Best banks for American expats
Living abroad opens up exciting opportunities but can also come with unexpected challenges—especially when it comes to managing your finances. For American expats, finding a bank that meets your unique needs while staying compliant with U.S. regulations is key.
Often, expats face roadblocks like high ATM fees, account freezes, and limited access to international branches. Another big issue? Meeting the residential address requirements needed for banking and legal purposes.
In this article, we’ll explore the best bank options for American expats and provide tips on maintaining a U.S. residential address abroad.
Key considerations for choosing expat-friendly banks
When you’re abroad, the right bank can make all the difference in keeping your finances simple and accessible. Here are a few things to look for:
ATM accessibility and fees
Some banks offer free ATM access worldwide, while others charge each time you withdraw. Look for banks that either have low international fees or reimburse ATM fees, so you’re not losing money with every withdrawal.
Multi-currency support
Multi-currency accounts can be a lifesaver, especially if you’re earning in one currency but spending in another. Banks that support multiple currencies or provide competitive exchange rates can help you avoid expensive conversion fees.
Global reach and customer support
Banking from overseas often means needing assistance at odd hours. Some banks specialize in international service with 24/7 support, making it easier to solve issues without waiting days for a response.
Patriot Act compliance
The Patriot Act has strict rules about addresses that banks accept, especially for expats. Banks won’t allow CMRA (Commercial Mail Receiving Agency) addresses, like those from mail forwarding services. Instead, banks require a verifiable residential address, so it’s essential to have a plan for meeting this requirement.
5 best banks for American expats
HSBC Expat
For American expats needing a multi-currency, internationally accessible account, HSBC Expat is a top choice. It offers accounts in multiple currencies, extensive online banking, and global customer support.
Their presence across continents allows convenient access no matter where you are, which can be especially useful for frequent movers.
However, these advantages come at a price; HSBC’s fees can be higher than those of local banks, making it a good fit for those who prioritize global reach over low costs.
Citibank
With one of the most extensive international networks among U.S. banks, Citibank is well-equipped for expats. It offers multi-currency accounts, making it easy to manage funds across borders, and provides reliable international customer support.
Transferring money between Citi accounts in different countries is simple and cost-effective, which can be a real plus if you have family or business ties back home.
However, some account types may have high fees, so reviewing their fee structures is essential.
Charles Schwab Bank
Charles Schwab is often celebrated by travelers for its fee-free checking accounts and worldwide ATM fee reimbursements, making it an ideal choice for expats who frequently withdraw cash abroad. Schwab’s accounts come without foreign transaction fees, which can be a significant saving.
The main drawback is that Schwab doesn’t have physical branches outside the U.S., so services are fully online for international users. This can be limiting if you need in-person assistance.
Wise (formerly TransferWise)
Wise is known for its low-cost international transfers and multi-currency accounts, tailored for people with cross-border needs. Their app is user-friendly, with transparent and competitive exchange rates that avoid the hidden fees often found in traditional banking.
However, it’s important to note that Wise isn’t a traditional bank; it doesn’t offer services like loans or full-service checking, so it’s best suited as a secondary account for easy transfers.
Revolut
Revolut is a digital-first banking solution that offers multi-currency support, real-time exchange rates, and budgeting tools, ideal for expats with more flexible banking needs. Revolut’s platform is intuitive, especially for managing budgets across currencies.
However, the app-based service occasionally faces issues with customer support, so it may not suit those who require consistent customer service availability.
Maintaining a U.S. residential address for banking needs while abroad
For expats, choosing the right bank is only part of the equation; having a verifiable U.S. residential address is essential for compliance with financial institutions. However, many expats face obstacles, as traditional mail forwarding addresses (often flagged as CMRA) are not accepted by banks for legal and financial purposes.
Here are the best ways to maintain a compliant U.S. address:
Domicile services
Companies like SavvyNomad offer a legal residential address in a tax-friendly state (e.g., Florida or South Dakota) with full support for documentation, form filing, and proof of address required by financial institutions.
This option is ideal for expats who need reliable, long-term address solutions that support banking, voting, and tax purposes.
Friend or family member’s address
While this option may seem easy and affordable, it often lacks the necessary documentation to serve as valid proof of residence for banks or legal needs. Relying on friends or family also means inconveniences for both sides, as they may need to manage your mail, forward items, or verify address details upon request.
Virtual mailbox services
Virtual mailbox services allow expats to manage mail online through scanning and forwarding. However, most virtual addresses are flagged as CMRA addresses and are therefore not suitable for banking, legal, or financial purposes. While convenient for basic mail, this option cannot provide the official documentation required by banks.
Jameson Rader
