What Are the Best International Banks for Expats?

When you move to a new place, whether it’s for a short time or a long stay, you have many things to take care of, like finding a place to live and getting to know the local stores. Unfortunately, amid all this hustle, expats often forget about choosing a new bank and opening an account. Later, they realize that using their old account and card in a new jurisdiction can be expensive because of the high fees associated with this new account and unfavorable exchange rates.

So, the big question is: which financial institution is the best international bank for expats who want a banking experience that is cheap, safe, and easy?

What should you consider when picking an international bank as an expat?

Here are the factors to take into account:

• expat’s nationality
• their country of residence and whether they need a residence permit or a permanent residence
• destination country
• need for a multi-currency account
• eligibility for opening a bank account in the new country
• travel frequency
• planned transfer amounts and frequency
• bank’s reliability and convenience of its services.

Making sure that all account transactions are legal and supported by the right paperwork is very important. You should choose the right bank based on these criteria. Practical experience has shown that digital banks or payment systems are often a better option for expats, especially frequent travelers like digital nomads. This is because digital financial institutions offer more flexibility in their services. This way, if you are in IT and plan a relocation, it makes perfect sense to look for the best bank for digital nomads.

Which banks are popular among expats worldwide?

Every person’s situation is different, but there are solutions that expats worldwide recommend. Below, you will find some examples.

For expats from the US, Charles Schwab is the top choice to open a bank account. This bank refunds ATM fees when you withdraw cash. However, it is only available to U.S. citizens.

For Canadians living abroad, STACK is a good option. Although not exactly a bank, STACK allows you to load money onto a card and withdraw cash from your account without fees if you find the right ATM.

N26 and Revolut are popular digital banks for European residents who live abroad. They have convenient mobile apps that are great for travel. You can convert currencies without fees and withdraw small amounts of cash from ATMs without charges. However, after you reach certain limits, fees may increase. Revolut’s customer support has received criticism, while N26 has enjoyed positive feedback.

Wise is highly regarded for international money transfers. It’s not a bank, but it offers fee-free transfers using real exchange rates. You can order a card and withdraw money from your account using over 2.3 million ATMs worldwide.

If you prefer traditional banking without the complexities of modern payment systems, Swiss banks for non-residents are a great option. Consider at least 10 institutions, including well-known banks like UBS and private banks like Reichmuth. These banks take full responsibility for funds in customer accounts and claim it to be their priority.

Asia may come with certain complexities. Although HSBC, an international bank, offers services to expats, opening an account for personal or business purposes in popular regions like Hong Kong and Singapore can be challenging if you need to do it quickly. In this situation, you’ll have to either exercise patience or consider local payment systems to open an account.

South America is a popular destination for expats. To open a bank account there, you should be aware of certain unique national banking aspects. On the bright side, some countries like Paraguay come with relatively straightforward procedures for obtaining permanent residency.

As for Africa, an interested individual can find appealing banking options here, especially for high-risk businesses.

How can expats go about opening an account with an international bank?

Here are the recommended steps you should follow to successfully open a bank account as an expat:

1. Figure out what features and services you need from a bank.
2. Find out which banks will accept you based on your citizenship and where you live.

If you need help choosing an account, get a free consultation from Q Wealth experts. We will assess your needs and suggest suitable bank and account options in line with local requirements.

3. Get your documents ready, translate them, and make sure they’re verified.
4. If you want to use payment systems, feel free to open an account online. Yet, if you prefer a regular bank, you might need to visit it in person or issue a power of attorney to someone you trust to do it for you.
5. Wait for the bank to decide on your application.

Here’s what the usual documents needed to open an expat bank account include:

• personal identification documents such as your passport or ID card
• proof of residential address, such as a recent utility bill or bank statement
• evidence of the source of funds you are about to deposit in your account, such as an employment contract or sales agreement
• minimum deposit (in some cases)
• professional recommendations and CV (in some cases).

Mind that the bank may request additional documents from an expat at any time.

What precautions should expats keep in mind when using international banks and accounts?

When you open a bank account abroad as an expat, be sure to consider certain important factors to keep your money safe.

Firstly, the easier it is to open a bank account the easier the bank may freeze or block it. This is especially important for digital banks and payment systems. Although some do allow quick account setup, they can also close your account and freeze the funds in it with little explanation.

The main lesson here is to avoid putting all your money in one account. If possible, consider opening a second or even third account.

Secondly, certain banks are better for transferring money, while others are more suitable for withdrawing cash from ATMs. When you choose a bank and account, carefully review their account terms and fees to avoid unnecessary costs. Only decide in favor of those services that you need.

Thirdly, financial services and the banking industry are always changing and evolving. It’s important to stay updated on the latest developments and trends. Seeking advice from experts who have current knowledge will help you make informed decisions and choose the right bank and account.

If you have any questions or want a free consultation for selecting an account, please contact us at in**@***********rt.com.