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International bank accounts can be opened in another country and/or in another currency, usually through the international division of your bank.
They can be useful if you often need to move money between different countries, for example if you live in one country and get paid your salary in another or because you want to buy a house or make an investment abroad.
At their core, these are still current accounts, so they allow you to make and receive payments and also come with a debit card. However:
If you meet the criteria required, you shouldn’t be charged any monthly fee. However, there are many other fees and charges you may incur. Before opening the account, you should make sure you’re clear on the pricing structure, when you’ll be charged and how much.
Here’s a basic list of possible fees you should ask about:
As with any other current accounts, fees will most likely apply for going overdrawn and for declined payments too.
The right international account for you will depend on your plans, so try asking yourself a few questions before comparing deals:
If international bank accounts sound too complicated for you after all, you can consider the following alternatives:
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