4 Benefits Of International Video Banking

Banking services that are more high-tech are always the last to reach the United States. Take video banking, for example. This is a banking service whereby you "phone" a bank, ask to speak to the next banking representative or teller, and then conduct a transaction face to face, even though you may be thousands of miles apart.

Some people might be concerned about conducting banking business this way. However, on an international scale, video banking has become quite popular. Here are four benefits of international video banking, in case you want to tuck your money safely away out of this country.

1. You Can See and Record the Whole Thing 

Video banking allows you to see the person with whom you are conducting banking business. Better still, you are able to record the entire session in the event that something goes awry, or you have a question or problem for the person that handled the transaction. You can easily reference the video session, as can the bank representative, and the head banker of the institution.

2. You Can Make Deposits and Open Accounts in Other Countries Late at Night

Because of the major time differences, most banks in Europe are opening for the day when you are going to bed or just waking up in the morning. Great Britain is three to six hours ahead, France and Germany are four to seven hours ahead, etc. If it is a Swiss bank account you want, Switzerland is also four to seven hours ahead, depending on where you reside in the U.S.

3. Face-to-Face Account Requirements Are Lifted

If, for example, you wanted to open a Swiss bank account, you can actually do that now with video banking, whereas you could not before because of their face-to-face visual requirements for opening a bank account. There have always been strict regulations regarding foreign accounts so that everyone is equally protected against theft, identity theft, and fraud. When a Swiss bank executive can see you, and you can see him/her, it would be very tricky indeed to fake the live feed of your individual faces!

4. The Inflation and Decline of the American Dollar

Every penny and every bit of profit you earn is less and less in this country. The dollar does not carry as much power as it used to. For that reason, you should really consider opening some foreign bank accounts and stashing money in them, and with video banking, it is very easy to do just that.