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The convenient solutions of global banking services
JP/Arief SuhardimanA glance at banking solutions that let you stay connected to your money regardless of your whereabouts
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JP/Arief Suhardiman
A glance at banking solutions that let you stay connected to your money regardless of your whereabouts.
With today's rapidly developing technology driving globalization, multinational financial institutions are competing in providing the best financial services.
Each of these institutions are now offering various global banking service solutions that tap the needs of both corporate and individual customers, especially those with a penchant for traveling overseas.
Multinational banking corporations operating in various countries around the globe have been known for their continuous innovations in terms of introducing additional benefits of global banking services. Indeed, competition in this area is always stiff, but in the end, the customers are the ones who can enjoy the benefits: They are presented with more choices to help them with their global banking needs.
Citibank Group, for example, offers its clients global banking solutions, which Citi customers can benefit from. The bank has come up with a sophisticated product called Citi Global Banking with key features offering many benefits. The product's key features are Citibank Global Transfer (CGT), Global View of Account (GVA), International ATM Withdrawal and Citibank World Privileges.
'Citibank Global Transfer (CGT) allows customers to transfer funds to more than 15 countries. With the service, customers can make online transfers for free and in real-time to their account or to an account with a different beneficiary name,' said Rustini Dewi, Citibank N.A. Indonesia's retail bank head.
She added that these global banking solutions were very effective, especially in the event of transferring emergency funds. 'The funds are made available in the recipient bank account as soon as you complete the transfer process via Citibank Internet banking.'
Citibank is not alone. Another global bank, Standard Chartered Bank, also offers online money transfer service to overseas. Capitalizing on a secure Internet connection, customers can transfer funds to an Standard Chartered Bank office in another country that also utilizes the service. Ten countries offer this service at present.
HSBC is another international bank offering a global transfer service. Customers can easily and in real-time transfer funds in around 21 currencies to their HSBC account overseas over a secure Internet connection to dozens of participating countries. Transferring money overseas is free for customers of HSBC Premier, while those with HSBC Advance account, are required to pay US$ 7 for each transaction.
'Another service that globetrotters will find important is the global account view. Having full access to information related to their accounts provides the customers with comfort and confidence, as they can better plan their business or trip,' Rustini explained.
Her explanation also refers to another key feature of Citi Global Banking, namely the Global View Account (GVA). This solution lets customers log into their Citibank account using a single sign-in. Monitoring expenses is made easy with this service, which is available in 17 countries.
Standard Chartered Bank also provides customers with access to consolidated information regarding their Standard Chartered Bank accounts. With the bank's Global Link, customers can manage their multiple accounts. They can add or delete countries depending on their personal preference and circumstances; therefore, adding a stronger sense of security to their accounts. The bank's Global Link is available in 10 countries.
HSBC also offers similar solutions. Its Global View feature, which is also available in many countries, is part of the bank's online services.
Cash withdrawals abroad may become a problem as not all banks have a feature that enables customers to withdrawal funds from ATMs overseas. Citibank, Standard Chartered Bank and HSBC have an international ATM/Debit Card network.
Standard Chartered Bank's worldwide ATM/Debit Card network lets the bank's customers make cash withdrawals free of charge from Standard Chartered offices and Visa/Cirrus/Plus ATMs worldwide. Citibank has a wide network of ATMs across the globe from which customers can make a cash withdrawal.
Citibank also waives the service charges for cash withdrawals from any of Citibank ATMs worldwide, even though some countries or banks may have service charge regulations for transactions made at an ATM Plus network.
For HSBC customers, the bank's services are available at many ATMs around the world. Customers can also make use of ATM Plus network. Making a cash withdrawal may require the account holders to pay charges set up by respective banks or countries.
Quite often banks launch special programs to lure customers to use their credit card/debit card. Special deals and discounts can run for almost a whole year. And for international banks, the program may go beyond the border of a country.
One example is Citibank, which cooperates with merchants across 20 countries to offer exclusive discounts. Usually, a special program in one country is applicable for Citibank issued in another country, but it will be wise to check with the bank to avoid confusion.
HSBC also often has a special program and offers for its credit card products. An HSBC credit card issued in Indonesia, for example, may have a special offer for a service in another country. This should help cardholders who happen to visit the country to make the most of their card.
With Standard Chartered Bank, a special discount program may be applicable only for cards issued in the respective country, so customers need to have the proper information about whether a special program is a local or an international one.
