Digital banking is a concept that has been introduced previously. Every serious financial institution maintains an app or website with features aimed at transacting and maintaining accounts easily for their customers.
That said, traditional banks are still exactly that: “traditional.” And as customers travel more and make a living in varying places, many now require solutions that are “borderless” solutions that traditional banks cannot offer.
For the uninitiated, there are several reasons why borderless banking is a viable choice for not just transacting between countries but simply banking in general:
Convenience
Using borderless banking, consumers can manage their finances anytime, anywhere. They can access their accounts and check their balances from their smartphones or other devices.
Unlike traditional banking, however, borderless banking enables consumers to make transactions to and from anywhere with minimal transaction fees.
Faster transactions
In line with convenience, borderless banks often have faster transaction times than traditional banks, especially for international transfers. This is because they use modern technology and streamlined processes to facilitate transfers.
This is particularly beneficial for travelers who want and need to have their finances readily on hand as they go about their journey. This is also useful for digital natives who prefer that their salaries are readily available to them and can be immediately used to cover their expenses.
Lower fees
The biggest benefit of borderless banking is that it commonly has lower fees than traditional banks, especially for international transactions. This is because borderless banks do not have to pay the same fees as traditional banks to intermediaries to process transactions across borders.
While such fees can seemingly be bearable during a one-time transaction, they can be costly when one travels frequently or makes purchases or payments to other parties overseas.
More options
Borderless banking provides individuals with broader banking options, including accounts in multiple currencies.
This means they can hold and use funds in different currencies, which can be especially useful for frequent travelers or individuals working in international markets.
Favorable exchange rates
Through borderless banking, consumers can expect better exchange rates for their money than they would with traditional banks. This is because borderless banks use real-time exchange rates from The World Bank.
This is particularly helpful for those who need to exchange their money for local currencies but can only do so via money-changers in commercial centers that often only offer rates where they profit.
Going global with the right bank
Between people traveling more as of late and others opting to make a living via remote set-up, there has indeed been a rise in the living of a more “global” lifestyle. With that, borderless banking has become increasingly necessary, and consumers deserve financial products and solutions that can keep up with constant location changes.
Launched in 2015, Black Banx has since aimed to fulfill this. Founded by German billionaire Michael Gastauer, the company covers various basic and borderless banking needs across 180 countries and counting via private accounts where customers can:
- Avail of Black Banx Debit Cards (physical or virtual) in various currencies
- Connect virtual Black Banx via smartphone to pay via NFC
- Freely convert currencies between accounts for Bank Interchange rates
- Hold funds, send and receive payments in more than 28 different currencies
- Send and receive payments with instant fund crediting, worldwide
- Transfer money to other Black Banx accounts in a split seconds
- Manage and monitor cards and accounts in real-time
- Configure account and card limits by
- Make payments with a Black Banx Debit card worldwide
Presently serving over 20 million customers, Black Banx’s aims to continue widening horizons by way of a borderless financial system for everyone where money can flow freely.
