks to be vigilant about authentication so that only the true account holder can initiate payments or access sensitive transaction history.
International digital banks prioritize security innovation to enable their users to bank with ease from anywhere.
What Features Make an International Digital Bank Account Safer Than Traditional Banks?
On top of the basic security features and support that are part of international digital banking platforms, additional modern conveniences are integrated to make the experience even more positive:
- Spending controls: Setting limits on withdrawals, transfers or merchant categories helps to mitigate unauthorized spending until the issue is addressed.
- Virtual/physical cards: Optional prepaid debit cards give offline access if desired while isolating those from the main account as an added layer of protection.
- Travel notifications: Automatically alert the bank about your international travel so transactions don’t accidentally set off fraud alerts.
- Real-time balance updates: Balance updates as payments process provide reassurance funds were received correctly.
- Transaction tagging: Customizable tags enable easy categorization and tracking of spending.
- Budgeting tools: Integrated planners, graphs and spending analyses promote financial discipline.
- API integrations: Two-way data connections with accounting/payroll systems to streamline B2B payments.
Ready to learn more about how digital banking can work for you? Jetonbank welcomes you to open an international digital account online.
You can get in touch with a dedicated account manager who can walk you through the easy signup process and demo the full suite of services that are available.
Whether an individual looking to send money abroad or a business facilitating global payments, an international digital bank account with Jetonbank helps give you peace of mind and control over your international financial transactions.
