What is a Eurobank?
A eurobank is a financial institution that makes loans and accepts deposits in foreign currencies -- simplifying international trade, transactions and investing.
How Does a Eurobank Work?
If an American company wants to buy parts from a European company, it can use a eurobank to obtain the proper currency. Rather than holding foreign currency in its own account, an American company can simply pay a eurobank in dollars, and the eurobank will complete the transaction in euros.
Why Does a Eurobank Matter?
Eurobank facilitates global trade and flows of capital between countries, promoting international economic growth and development. In addition to providing international financial services, eurobanks creates rate competition among banks and meets the demand of international investors wanting to hold foreign currencies.
- Create a retirement savings goal
- Design an investment plan to reach it.
- Get a professional money manager to continually monitor and rebalance your portfolio
Sound complicated? Don't stress. Vanguard's new robo advisor service can help you put all of this (and more!) on autopilot, all for an annual gross advisory fee of just 0.20%.
Click here to learn more about Vanguard's new Digital Advisor service.
