Blog Product News
Banking When Life Happens in More Than One Country
We live in a very mobile society. That’s awesome! But, with the rise of remote work and education abroad, if we don’t already live in two or more countries, we’re likely thinking about it.
Who hasn’t at least thought about working from a secluded island’s beach?
At Quppy, we’re serious about helping those who wish to work, study, or simply live overseas.
Whether you’re pursuing dual nationality, studying abroad, or just residing somewhere different for a while, you’ll need to live life in another currency. It sounds like something that’s easy enough to manage, right? Unfortunately, there is still a lot of frustration involved in waiting for slow currency transfers, extra fees, or having to spend two hours deciding the best way to send and receive money from family, friends or customers in their preferred currency. Keep reading to find out what to expect when banking in another country and get some quick tips for your multi-country banking strategy.
The problem with brick-and-mortar banking abroad
There are some reasons that you need to open a local bank account, for example receiving your salary or doing tax reporting in certain jurisdictions. However, there are so many more reasons to use digital banking instead. For everyday banking, a digital bank like Quppy, lets you do your day-to-day “spending and receiving” much more comfortably. Here’s how digital banking beats opening a traditional franchise bank account abroad.
Time is money
Visits to the bank, even with a premium account, often come with wait times comparable to the doctor’s office. And if your bank isn’t around the corner, there’s travel time, too. Many people say they feel more comfortable doing transactions face-to-face, but licensed digital banks that have solid identification procedures to prevent fraud are perfectly safe. So why would you spend an hour travelling to the bank and waiting around, when you can set up instant transactions on Quppy in under a minute. Faster for you, faster for recipients. It’s a win-win!
Could you repeat that please?
You shouldn’t have to learn a new language to do simple banking transactions. Unless you’re one of the lucky few who already speak the language, banking terminology is difficult to master. Don’t give up on your language goals, but in the meantime, digital banking is a great way to keep banking in your own language while you live abroad.
Currency diversification with ease
Need access to another currency? Expect sky-high exchange rates at the bank office. In many banks, they’ll tell you directly that you’ll get a better rate at the street-corner exchange office. But then you have to worry about walking around with a bunch of cash, high commissions and other shady business.
That means cryptocurrency too
And if you’re interested in holding cryptocurrencies, digital banking is leagues ahead of physical banking. Brick-and-mortar banks are still sceptical of cryptocurrencies but rarely offer you the opportunity to trade and invest. So if you’re looking for a more diversified way to spend, send, and receive, Quppy lets you do it all in one place.
High transaction fees
The traditional banking system makes a lot of its money on fees. Even in your home country, you know what happens. Suddenly there’s a fee you’ve never heard of before on your account, and you can’t do anything about it.
Quppy has zero fees on fiat account transactions. If you make frequent transactions, the savings add up.
Ok, but couldn’t you use a dedicated online money transfer service? Sure, but Quppy carries out transactions instantly and within the same app you use for your other daily transactions.
Oh, the paperwork! 🙄
The paperwork and background checks involved in opening a bank account can be really painful, depending on where you’re living. Even within the European Union and Eurozone, banking systems and protocols vary widely from country to country. So, especially if you’ll be travelling through multiple countries, the digital bank on your mobile phone will be your new best friend.
Multi-currency neobanks for the win!
Be aware that some digital banks are made for your new home country. But those single-currency neobanks won’t do much to help you when you go back home to visit friends and family or end up moving to a third country.
When you open a neobank, look for true multicurrency IBANs. This means you’ll be able to open several separate accounts within one simple app. Having accounts with 5 different banks may sound cool, but in the end, you’ll be overwhelmed.
Quppy is a multi-currency IBAN provider that is reliable, safe, and easy to use. And our fees are ultra-transparent. Find out more here.
But why do I need a digital bank? Can’t I just use PayPal?
PayPal can be a useful service, don’t get us wrong! For certain recurring payments, it might help you out. However, when sending and receiving money in a currency other than your base currency, the payment service incurs high fees on conversions and simple transactions. So if you’re looking to save money, use funds in multiple currencies (digital and fiat), and have a better mobile app experience, a digital bank is going to give you more freedom.
5 quick tips for banking abroad
- Do your research before you commit
If you find that you need to open a traditional bank account, ask people you trust before you open a bank account. Even better if you can do your research before you move to your new country because once you do the paperwork and open your new account, you probably won’t want to go through that process again when you find a better bank. Plus, if you want to switch, closing your first bank account in order to make the move may come with yet another high fee.
- Don’t close your home account quite yet
Even if you are planning to leave your home country for the long term, don’t close your home accounts too quickly. You never know if you’ll need it in a pinch. With your home and digital accounts, you’ll have all the everyday services you need, especially if you’re just getting set up in your new home.
- Balance brick-and-mortar and digital banking to save money
Open a brick and mortar bank only if you know it will serve a purpose, e.g. you need to buy property, qualify for a loan, or your new home requires a local bank for tax purposes. But do your everyday transactions with your favourite multi-currency digital bank so you save on fees, can work with multiple currencies more easily, and save loads of time.
- Be prepared for commissions.
If you choose brick-and-mortar banking, make sure you do your budgeting and keep extra expenses in mind, including fees and commissions. This is another area to really do your research before you commit. International expat forums can be a great place to find the answers you’re looking for.
- Skip the stress and go mobile with a multi-currency digital bank
Wait times be gone! Choose a multi-currency, multi-IBAN mobile bank to get the majority of your banking done in one place, with an interface you’ll love. Sign up for the Quppy newsletter to keep up to date with the cool new features we’re adding to our service in the near future. We’ll see you online!