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What to look for when choosing a bank?

• First of all, there are many different kinds of banks - unless you’re starting a business, you only need to focus on the commercial (retail) banks in your country/region, since they’ll be able to protect your earnings and manage savings
• Based on your income, choose a private or state-owned bank (there are only about 20-30 countries that have robust state-owned commercial banks, notably India, China and Brazil)
• Before opening accounts, make sure to look up the regulations in your country for the number of bank accounts you can have open
• Some countries will have better foreign banks, and others will have more robust domestic banks. Choose depending on the stability of your income and your country’s economy
• Up-front, clear and fair fees with a manageable minimum deposit for you for both checking and savings accounts
• Strong methods for mobile banking, so you can pay from your phone, make transactions and manage your account from home
• Strong customer service and fraud prevention mechanisms </aside>

Start Here: Look at some of the strongest banks in your region

https://tabinsights.com/ab500/strongest-banks-asia-pacific - Strongest Commercial Banks in Asia-Pacific

https://african.business/2024/09/finance-services/africas-top-100-banks-2024-going-global - Strongest Banks in Africa

https://thebanks.eu/banks-by-country - Strongest Banks in the European Union

https://www.scotiabank.com/global/en/global-site.html - Scotiabank is powerful in Canada, South America and the Carribean

https://www.thoughtworks.com/es-es/clients/top-10-latin-american-bank - Latin America

https://www.besmartee.com/blog/top-10-commercial-banks-united-states/- The US

You can also search “Best retail/commercial banks in XXX country” and read through results

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Just because a bank seems strong, doesn’t always mean that it’s the right choice for you - there are other options, including credit unions and online banks

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Shortlist 2-4 banks that you’re actually confident about:

My Banks