The numbers of Indian executives that are staying abroad and are globally mobile are consistently increasing. For instance, Infosys, India’s leading IT company and consulting services provider, has over 30,000 employees working on its various client site locations abroad. Besides, there are many more additions from both the new and old economy industries. Hence, to cater to the new demands of this globetrotting lifestyle, banks have also initiated the concept of global banking services. An immediate success, global banking offers several benefits to customers, which include the following.
Global Banking Services: Advantages
Here are some benefits that customers with global banking services can hope to receive:
- Instant Cash Access: Currency conversions become a problem when executives travel abroad. They may have to visit moneychangers that may not be available at all locations. With a global banking account, they have a convenient alternative. ATMs dispense cash in local currency to the global banking customer. At the back end, forex rates are worked out and the money is deducted from the customer’s home account in their home currency.
- Funds Transfer: Funds transfer is either expensive or time consuming. However, with a global banking account, this is not the case. Banks have realized that this is a basic need for global banking customers and have dropped service charges considerably in this regard.
- Worldwide Investment Opportunities: Global banking services ensure that your money moves with you, wherever you go. Investment opportunities arise all over the world, so you do not have to restrict yourself within your nation with these services. Global banking service providers also employ professionals that track and inform account holders of the new investment opportunities appearing on the global scene.
- Worldwide Credit Facility: In case you are moving countries, this account ensures that your bank account and credit card reach home before you do.
- Emergency Assistance: Medical emergencies can happen anywhere. So, banks ensure their clients’ safety and well being at all times by setting up a global helpline.
