Digital International Bank (DIB) is a fully licensed US bank launched in 2017 as a direct challenger to the established players in the market. Offering a suite of services to its customers, this international financial institution is regulated and audited by the Commissioner of Financial Institutions of Puerto Rico (OCIF). DIB provides tailored personal and commercial banking solutions for specific needs and services focused on clients with issues with traditional banking.
So is it safe to avail of the service of this digital bank, or is it still better to stick to the nearest traditional bank in your area? Keep on reading if you want to know more about the answer.
But First, What is a Digital Bank?
A digital bank is a type of bank that can offer banking services online, which you couldn’t do in the past. These days, people are increasingly using mobile devices to interact with businesses and access digital services that improve their lives. As a result, they’ll switch their loyalties to companies with immersive features like online bill payments since this brings a lot of conveniences, and this is what a digital bank aims to provide.
As more banks find themselves with the opportunities and budget to offer digital services, they adapt their strategies to today’s increasingly sophisticated users. Features like mobile deposits, account alerts, and support via chat have all emerged due to this feedback.
It’s also interesting to note that digital banking services are open 24/7, making it easy for customers to bank at any time of day. They’re also straightforward to use as digital services are designed to be intuitive and user-friendly.
More Than Just a Digital Bank
What’s excellent about DIB is that it’s not just your typical bank that offers the usual services online. It’s certainly more than that. They provide various activities of financial nature, including the following:
- acceptance of deposits
- receiving loans
- issuance of letters of credit (LC)
- discount bills of exchange
- underwriting
- trade finance
- fiduciary (custodian)
- property acquisition or less
- clearinghouse
- management services
- hedge funds
- other activities
Advantage of an OCIF-Licensed Bank
Fact: The federal government of the US has jurisdiction over Puerto Rican banks, but the tax laws are different.
The international banking industry has been steadily growing, mainly in the commonwealth of Puerto Rico, due to its competitive bilingual workforce and the tax benefits that banks get to enjoy from this country. In addition, its long-term political stability and democratic form of government have also made it ideal for doing business.
In 2012, the government passed Act No. 273, which approved a series of tax incentives to International Financial Entities (IFEs) that have set their businesses in the country. This allowed IFEs to provide services to clients across the globe while operating as a US company.
But What If You Need to Contact Customer Support?
One of the significant aspects of this DIB is that they provide tailored solutions for each client and top-class customer support. In addition, you are having problems with your banking accounts, you can quickly get in touch with them via email or phone, and their staff will help you find a suitable solution.
The Bottom Line?
Digital International Bank lives up to its name as an actual digital bank providing international clients services. It’s more than just an online bank, so there’s a lot of activities of financial nature that you can do with them. In terms of safety and security, it is supervised by the OCIF, so you are assured that they are consistent with safe-and-sound banking practices. It won’t be a challenge to get assistance because the customer support department can quickly contact you via phone or email. Moreover, since its goal is to become a leading player in the international banking and financial transactions domain, expect nothing but the most satisfactory digital banking experience.