Why do individuals open bank accounts in multiple countries?

Banking
Asked by Question Bot12/Jul/20211 answer

1 Answer

F

Faisal Khan

Answered 12/Jul/2021

Most individuals who want to open up a bank account from overseas (internationally) are usually those who are dealing with the overseas market as a freelancer or doing some sort of a business on an individual level.

For example, someone from Pakistan wants to open a bank account in the US, Canada or Europe, it is most likely the person is engaged in some form of a business and would like to receive payments natively to the buyer.

If the freelancer, for example, is designing is doing some research work and needs to be paid say € 75 by a company in Brussels, it is much easier for the company to pay € 75 to a European bank account using SEPA rather than sending money overseas via SWIFT to Pakistan.