Embarking on the expat journey to another part of the world is an exciting chapter of life, but navigating different financial landscapes can be a challenge. While living abroad, many banking options available offer low-interest rates on savings and can burden you with hefty fees, transaction costs and exchange rates.
But there are easier ways to spend, save and protect your wealth. Here are four smart ways from Xapo Bank to help you grow your wealth as an expat.
1. Grow and protect your wealth with high-interest earnings, paid out daily
There are many exciting and fastest-growing economic hubs around the world, but no matter where you are, it can still be difficult to securely grow your savings.
Many savings accounts are typically quite low in the returns they offer, and like many options, can require large minimum deposits, long lock-in periods, high maintenance fees, and payouts that just don't happen often enough. But there are other options, like Xapo Bank, that offer high annual interest rates, which are paid out daily so you can watch your wealth grow in real-time.
And in a global village that's never been so interconnected, it's also smart to have a bridge that links traditional banking to crypto. For those living abroad, crypto adds another layer of freedom to the way you save and transact, which is why keeping your Bitcoin and fiat currency under one (banking) roof is so valuable.
Above all, we believe it's important to be able to have access to your money whenever and wherever you want, with no lock-in periods, minimum balances, or hidden fees.
2. A global debit card that's affordable to use
When living abroad, international transactions can be costly because of expensive fees and exchange rates. Global debit card options, like Xapo Bank's, allow you to transact seamlessly around the world without incurring excessive charges, meaning you don't need to do unnecessary budgeting just to make a simple purchase.
By using fee-free global debit cards, you can optimize your transactions and keep more of your money, especially with features like cashback that let you earn while you spend.
3. Find easy ways to make secure global payments, cheaply
Transferring money across borders and oceans is typically very expensive for expats, and quite often unavoidable. Normally, these processes are complex and involve many processes and intermediaries that all take a slice of your transaction in the form of fees and exchange rates.
Having a solution that can help you make seamless cross-border payments cheaply, quickly, and securely might sound like a dream, but it is possible. Options like stablecoins can be extremely effective and help your money maintain a more consistent value and avoid expensive exchange rates that would otherwise be incurred. The most widely used stablecoins today are USDC and USDT, otherwise known as Tether.
4. Look for stability and security
For many, this is the most important aspect to look for when considering wealth and payment solutions abroad.
Due to rapid inflation and currency volatility in many regions, people need to consider alternatives, with an international bank account being a popular choice for many. This allows you to store your money in a currency that is less susceptible to sudden and dramatic price fluctuations.
Secondly, you need to make sure the banking option you decide on takes serious measures to protect your wealth. This includes fiat deposit protection, being fully licensed and regulated as a bank and/or Virtual Asset Provider (VASP) by a reputable and recognised regulator, as well as abiding by strict regulations and global standards.
The digital bank for a global village
As an expat, taking control of your finances is one of the best ways you can make the most of living abroad. By leveraging high annual interest savings accounts, fee-free global debit cards, seamless global payments, and international accounts, you can get the best out of your finances. Seek out banking solutions that align with your goals and provide the freedom and flexibility you need. With the right financial tools at hand, you can navigate the expat experience with confidence.
A Xapo Bank account is an easy way to protect and grow your wealth with interest that's paid out daily. To learn more about Xapo Bank and how we make expat life easy, head over to our website.
Disclaimer
This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.
