14 Best Banks for Expats - Wander Onwards (2024)

Thinking about becoming an expat? Well, from experience, I can tell you that’s a great idea. That being said, setting up your life overseas does take some thinking about, especially when it comes to your money.

That’s why I’ve compiled a list of the 14 best banks for expats and listed all their pros and cons so you can make an informed decision!

1. Wise

Okay, I’m not ashamed to admit it, but I love my Wise account. Formerly known as TransferWise, Wise is one of the most popular international banking systems around with over 11 million users.

It’s completely free and easy to set up and doesn’t have a premium version which blocks all the best features. If you want to get cash out overseas, you can withdraw up to $250 at a time from one of the 2.3 million compatible ATMs around the world.

If cashless options are more your thing, Wise offers both physical and digital cards that are compatible with both Google Pay and Apple Pay, so you can conveniently tap and go directly from your phone.

One of the best features in my opinion is that you can hold money in up to 50 different currencies. This is cool for one major reason.

You can actually set up alerts in your Wise account to track exchange rates and be informed when that better exchange rate is available.

This means that you can bide your time and get the most out of your money, rather than being at the whim of the markets!

Pros

• No subscription fees
• Up to 10 local banks for fee-free international currency payments
• Holds money in over 50 different currencies.
• Track all your transactions and international payments in full
• Set alerts for better exchange rates
• Request money feature so you can split checks with friends
• 2.3 million compatible ATMs worldwide
• Accepted in 200 countries

Cons

• Customer support is pretty slow and there isn’t a web chat option, which is unusual.
• Once you hit a certain number of transfers, you need to send Wise more paperwork to prove you’re human.
• No savings option

2. N26

If you’re either a European citizen or heading to Europe to start your expat life, you might want to check out N26. Based in Germany, the financial hub of Europe, N26 is a force of nature.

It’s super secure, as you’d expect from a German bank, and you can deposit up to 50,000 Euros without being charged any fees.

Honestly, that’s a huge number and something that’s really amazing if you’re setting up a new life abroad.

Getting your expat life up and running isn’t cheap so being able to have an account with that kind of money in it without having to pay exorbitant fees is a lifesaver.

However, if you need cash on hand, you are going to have to deal with withdrawal fees on the lowest two packages.

N26 has four packages: Free, Smart, You, and Metal. On Free and Smart, you’ll have to pay 1.7% in fees on top of any withdrawal so it soon adds up.

Of course, if you don’t need cash that often, it might be more cost-effective to suck it up and accept the fees, rather than paying subscription fees for You or Metal-level packages.

Of course, it all depends on how you spend your money. For example, if you’re moving to a big city that’s practically cashless, the premium packages may not be worth it.

However, if you live somewhere more remote or traditional where you still need cash for small purchases.

One of the downsides is that N26 currently only holds Euros. While this isn’t a problem if you’re becoming an expat in one of the many European countries that use Euros, it can be irritating to exchange all the time if you’re in a country with a different currency.

After all, the rates can be really up and down at the moment!

Pros

• Easy and quick sign-up
• Huge transfer allowances
• Easy-to-use interface
• Bonuses and perks on the more expensive subscription plans
• Free plans available
• Uses the exchange rate of the day
• 24/7 customer support
• No overseas transfer fees

Cons

• Only holds Euros.
• Customer support is slow, but once you’re through it’s super efficient and helpful!

3. Chime

Now, this isn’t exactly an overseas bank, but if you’re currently based in the US, Chime is an awesome way to boost your credit score.

If you looking to buy a house in the future but aren’t sure what kind of mortgage you’re going to get or what business loans you can get based on your current credit score, I’d definitely recommend getting a Chime account to boost your numbers.

Essentially, Chime gives you a credit card that you can top up and use like a debit card. On Chime’s end, they’ll record the transaction as a credit transaction and help you build your credit score.

As you’ve pre-loaded the card, you don’t have to worry about paying it off at the end of the month, because you’re basically just using it like a debit card.

Chime works all around the world without any transaction fees, but there are some downsides as it’s not specifically developed for overseas use.

You can only hold money in USD so it means that you’re subject to daily exchange rates, and there are lower allowances on spending and withdrawals than many other banks on this list.

Pros

• Free account with lots of bonuses
• Builds your credit score in a reliable way
• Use worldwide without international transaction fees.

Cons

• Can only hold money in USD.
• Lower allowances on spending and withdrawals than many competitors.

4. Revolut

If you’re been a frequent traveler, then chances are pretty good that you’ve heard of or used Revolut in the past. They’re one of the most popular international banking apps for good reason.

The app is easy to use and after you’ve set up all your security measures, you can easily top up your money, set savings goals, or even invest in crypto, stocks, and shares all within the app.

Need a physical card? You can request a physical card (they’re not always free on the basic subscription), and you’ll be able to withdraw cash at their ATMs.

A quick warning that there are fees outside their ATM network, so you might want to check where these are in the world.

One of the cool things is that you pay in 140 different currencies worldwide, all at the daily exchange rate. This means that you can travel around the world and still be able to use your Revolut card for your daily spending.

If saving is more important to you, Revolut has a range of savings vaults where you can put restrictions on withdrawing your money, set budgeting goals, and even round up your money.

It’s an easy way to start saving money and you can track it all in the app.

The thing with Revolut is that if you want international transfers that are unlimited outside of the Revolut network, you’ll need to upgrade to the Revolut Premium or Revolut Metal packages. You get a whole host of perks including improved access to customer service.

Pros

• Money is exchanged at the daily rate
• Receive trend forecasts for exchange rates, so you can bide your time
• In-built crypto trading platform
• Virtual and physical cards
• Includes travel insurance on the paid plans
• Decent security levels
• Saving vaults to help with your budgeting goals
• Unlimited withdrawals within their own ATM network
• Unlimited free international transfers to other Revolut users

Cons

• It can be difficult to get a hold of customer service unless you pay for either Revolut Premium or Revolut Metal.
• Charges for withdrawals over $1,200 outside their ATM network

5. Chase

If you’re a UK resident with a UK tax number, you can apply for a Chase account. This is a really cool account because you get cashback on all your spending and savings.

It’s unclear if this is going to continue past 2024, but at the moment, users get 1% cashback paid monthly on all purchases. That includes purchases overseas.

So, not only are you spending at the exchange rate of the day, but you’re getting an extra 1% back on top of that, which actually means it’s a better exchange rate than most of the other banks.

On the savings side, you can get a huge 4.1% cashback on a regular savings account and 5% if you round up your spending to the nearest whole number. All of this is paid monthly, so you don’t have to wait the full quarter or year to get your extra money!

You’ll also receive a physical card that weirdly enough does not have any numbers on it.

This is for security purposes and you can find your card numbers in the secure app if you want to spend money online.

So, you can withdraw money at standard ATMs, spend online, and save with this comprehensive service.

Pros

• Huge cashback on spending and saving
• Secure cards with numberless features
• Compatible with Google Pay and Apple Pay
• Track your spending in-app and set restrictions
• Spend abroad without fees
• 24/7 customer service

Cons

• Only available to UK residents with a tax code
• No overdraft available

6. Monzo

If you’re from the UK, you’ll have probably heard of Monzo before. It’s super popular with people who are looking to budget their spending while also having the flexibility to spend overseas.

One of the biggest draws for Monzo has to be the whole host of budgeting features.

The app will categorize your spending into different sectors like transport, eating out, entertainment, grocery, and more. You can also upload your paper receipts to the app so that you can include your cash-based spending in your budget projections as well.

This is also really helpful if you need to split a bill with a friend as well.

If you want to save money, there are accounts with around 1.63% rates, which is pretty good for a non-traditional bank.

You can also withdraw up to £200 in cash per month without incurring any fees. With the amount of cashless places nowadays, this normally isn’t a problem.

However, if you’re living in a new country where cash is still king, you will get charged a huge 3% on withdrawals after this point which is pretty steep!

Also if you’re moving outside of the EU there are more limits on withdrawals, so if you’re settling down outside of Europe, this is worth factoring in.

All in all, Monzo offers free and easy-to-use overseas bank accounts that are great for traveling overseas, but there can be a lot of fees on certain things and you can only hold money in GBP so it might be annoying to constantly have to exchange money.

Pros

• Tons of budgeting features
• Competitive savings accounts
• Free account plan
• Easy to use and set up

Cons

• Works off the Mastercard exchange rate which isn’t always the best
• Limits on free withdrawals outside of the EU, so it’s not great for non-European expats
• Only holds money in GBP
• £1 fee when depositing with PayPoint
• Only available in the UK
• Maximum £200 withdrawal per month without fees (3% after that)

7. Charles Schwab

US citizens, this is the expat bank for you! As a traditional bank, Charles Schwab is a pretty well-known name, and for good reason. However, you have to physically be in the US to set up your account as VPNs don’t seem to work for the setup phase.

Once set up, you can benefit from zero fees on compatible ATM withdrawals and transactions.

For reference, Charles Schwab has compatible ATMs in over 200 countries. So chances are good that there’s going to be a fee-free ATM near your new home.

The main issue with Charles Schwab comes with depositing money as it’s pretty difficult to do it without a check or wire transfer. The latter can be pretty slow, so you’ll want a more accessible bank account that you can use to help top up your Charles Schwab account.

Also, invest in a decent VPN to access your online banking as many people have said it’s tricky to access otherwise.

Pros

• No fees on ATMs or transactions
• Super secure online banking
• Amazing customer service
• Free travel accident insurance
• No account minimums

Cons

• Difficult to deposit money unless it’s a check
• Hard to access online banking overseas without a VPN
• Only available to US citizens
• You need to physically be in the US to apply – VPNs don’t work to set up the account

8. HSBC Global Money Account

Okay, so HSBC has been a huge global bank for decades now and has a presence in most countries around the world.

That means if you want the reassurance of being near a physical bank branch when you’re abroad, then HSBC is a really good option.

They’re known around the world for high-quality custom service, so if you happen to get in trouble, you can either go in-branch or contact their comprehensive support lines and emails. This can be really reassuring if you’re in a pinch!

As HSBC has a global presence, there are a lot of HSBC-specific ATMs all around the world where you can withdraw money without any fees.

There are also no fees on international transfers which is a huge plus, and you can hold up to eight currencies. So if you’re waiting for rates to improve or are traveling back and forth between countries, you don’t have to lose out on the conversion rate.

Unfortunately, you do get charges for international transactions so keep an eye on that. You can either pay in cash for most things or use this as a traditional bank and use a more international-friendly card for your day-to-day spending.

Pros

• Manually free ATM withdrawal fees
• Holds up to eight different currencies
• Zero fees for international transfers
• World-class customer service
• Large, established World Bank

Cons

• Fees on international transactions
• Exchange rate is not real-time
• Some accounts have monthly fees

9. STACK

If you’re a Canadian looking to move overseas, you need to check out STACK. Again, this isn’t a traditional bank, but if you’re looking for a reloadable international card with minimal fees and cashback offers available, this is going to be great for you.

STACK seems to work like the Revolut, Chase, and Monzo cards where you can top up the card and spend all over the world with no transaction fees and even have zero withdrawal fees at compatible Mastercard ATMs.

There are also a ton of savings schemes, budget management tools, and even invoicing tools, so if you need to get money from clients while you’re on the road, this is a great option for you.

Of course, this is only really open to Canadians as you need a Canadian bank account or access to a Canadian Post Office to top up your STACK account.

Pros

• No overseas transaction fees
• Free money transfers to other STACK accounts
• Spending tracker
• Withdrawals at any international ATM
• Round up to the nearest whole number saving scheme
• No ATM withdrawal fees with compatible machines
• Cashback offers available

Cons

• Can only deposit in Canadian dollars
• Need a Canadian bank account or visit a Canadian Post Office to deposit money
• Charged withdrawal fees at non-STACK compatible ATMs

10. Payoneer

If you’re looking for an alternative banking solution to PayPal, Payoneer has emerged as a frontrunner.

The main benefit is that where PayPal charges 5% withdrawal in some cases, Payoneer only charges 2%. That 3% difference soon adds up!

While it takes a while to get verified and set up with Payoneer, once you’re sorted, you can benefit from easy invoicing, request payment features, and money transfers to over 150 countries.

If you’re a freelancer or self-employed person, this is a really powerful alternative to PayPal.

However, wire transfers do have pretty high fees, and getting cash can be an issue. You might want to pair this with a more flexible international spending option to get the most out of your Payoneer account.

Pros

• Cheap withdrawal fees compared to PayPal
• Easy invoicing
• User-friendly
• Physical card for easy withdrawal and spending
• Money transfers to over 150 countries
• Request payment feature

Cons

• Long verification process
• Difficult to get cash
• High fees on wire transfers
• Fees for inactivity

11. Starling

If you’re based in the UK, you may be eligible for a Starling bank account. One of the best things about this account is that they have no international ATM fees whatsoever which is really rare.

So, if you know you’re going to be reliant on cash in your new home, this card might save you a lot of money in fees versus other expat-friendly banks.

There are currently maximum withdrawal limits of £300 per day which isn’t actually that bad if you plan ahead. When you think that some banks have fees for any withdrawals over £200 per month, then Starling’s allowances are pretty decent.

That being said, it can be annoying if you have a big purchase that you need to make in cash, like a mechanics bill!

If you need to transfer your money internationally, Starling does have pretty high fees. You’re looking at anywhere between £0.3-5.5 per transfer, plus a 0.4% currency exchange fee.

That really adds up quickly, so if you know that you’re going to be sending and receiving money a lot, maybe look elsewhere.

Pros

• Easy to set up
• Easy access
• Great savings options
• No international ATM fees
• Can open Euro or USD options as well as GBP

Cons

• High international transfer fees
• Currency exchange fees
• Low withdrawal limits
• Only available in the UK
• Cash deposits have to be done at a UK Post Office and have a 0.03% fee

12. PayPal

Pros

• No fees to keep your account open
• Usable in 20+ currencies
• Can open personal and business options
• Pretty much anyone can set one up
• You can use PayPal to pay off credit cards

Cons

• High withdrawal fees
• No savings or interest options
• No physical card unless you get a PayPal credit card
• Customer support is definitely not great

13. Monese

Okay, so Monese is pretty cool for a few reasons. Despite being a UK and European bank account, there is no point during the setup where you have to list your address.

So, you can have a UK bank account without having a UK address.

This can be really handy when you’re setting up your expat life in the UK or Europe where the catch-22 of not being able to rent a place without a bank account, but not being able to get a local bank account without a local address kicks in hard.

In addition to this, Monese also integrates directly with PayPal, so you can be paid in PayPal and directly spend that money on your Monese card.

If you’re a digital nomad or freelancer who relies on PayPal, this helps you get around PayPal’s annoying withdrawal fees!

There are four plans that you can choose from, but realistically, you want one of the two higher plans otherwise you have to pay 2% on transactions and you’re limited on how much you can deposit each month.

While Monese holds money in GBP, EUR, and Romanian Lau, you can actually deposit using 19 different currencies which is pretty cool and much more flexible than many options on this list.

Pros

• Four different plans to choose from
• PayPal integration
• Budgeting features
• Gives you a UK bank account without needing an address
• Free money transfers between Monese customers
• Multi-lingual support
• Plenty of ATM availability

Cons

• Very expensive fees unless you have Classic or Premium
• Limits on withdrawals and transactions
• Poor customer service if you need support

14. Citibank

While Citibank isn’t always the most flexible overseas bank solution if you want a bank that still has physical branches around the world, this is a great option.

There are tons of Citibank ATMs all around the world so you can get money out with zero international fees.

There are also no international transaction fees which is a huge bonus. Honestly, this is a great traditional bank for expats if you’re not looking for saving extras or budgeting tools.

If you just want an account that allows you to access and spend your money worldwide, Citibank is a great option, as long as there are Citibank branches or ATMs near your new home.

Pros

• No overseas transaction fees
• Physical branches worldwide
• Special deals for senior citizens
• Traditional bank vibes

Cons

• Overdraft fees
• Monthly fees if you don’t hit the minimum requirement

What Makes a Good Bank for Expats?

So, when you’re looking for your new bank, what should you be looking for? After all, as an expat, you’re going to have different requirements to a local, so let’s find out what makes a good bank for expats.

Low or No Fees

No one likes fees, I’m pretty sure that’s a fact. Whether it’s charging on transactions, transfers, withdrawals, or even depositing your money, banks love to skim a little off the top.

Many banks will charge for overseas transactions which realistically is no good if you’re starting a new life abroad.

You need to choose a reliable bank that has low or no fees when it comes to international money management.

For example, say you move from the US to Portugal, you’re still probably going to have to either pay or receive money in USD as well as in Euros.

You want to hold onto as much of that money as possible, so low or no fees are top of the list!

International Access

It’s all well and good having a US bank account with a ton of perks and savings schemes, but it’s pretty useless to an expat if there is limited international access.

If there are restrictions on which countries can access your bank account or if they’re more traditional and only offer certain services in person, it’s not going to work for an expat.

Also, keep an eye out for banks that have designated ATMs that they allow customers to use for free. Some banks only have free withdrawal ATMs in certain countries or cities, so don’t get caught out by this.

Tax Implications

Okay, no one likes to talk about tax, but when it comes to expat banking, it’s something we have to do.

Whether you’re living in the US or not, as an American citizen, you have to fill in a tax return with the IRS every year. That means that you also need to be able to pay them without being rinsed with fees,

Another tax-related issue is that many expat-friendly nations, like Portugal or Georgia, offer tax breaks for their new residents.

There are lots of very specific terms and wordings that you need to adhere to so that you can legally receive these tax breaks.

This could involve rules around where your bank is located and where your legal address is listed.

For example, if you have a US bank account, you’ll need to set it up with a US address in most cases. This means in the eyes of the bank you’re still living in the US, and might not be able to legally apply for the expat tax breaks.

It’s all very complicated so if you want to take advantage of expat tax breaks, make sure that you talk to a tax lawyer or advisor before committing to the move or a financial institution.

Worldwide Customer Service

There’s nothing worse than having a problem with your banking situation only to find that their customer service hotline is only open 9 am-5 pm Monday to Friday.

Whether it’s losing a card, fraud questions, or you need certification or proof of your financials for visa purposes, having access to customer service when you need it is really important.

As you’re an expat, time zones might not be your friend if you’re not banking in the time zone you’re living in. So, it’s better to find a bank with 24/7 customer service, so that you can get answers no matter where you are in the world.

Online Access

While most banks will have online access and apps, you need to make sure that their online banking situation is pretty comprehensive because once you’re out of the country, you can’t exactly pop into the local branch to fill out a form or get a special piece of paper.

Personally, I have the apps for all the different cards, banks, saving accounts, and investments on my phone (under a lot of layers of security, of course).

Not only does this help me keep an eye on my financial situation with budgeting tools and reminders, but it also helps me see daily exchange rates, lets me move my money around at a click, or even freezes my physical card if I lose it or it gets stolen.

It’s just a lot more convenient, especially for expats!

FAQs About the Best Banks for Expats

Okay, before we close up this guide to the best banks for expats, let’s cover a few frequently asked questions.

Where Should I Set Up My Bank?

This is a big question and one that is going to be different depending on your situation. Most of the banks on this list are international banks for a reason. You can set them up in your home country and still have access to them no matter where in the world you are.

However, if you’re not planning on moving again from your expat country or aren’t going to be traveling that much, you might want to look into a local bank account.

You might have to get one of these anyway to secure rental accommodation or pay bills in that country, and once you’re a resident, you should be eligible to set that up.

Realistically, you’re going to end up with a couple of bank accounts depending on your situation. It’s just about which one is going to be your main bank account and how you manage your money between a local and international level.

Do I Need a Bank that Offers Credit Cards?

There’s no getting around it, credit cards are super handy! Especially when you’re traveling overseas.

Most credit cards have in-built payment protection, so if something goes wrong your money is much safer than if you’d have paid on a debit card.

While you might not want or need a credit card in your daily expat life, it is useful to have for those bigger purchases or things like flights and vacations where that payment protection comes in really handy.

It’s also worth mentioning that many credit cards have loyalty points schemes, cashback, and more perks.

So you can actually potentially make money while you spend with some credit cards, without having to worry about currency issues – they’re all in points!

How Can I Reduce Exchange Rates and Fees?

Okay, so really the two big instances where you’re going to notice exchange rates are on transactions and withdrawals. As many places are relying less and less on cash, ATM usage is going down and you actually might not need to withdraw cash that much anymore.

However, if you do use an ATM overseas in a different currency, you’ll be asked whether you want the ATM to do the conversion rate or your bank. Opt for your bank to do it, it’ll normally be a better rate.

If you’re paying for goods and services in your new expat country, pay in the local currency where you can. Your bank’s rate is likely to be better than the individual shop rate or whatever system they’re using on a given day.

You can reduce fees by opting for ATMs that are aligned with your bank and give out fee-free withdrawals. Or you can opt for an account with higher maximum withdrawals if you’re in a location that still relies on cash.

How Can I Keep My Account Secure?

So, there are plenty of ways you can keep your international bank account secure. A lot of these are common sense, but we all forget from time to time so it’s worth repeating.

• Don’t share your PIN with anyone.
• Create a password with over 12 characters, including punctuation, capitals, numbers, and more.
• Opt for ATMs inside the banks rather than hole-in-the-wall ones.
• Only share financial information with people you trust, and don’t give it out over the phone.
• Shred any financial letters that you no longer need and securely store any that you do need.
• Add 2-factor authentication to your account. You can download free authentication apps like Authy and it’s really easy to set up.
• Don’t leave your phone lying around.
• Don’t take photos of your bank card, especially if you have your phone synced to cloud backup!

Which is the Best Bank Account for Expats?

Let’s be honest, there’s no one right answer for this. It all depends on where you’re a citizen and where you’re moving to. For example, Charles Schwab might be amazing for US citizens, but it’s a non-starter for UK citizens. Similarly, Monese can be great for European citizens, but it might not be ideal for Aussies.

On the whole, I’d recommend N26 for Europeans, Charles Schwab for Americans, Monzo or Chase for UK citizens, and STACK for Canadians.

That being said, it depends on what you want out of your bank and how you manage and use your money.

For example, some people might be reliant on cash so withdrawal fees and availability might be really important, while some people rely on budgeting tools or international money transfers, so those features will be more important.

Ultimately, you know how you use your money and what you need from your banking experience.

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