Best International Banks
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Getting an international bank account could save you thousands if you're always out of the country. Read on to find out how.
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Here are the best banks and financial technology companies that help you bank without borders:
- HSBC for expats
- Charles Schwab for frequent travelers
- Citibank for free money transfers
- Capital One for low fees
- Wise for multiple currencies
- Revolut for travel perks
- Chime for USD transactions
- Payoneer for digital nomads
No matter where you are, easy access to your money is crucial. Whether you're an expat, digital nomad, or a frequent traveler, having an international bank account can go a long way.
Looking for a bank to take with you across borders? Here are the top picks. Read on to see which one works best for you.
HSBC Premier
Start an HSBC Premier relationship today. Premium banking with local and global benefits. Plus, access to wealth solutions offered through HSBC Securities, (USA), Inc.
What is an International Bank?
An international bank is a bank that serves customers all around the world. They can cater to those who are always traveling or those who are planning to migrate to a different country.
If you're looking for an account to open with an international bank, here are some of the best picks depending on what you need.
Banks like HSBC, Charles Schwab, Citibank, and Capital One all offer international bank accounts. Alternatively, money service providers like Wise, Revolut, Chime, and Payoneer also offer services that allow you to transact internationally.
HSBC for Expats
| Locations | Australia, Bangladesh, Brunei Darussalam, Canada, China, France, Germany, Guernsey, Hong Kong, India, Indonesia, Isle of Man, Jersey, Luxembourg, Macao, Malaysia, Mauritius, Mexico, Oman, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, United Kingdom, United States, Vietnam |
|---|---|
| Foreign transaction fee | N/A |
| ATM withdrawal fee | Third-party fees may apply outside the US[1] |
HSBC is one of the biggest global banks on the market. Their Global Money Account is a prepaid, multi-currency account that could help you if you live in a different country or if you have international finances.
With this account, you can convert and hold your money in over 8 different currencies, allowing you to make transfers no matter where you are. Their exchange rates also refresh every 90 seconds to stay aligned with foreign markets.
The main drawback to this account is its high minimum balance. To open this account, you'll need at least one of these HSBC US accounts:
- HSBC Premier Checking Account
- HSBC Premier Savings
- HSBC Premier Relationship Savings
- A combined balance of at least $75,000 in qualifying accounts
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account
- A HSBC US residential mortgage loan amount of at least $500,000
- Maintain Private Bank status
For those that can handle the balance, this account is perfect for expats since it doesn't charge you foreign transaction fees on debit card purchases. It also lets you monitor and move money between accounts in multiple countries.
Pros + Cons:
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HSBC Premier
Start an HSBC Premier relationship today. Premium banking with local and global benefits. Plus, access to wealth solutions offered through HSBC Securities, (USA), Inc.
Charles Schwab for Frequent Travelers
| Locations | United States |
|---|---|
| Foreign transaction fee | N/A |
| ATM withdrawal fee | Unlimited ATM fee rebates (fees from third parties may still apply)[3] |
With no foreign transaction fees and unlimited ATM fee rebates worldwide, Charles Schwab could be a go-to for frequent globetrotters.
Their Investor Checking account refunds all your ATM fees whenever you withdraw cash using the Schwab Bank Visa Platinum Debit card.
The account also features no foreign transaction fees and no monthly fees and minimums.
This account even has travel and emergency assistance services[4] including emergency messaging, medical and legal referral assistance, emergency transportation, emergency translation, lost luggage locator, and more. Just note that you'll be charged for most of these services.
Pros + Cons
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Citibank for Free Money Transfers
| Locations | Australia, Bahrain, China, Colombia, Denmark, Hong Kong, India, Indonesia, Malaysia, Mauritania, Mexico, Myanmar, Philippines, Poland, Puerto Rico, Russia, Singapore, South Korea, Taiwan, Thailand, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam |
|---|---|
| Foreign transaction fee | 0-3% (depending on your account) |
| ATM withdrawal fee | No fees for Citibank ATMs (regular charges may still apply)[5] |
Citibank is one of the biggest banks in the world. They span across over 20 countries, meaning if you ever encounter a problem, you can likely head to a physical branch to get it sorted.
They offer free international transfers[6] to other Citi accounts through their Citibank Global Transfers service.
On top of that, they have free Citibank ATM withdrawals in more than 20 countries. These machines will even allow you to withdraw in the local currency of the country you're in.
If you need foreign currency and don't have the time to head to the nearest Citi branch, you can have it delivered to your door using their World Wallet Foreign Currency Exchange Services. Just give them a call and they'll deliver it to your home or office.
Pros + Cons
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Capital One for Low Fees
| Countries | Puerto Rico, United States |
|---|---|
| Foreign transaction fee | N/A (for 360 products) |
| ATM withdrawal fee | N/A (for 360 products)[8] |
Capital One's 360, like a few others on this list, doesn't charge you foreign transaction fees. They also don't charge monthly fees or require a minimum balance.[9]
If you're the type to use cash when you're abroad, Capital One won't charge you fees for taking money out of an ATM. However, you can still be charged by ATM owners if your withdrawals are out of network (which won't be reimbursed by Capital One).
If you're looking for a travel account with low fees across the board, this might be the one for you.
Pros + Cons
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360 Checking Account
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.10% APY
- ATMs: 70,000+ Capital One, MoneyPass, and Allpoint ATMs
- Perks: Free first set of checks
Alternatives
Depending on what you're looking for in your travels, traditional banks may not have what you need. Luckily, there are a few other money service providers you could check out.
Wise for Multiple Currencies
| Locations | Australia, Brazil, Canada, France, Germany, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Poland, Portugal, Romania, Russian Federation, Singapore, Spain, Switzerland, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States |
|---|---|
| Foreign transaction fee | From 0.42% (fee varies by currency)[10] |
| ATM withdrawal fee | 2% + $1.50 per withdrawal[10] |
Wise, although not technically a bank, is one of biggest money service providers in the world. Their multi-currency account lets you hold money in 40 different currencies and provides a universal card you can use in over 160 countries.
If you're looking to send money abroad, you get mid-market exchange rates for international transfers with Wise. However, it's worth noting that you still have to pay fees for sending, withdrawing, spending, and receiving money.[11]
When it comes to ATM fees, the first 2 withdrawals of up to $100 each month are free. But the succeeding and any amount you withdraw above $100 will have a small fee, excluding fees from out-of-network ATMs.[12] Here are a few other fees to take note of:
| Service | Fee |
|---|---|
| Opening an account | Free |
| Sending money | From 0.42% (varies per currency) |
| Converting money | From 0.42% (varies per currency) |
| Hold 40+ currencies | Free |
| Receiving money (non-wire) | Free |
| Receiving USD wire payments | $4.14 (fixed rate) |
Opening an account with Wise is free and it even comes with a virtual card that lets you make online transactions.
If you're looking for an account with multi-currency support, this just might be the best one out there.
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Revolut for Travel Perks
| Locations | Australia, Austria, Belgium, Brazil, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Republic of Cyprus, Romania, Singapore, Slovakia, Slovenia, Spain, Sweeden, Switzerland, United Kingdom, United States |
|---|---|
| Foreign transaction fee | No fees during market hours; 1% outside market hours |
| ATM withdrawal fee | No fees (only up to $400/month for out-of-network ATMs)[13] |
Revolut's account lets you hold and send money in over 25 currencies. They offer currency exchange, international transfers, and even travel perks.
Instead of charging a markup fee for their exchanges, the exchange rate they use is close to the market's exchange rate. [14] This means you get the best exchange rates if you're looking to pay with your card or get cash in a currency you don't hold.
The catch of their exchange rate is that if your base currency is USD, you have a limit of $1,000 worth of exchanges per month (for the Standard account). After you use it up, you'll pay 0.5% on any additional amount.[15]
They also charge higher fees outside the foreign-exchange-market hours. This means that if you need to exchange money any time between Friday 5:00 PM to Sunday 6:00 PM, you'll be charged higher fees.
Revolut's Standard (and free) account even comes with travel perks, you can make currency exchanges up to $1,000 each month with no fair usage fees.[16] But the higher the plan you get, the more travel perks you get. So if you're willing to dish out a little extra, you could get travel perks like:
| Standard | Premium | Metal | |
|---|---|---|---|
| Price | $0.00/month | $9.99/month | $16.99/month |
| International spending at market exchange rates | $1,000/month limit | $10,000/month limit | Unlimited |
| No foreign transaction fees | ✓ | ✓ | ✓ |
| Complimentary lounge access | X | You +1 friend | You +3 friends |
| Primary accidental medical insurance (up to $10,000) | X | ✓ | ✓ |
| Trip delay expense coverage | X | ✓ | ✓ |
| Trip cancellation and interruption protection | X | ✓ | ✓ |
| Delayed baggage expense coverage | X | ✓ | ✓ |
| Lost or damaged baggage protection | X | ✓ | ✓ |
| Discounted airport lounge access | X | ✓ | ✓ |
Pros + Cons
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Chime for USD Transactions
| Locations | United States (card can be used anywhere the card network is accepted) |
|---|---|
| Foreign transaction fee | N/A |
| ATM withdrawal fee | $2.50 for OTC cash withdrawals or out-of-network ATMs[17] |
Like the other money service providers, Chime also offers its fee-free banking services through its partner banks.
Their mobile app lets you handle all your money from one place. If you're looking to use a debit card for your purchases, they mail you a Visa debit card right after you open an account.
Chime's checking account has no monthly fees, no minimum balance fees, and no overdraft fees. However, it's worth noting that you can still be charged fees by ATM owners if you use an out-of-network ATM.
Despite Chime not having a multi-currency account, you can still use their card internationally without having to pay any international card transaction fees.
Pros + Cons:
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Yes. You can use your Chime card internationally as long as Visa is accepted and you have International Transactions turned on in the mobile app.
Payoneer for Digital Nomads
| Locations | Australia, Canada, Europe, Hong Kong, Japan, Singapore, United Arab Emirates, United Kingdom, United States (withdraw locally in over 190 countries) |
|---|---|
| Foreign transaction fee | 0-3%[19] |
| ATM withdrawal fee | $3.15[19] |
With Payoneer, you can open an account in the currency of your choice. This means you can avoid any costly international wire transfer fees when accepting or making payments.
Opening an account is free and you even have an option to get a Mastercard debit card with it. Just note that there are some fees—like annual and withdrawal fees—that come with the card.
Other additional fees include charges for transferring money or moving money between accounts that use different currencies—unless they're both Payoneer accounts. In that case, accepting international payments is free but sending funds to other Payoneer account holders in certain regions may incur a fee. [20]
This account is great for digital nomads who love to work fully remotely. This includes business owners who receive money in different currencies or freelancers who decide to make the whole world their office.
Pros + Cons:
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How to Avoid Banking Fees & Costs Abroad
Being charged for a fee you weren't aware of while you're abroad is a hassle. Here are a few general tips you can use to avoid these unwanted costs:
- Check your bank's foreign transaction fees/exchange rates
Avoiding unwanted fees starts with reading the fine print. Before traveling, be sure to read up on your bank's foreign transaction fees and exchange rates. - Pay with the local currency
Paying with the local currency avoids dynamic conversion completely. This can lead to less expensive transactions and less strain on your bank account.Dynamic currency conversion (DCC) lets you make credit card purchases abroad using your home currency. Although it saves you from doing the math on your purchases, it often comes at a poor exchange rate. - Use a multi-currency account
Using a multi-currency account keeps your money in local currencies. This helps you avoid high conversion fees and bad exchange rates. - Choose a bank that reimburses ATM fees
Withdrawing cash abroad makes you susceptible to non-network ATM fees. Look for a bank that reimburses these fees so that you can save the extra money for your travels.
What to consider when looking for an International Bank
Choosing an international bank is like choosing a travel partner—you need to make sure you're compatible. To help you with your decision, here's a list of things you can look out for:
- Foreign transaction fees:
Ideally, you won't want to be charged for your purchases abroad. Without these fees, your wallet will feel heavier and you'll have more money to spend on other things. - Currency exchange:
Some banks offer in-app currency exchange at little to no fees. Since you'll be likely using different currencies, you'll want the convenience of exchanging money in-app.Not only are finding local money exchangers a hassle, but for their services, they might charge higher than the current exchange rate.
Local banks or ATMs are the best places to exchange money when you're abroad. Local money exchangers will often charge a high markup on top of their exchange rates, especially the ones you see at the airport. - ATMs:
When you're abroad, an ATM is one of the only ways for you to withdraw cash. When choosing a bank, make sure they give you ATM access no matter where you are.Also, be on the lookout for the fees that you'll be charged. If your bank has no ATMs overseas, you'll want to at least make sure they reimburse your fees.
- Mobile app:
Whether you're an expat, digital nomad, or frequent traveler, having a good mobile app is essential because it allows you to manage your money on-the-go.Not all banks have physical branches online, so be on the lookout for highly-rated mobile apps from both traditional banks and money service providers.
- International presence/customer service:
Running into problems with your bank is always a hassle, even more so if you're abroad. For the smoothest banking experience, make sure that the bank you're considering has dedicated customer service even if you're abroad.
Yes. Generally, you should inform your bank if you're going abroad. Notifying them helps them monitor the security of your account and prevents you from getting locked out.
How to Open an International Bank Account
The process of opening an account with an international bank will depend on the bank. If you already have a bank or money service provider in mind, be sure to read up on how to open an account with them.
These banks will often ask for document requirements when you open an account with them. No matter where you are, you'll likely need:
- Proof of Identity - Passport, driver's license, state ID, etc. Banks will also often require two forms of ID.
- Proof of Residency - Recent utility bills, lease agreements, or an ID with your address.
- Minimum Deposit - Depending on the account, you might be required to make an initial deposit for your account.
Methodology
The first thing we took into consideration is the fees that come with each account. Whether you're a frequent traveler, digital nomad, or an expat, you wouldn't want fees eating into your funds.
Next, we looked into the mobile app. Since not all banks on the list have physical locations, we wanted to make sure that you have control over your money and account. With the best mobile apps, you can check your balance, monitor your transactions, and be notified of any suspicious activity (if there are any).
Last but not least, we looked at the currency exchange rates. You won't always have a money exchanger nearby, so banks that offer multi-currency support or low in-app exchange rates are always a plus.
Bottom Line
When you're always abroad, having a good international bank account as a travel partner is essential.
HSBC Premier
Start an HSBC Premier relationship today. Premium banking with local and global benefits. Plus, access to wealth solutions offered through HSBC Securities, (USA), Inc.
Each bank has something to offer, whether it be multi-currency support, international presence, competitive exchange rates, or even reduced fees. To choose the best one for your needs, figure out what you need in your travels and match it with the bank that can fulfill those needs.
References
- ^ HSBC. ATMs, Retrieved 01/04/2024
- ^ HSBC Bank. Premier Relationship Saving, Retrieved 10/3/23
- ^ Charles Schwab. A checking account built for investors, Retrieved 01/04/2024
- ^ Charles Schwab. Your Visa Card Guide to Benefits, Retrieved 09/04/2023
- ^ Citi. Citibank ATMs around the world, Retrieved 01/04/2024
- ^ Citibank. Citibank Global Transfers, Retrieved 09/04/2023
- ^ Citi. International Banking services and Offshore Banking services, Retrieved 10/3/23
- ^ Capital One. International ATM Fees, Retrieved 01/04/2024
- ^ Capital One. 360 Checking Account, Retrieved 09/04/2023
- ^ Wise. Wise Fees: Only Pay for What You Use, Retrieved 01/06/2024
- ^ Wise. Wise Fees: Only Pay for What You Use, Retrieved 09/04/2023
- ^ Wise. Fees for the Wise card, Retrieved 9/27/2023
- ^ Revolut. Personal Fees, Retrieved 01/06/2024
- ^ Revolut. How can we help?, Retrieved 09/04/2023
- ^ Revolut. Personal Fees, Retrieved 9/27/2023
- ^ Revolut. Revolut Standard, Retrieved 9/27/2023
- ^ Chime. Banking That Has Your Back™, Retrieved 01/06/2024
- ^ Chime. Can I use my card outside of the United States?, Retrieved: 10/4/23
- ^ Payoneer. Payoneer Fees., Retrieved 01/06/2024
- ^ Payoneer. Fair fees. Pricing without surprises, Retrieved 09/04/2023
Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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