The world is a global village with the advancement of technology over time. An international digital bank account allows you to have easy access to making your transactions either internationally or domestically.
It is not only important to open an international digital bank account for the management of funds and finances, but it will also help with the facilitation of other monetary practices that are outside of your country.
In simpler terms, you will be able to receive or send money to another location internationally through an online or mobile application that the international bank account has to offer.
Expats, digital nomads, remote workers, entrepreneurs selling products overseas, and many others will need to receive and send money internationally from a digital bank account at some point.
And as more people work and live abroad or engage in global trade, having an international digital bank account that provides affordable, secure, and convenient access to global currencies has never been more valuable.
Here are some questions and answers about international digital bank accounts to help you decide if this is the right solution for your business and personal finances.
What is an International Digital Bank Account and How Does It Work?
An international digital bank account is basically an account that will be linked to a specific currency that is not that of your native country. This is a common banking account that will be opened and managed online through the bank’s digital banking platform.
With an international digital bank account, it will be easy to manage your finances worldwide. In most cases, online and mobile banking facilities will also be provided with an international bank account.
One will be able to access all of their banking services through an online or mobile banking application. Global transactions with international digital bank account services are most common with the online banking platforms that are available, such as the Jetonbank.
When applying for an international digital bank account, the following factors also need to be taken into consideration:
- It will fall under the laws and regulations of the digital bank’s licensed country. For example, Jetonbank is licensed under the Commonwealth of Dominica.
- The bank account can be opened and also be maintained through an online banking platform or mobile app.
- The banks will make sure that their international digital bank accounts are available in all of the strong currencies around the world. For example, USD, GBP, EUR, RMB and others.
- Banking services such as deposits and withdrawals will be made internationally.
- When it comes to the payments and transfers, they will be delivered worldwide through Jetonbank's payment platform.
- For instance, you will be able to pay any international bills through your mobile phone banking account or through an online application.
When it comes to an international digital bank account, the person applying for the bank account needs to make sure that they have considered all of the factors listed above.
How Can I Open an International Digital Bank Account Online?
Opening an international digital bank account is one of the easiest processes ever.
Here is how you can open one online:
- Visit the Jetonbank website and click on ‘Open Account’ to start the application process.
- Enter your personal information such as name, date of birth, nationality etc. as well as your contact details
- Upload a copy of your identification documents such as a passport or driving license for identity verification. Some banks may also require a proof of address
- Choose your account currency e.g. US Dollars, Euros, British Pounds. Jetonbank offers multi-currency accounts
- Deposit the minimum required opening balance which is usually $1000-2500 depending on the account type and currency. Initial funds can be transferred via wire transfer
- Complete and submit the online application form and review the terms and conditions before accepting the account agreement
- Verify your identity through an automated process using government records and digital document verification.
- Your account will be provisioned within 1-3 business days and you can then access the online and mobile banking services immediately
The whole process from application to international bank account transactions activation typically takes less than 1 week when done online with Jetonbank.
What Documents are Needed to Set Up an International Digital Bank Account?
Jetonbank requires some documents that will assist the bank in making sure that it complies with international anti-money laundering laws. The following documents will be needed by Jetonbank when you are opening an international digital bank account
- Passport / National ID: A clear copy of the information page of your valid passport or national identity document for identity and residency purposes.
- Proof of Address: A recent utility bill, bank statement or government document with your name and current address not more than 3 months old.
- Source of Funds Documentation: If making an initial deposit of over $10,000, then you may need to provide evidence of the origin of the funds being transferred such as a payslip, tax return or business financial statement.
- References: Some banks may also request for letters of reference from existing bankers or clients to vouch for your character.
- Corporate Documents: Business accounts will need to be provided with additional company formation and registration documents like articles of incorporation, business registration certificate, directors details etc.
Once you have all of the digital copies of these basic KYC and AML compliance documents, then it should be easy for you to apply for an international digital bank account with Jetonbank.
Jetonbank will securely review the document submissions and store them safely on encrypted servers.
Can I Open an International Digital Bank Account Without Visiting a Branch?
Yes, you can definitely open an international digital bank account online without having to visit a physical branch.
The whole account opening process explained earlier can be done remotely via the internet:
- Simply visit Jetonbank’s website on your computer or mobile device and start your application from anywhere in the world
- You can upload digital copies of identity documents and transfer initial deposit funds electronically
- Identity verification will be done through automated digital validation of government records rather than in-person
- Your new Jetonbank international digital bank account will be created digitally and you can then access the online and mobile banking services 24/7
Jetonbank has no physical branch network since it is a fully online digital bank only. This enables the bank to offer borderless banking services without any geographic restrictions for international account opening.
All onboarding, communication and international banking payments are done securely online through digital banking technology.
What are the Benefits of Having an International Digital Bank Account?
Opening an international digital bank account with Jetonbank has several advantages for individuals and businesses:
- Worldwide Access: Easily send and receive funds to any bank account around the world in multiple currencies. Perfect for international businesses or receiving foreign payments.
- Convenience: Manage your finances 24/7 with mobile/internet banking from anywhere without branch visits. Bill pay, currency exchange, fund transfers all made simple.
- Higher Interest Rates: Typically earn higher interest than domestic savings accounts on the same currencies such as USD, EUR etc. depending on the account type.
- Multi-Currency Flexibility: Hold balances in major international currencies like USD, EUR, GBP in compliance with financial centres like Dominica.
- International Payments: Wire transfers and global payment network integration enable faster low-cost international payments for business or money transfers from an international digital bank account.
- Global Compliance: Jetonbank accounts are subject to strict KYC/AML and data security regulations due to offshore banking licenses.
- Tax Advantages: May be eligible for offshore banking tax benefits depending on your residence country and international digital banking account use.
Opening an international digital bank account with Jetonbank is a great way to simplify global banking or expand your international business payments network.
You can get started right now by visiting Jetonbank to open an international digital bank account and take advantage of the innovative online banking services for hassle-free cross-border management of your money.
Is It Legal to Open an International Digital Bank Account from Any Country?
The short answer is yes, provided the bank allows it and you are eligible. International digital banks like Jetonbank are licensed to provide their services remotely worldwide, so as long as the bank in question offers non-resident accounts, you should be able to open one online.
Digital banks have all their banking infrastructure in the cloud, so you do not have to visit a physical branch to open an account in person like with traditional banks.
In fact, they are designed around online account opening as a core feature. As long as you can verify your identity with the necessary KYC information over the internet, you can legally open an international bank account remotely no matter where you reside.
As always, there are a few caveats and exceptions depending on the country you are a citizen of or resident in.
But in general, international digital banks work hard to be compliant with all anti-money laundering and anti-terrorism financing regulations at a global level.
If you are not planning to use your account for illicit purposes, you should not have any problems remotely opening an account for legitimate personal or business reasons.
But be sure to check the bank's account opening eligibility if you are unsure whether your specific situation is allowed.
How Do Fees Compare Across Different International Digital Bank Account Providers?
As with any financial service, you will have to pay various fees when using an international bank account. Transaction fees, monthly or annual account fees, currency conversion costs, and other charges will differ between banks.
While some international private banks may charge high monthly account management fees of $100 or more just to maintain your account, most digital banks are low-cost.
For example, Jetonbank has a completely free basic international bank package. All you pay is the currency conversion spread, which is around 1% for foreign exchange transactions and highly competitive vs. traditional international banks.
Transactions like international wires, debit card purchases abroad, and other specialty services will incur some fees but are typically nominal.
In general, digital banks are trying to undercut the fee structure of traditional international banks by a significant margin to be more attractive to customers seeking low-cost global financial services. It pays to shop around and compare providers based on which fee structure best meets your needs.
What Currencies Can I Hold in an International Digital Bank Account?
If you decide to open an international digital bank account, you will naturally want to know what currencies you will be able to hold and transact in. One of the biggest benefits of an international account in banking is being able to hold, send, and receive multiple global currencies digitally.
Jetonbank and other leading international digital banks allow you to hold balances and transact in USD, EUR, GBP, AUD, CAD, and more of the major currencies.
This gives you convenient access to the currencies you need for both personal and business spending all over the world.
However, the number of supported currencies can vary by bank and some may only cover 10-15 of the most commonly traded global currencies, while others offer up to 30+ options.
Rarer currencies from smaller economies may also carry higher conversion fees or certain restrictions.
Check each bank's international account for business payments policy to understand what options have the best rates and most flexibility for your specific needs. Global heavyweights like the US Dollar, Euro, British Pound, Australian Dollar, Canadian Dollar, and Swiss Franc should be universally supported.
How Secure is an International Digital Bank Account for Global Transactions?
When banking internationally online, naturally, security is always going to be a top concern. When you are storing funds and sending money abroad digitally, you will want to be sure your financial information and accounts are safe.
A legitimate, licensed provider like Jetonbank takes extensive security measures to protect customer data and finances.
This includes bank-level security features such as two-factor authentication for secure logins, transaction authorization alerts, monitoring for suspicious or fraudulent activity, automatic logout of idle sessions, and encryption of all data in transit.
The accounts are also subject to the same regulatory safeguards and reserve requirements as traditional banks in their home jurisdiction.
For example, Jetonbank is licensed and regulated by the Financial Services Unit of Dominica and has to meet the same capital reserve and liquidity requirements to ensure funds are safely protected.
In the rare event of a data breach or account hacking, international digital banks are also insured to certain limits (e.g. €100,000 per depositor for EU banks) in the same way as traditional banks so customer funds can be reimbursed.
Provided a digital bank is licensed and regulated, the level of security you can expect for managing your finances online should be no different from traditional banks.
If Jetonbank is licensed and regulated in the FSD of Dominica, then customers should feel reassured that their money is secure and backed by the government.
Which Bank Has the Best International Digital Bank Account Features?
When looking at the full range of features offered, Jetonbank is among the best for an international digital bank account.
Here is a quick rundown of the highlights:
- Zero monthly account fees or minimum balance required
- Ability to hold 40+ global currencies with low currency conversion fees
- Access to secure online and mobile banking from any device
- State of the art security with bank-level encryption and 2FA login authentication
- Quick and easy international money transfers and bill pay
- Debit Mastercard included for convenient global spending
- Powerful API integrations for automated accounting and payments
- Multilingual customer service available 24/7 via phone, email, and live chat
- Licensed by FSD of Dominica for full regulatory compliance
Ready to open an international bank account with all these features? Visit Jetonbank to get started online.
Opening a new customer account takes only a few minutes to complete. Once your identity is verified, you can instantly send money with an international bank account and receive money transfers with an international digital bank account worldwide while enjoying secure digital banking anytime, anywhere with Jetonbank.
