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Marketing - Essay Example

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Marketing

It thus makes sense to have a bank with a global reach that makes it easy for the expats to access their money in the right currency and amount whenever need arises. Such banks include Barclays, HSBC, City Bank among others (Czinkota and Ronkainen, 2007, p. 119). One of the main reasons expats would be interested in a global bank is that one can have all the information concerning their accounts at all times. Most global banks offer international accounts accessible from any part of the world. This easiness of information access is one reason expats need to consider global banks. They get to know all the charges incurred in all the transactions they make on their accounts. Another reason a global bank is the right choice for expats is that they have the added advantage of not only accessing their money whenever they need it, they also get it in whatever currency they desire. Due to the bank’s global reach, exchange rates are also deemed to be reasonable as they are normalized all across its branches (Czinkota Ronkainen, 2007, p. 77). It also occurs that due to their large sizes, these banks have the luxury of offering the best exchange rates on the market since they enjoy economies of scale. Thus, they make profits depending on volume in spite of exorbitant rates. The expat also gets to build their banking reputation with the given bank thus improving their credit ratings. This is most important when one requires a loan to finance a given project in the new country but is short of funds. Since they have good credit ratings with their banks, they easily qualify for loans without much of a hassle. It is a great way of getting things done. A great advantage with having a global bank is that most of them offer a safe haven for one’s cash. Due to these banks’ sheer size, they are very reliable in terms of the safety of funds. Most of them have been in operation for more than a century and have this most enviable reputation for dependability. Their big sizes also offer excellent ways for tax efficiency given that they mostly normalize their operations across all branches the world over. It is thus to the benefit of the expat to have such an institution at their service whenever they travel around the world. Besides offering peace of mind, these banks enable the expats focus on other matters while they take care of the monetary matters (Czinkota and Ronkainen, 2007, p. 103). Financial Services That Might Interest Expats Living in Hong Kong and Singapore C5.2 tabulates countries, according to rank, basing on a few selected factors. Among them is the longevity of residence in a foreign country, earning and saving for the expats, the luxury facilities in these countries available to the expat and the cost of accommodation compared to the expats’ domicile. The financial services that would most interest an expat are the earning and saving capabilities, the availability and affordability of luxurious facilities and the cost of accommodation. The expats’ ability to earn and save money in the new country is of great importance. This depends greatly on the cost of living. If the cost of living in a country is low compared to the amount of money to be earned as an expat working there then that country is deemed to attract a lot of foreigners working and living there. India, Singapore and Hong Kong have the highest rating in this area owing to the low ...Show more

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Topic: Marketing Name Professor Institution Course Date Why Expats Might Be Of Interest to a Global Bank Expatriates, being those who are not resident in their own country, need a lot of flexibility concerning the transfer of money between accounts held in their home country and wherever they may be staying currently…
Author : adela11
Marketing essay example
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