Managing your finances abroad can be quite a complicated task as a US expat. Whether you’re navigating foreign exchange rates, avoiding international transaction fees, or finding a bank with global reach, make sure you choose the right financial institution to find the best banks for US expats.

Financial institution you choose, has the power to make a significant difference in your experience abroad. The best banks for US expats offer global access, low-cost international transfers, multi-currency accounts, and other features designed to make your life smoother. Here’s a list of the five best banks, MyExpatTaxes would recommend to any US expat!

FATCA and Banking as a US Expat

Choosing the right bank for you as a US expat is essential as you will be subject to the Foreign Account Tax Compliance Act (FATCA). This US law requires all US citizens living abroad to report their foreign financial accounts to the Internal Revenue Service (IRS) if their income exceeds a certain tax threshold. FATCA aims to prevent tax evasion on a global scale, so selecting the best banks for American expats is crucial.

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1. HSBC

HSBC is a global banking giant with a physical presence in over 60 countries! When you’re looking to open an account, they have a specialized HSBC Premier account designed for expats! HSBC also offers multi-currency accounts, international transfers and dedicated relationship managers, making it one of the best banks that US expats can choose.

With a multi-currency account held by HSBC, you can expect to hold and manage your funds in various currencies without the high traditional banking fees. With HSBC’s global presence, US expats will receive more than exceptional service as they can physically visit a local branch or use their online applications.

HSBC does not lack great features, but it does come at a cost. Service fees can become rather high, as can the cost of having a Premier account.

2. Charles Schwab

One of the standout features for the Charles Schwab bank is its no-fee international ATM withdrawals. For US expats, wanting to open a High Yield Investor Checking account will benefit greatly from refunded ATM fees worldwide and zero foreign transaction fees.

When it comes to investment options, Charles Schwab takes the cake! Not only do they have a wide variety of investment options, they make it easy for expats to manage US-based brokerage accounts and retirement funds from nearly any country around the globe.

If you are looking for a bank with physical branches around the world, Charles Schwab may not be the choice for you even if it is one of the best banks for American expats in other respects.

3. Citibank

A global network is essential for all expats, which is what makes Citibank another strong option. Citibank has physical locations in at least 40 different countries in North America, Australia, and Asia. If you’re looking into an account with Citibank, consider the CitiGold account. The CitiGold account is designed for individuals with high-net-worth with tailored wealth management, investment opportunities, and comprehensive financial services, making it one of the best banks for US expats.

Besides the CitiGold account, Citibank offers many other multi-currency accounts with useful tools to manage your foreign funds. When you own an account at Citibank, you can earn income in one country and spend in another without high currency conversion costs.

A potential con for some expats will be the minimum balance of $200,000 to avoid fees, even though Citibank remains one of the best banks for American expats.

4. Wise

Wise is a commonly known online platform that regularly deals with different currencies.With Wise, it is possible to have multiple accounts in over 50 currencies, and they are able to offer real exchange rates with very low fees. The fees are transparent paired with an easy-to-use mobile app for managing your finances on the go. It’s perfect for expats who are making frequent international bank transfers and are looking for the best banks for US expats that simplify currency management.

Although Wise is easy to use, with low conversion rates and international fees, it lacks physical branches and does not offer traditional banking features like loans or mortgages, which some US expats might look for in the best banks.

You can read our blog about Wise accounts and FBARs for more information on Wise.

5. Fidelity

Fidelity is a great option for those who need a US bank account that prioritizes investment and retirement planning. This bank lets you easily access your US-based investment accounts, such as IRAs and 401(k)s. This feature makes it a top contender if you’re looking to manage your long-term savings and investments while living abroad. It also offers reimbursements for international ATM fees, leaving behind the additional fees you generally need to pay.

Fidelity is ideal for those looking to manage their investments and not an everyday banking service but is still among the best banks for American expats for investment purposes specifically.

Finding the Best Bank for US Expat Lifestyle

Finding the best bank for you as a US expat can be essential as it will help with your financial needs abroad. You will want to benefit from convenience, cost-effectiveness, global access, and, more importantly, their legality with FATCA. These five banks may not fit your needs, and that is okay. Keep searching. There are a multitude of banks globally that would be happy to have an expat like yourself.

Get started for free, pick a plan when you’re ready. Or see the Pricing Page for all the details.