Complete Guide: Best International Banks For Expats In 2023 - A Broken Backpack (2024)

Looking for the best banks for expats?

It’s no secrets – nowadays, there are multiple banking solutions and traditional banks aren’t necessarily made for expats.

In this guide, we are going to discuss the best international and online banks for expats.

But, of course, we need to consider a few things like your nationality, your new home country, and your banking needs.

So, we’ll start with things to keep in mind when choosing a bank as an expat.

Banking For Expats: All The Things To Keep In Mind

If you’re about to move to another country, or in the process of getting your residency abroad, you may need to open a bank account.

Let’s take a look at potential scenarios here:

• In order to get your residency abroad, the immigration requests you open a bank account.
• Your new home country doesn’t allow you to open a bank account, so you need to find an online bank with good conversion rates and low ATM withdrawals.
• You base yourself in different countries over the year, but you’re a slow traveler meaning you move every 3 or 6 months. You’re searching for a good bank. (Psst. You may want to look for banks for digital nomads instead.)

Depending on your current situation, opening a bank account abroad can be easy, or extremely challenging.

Here are some questions you can ask yourself before choosing a bank account for expats.

• Where are you from?
• Is your current bank offering you a multi-currency account?
• Are you allowed to open a bank account in your new home country?
• Are you traveling often?

The thing is – there’s no solution that fits it all.

If you’re an American expat, a Canadian expat, or a European expat, your options may differ because some options are limited to your nationality, unfortunately.

But here’s a quick overview for you if you’re in a situation where your new home country doesn’t allow you to open a bank account.

• Best bank for American expats: Charles Schwab Bank
• Best bank for Canadian expats: Stack
• Best banks for European expats: Revolut and N26

Then, you need to consider your needs. Why do you need an international bank account? Low ATM withdrawals fees? Do you need to be paid in a different currency?

Below, we’ll give you more information on each bank for expats.

Revolut

One of the best banks for expats is Revolut. They recently launched their program in the United States, meaning it can be a great option for Americans and Europeans.

This online bank is run via a mobile app so you’ll need to download it on your iPhone or Android device.

They are currently supporting legal residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United Kingdom, and the United States.

The EEA includes:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

With Revolut, you get an IBAN number, and you can store different currencies within your account and withdraw them from any ATM around the world.

It’s a great option for expats who love to travel! You can also get paid in your Revolut bank account. Read our Revolut travel card reviewto learn more.

As I’m now a European resident,I was able to order a Revolut bank card, and I’m satisfied.

Every time I travel, I use it for ATM withdrawals, and I can easily transfer money to my friends who have the Revolut app.

N26

N26 is a popular online bank for European expats.

They only offer digital accounts in the following countries: Austria, Belgium, Denmark, Estonia, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

Even though I’m a European resident, my country of residency isn’t on the list, so I’m not able to request it.

My husband has been using his N26 card for years and uses it on a regular basis, especially when we travel. He has both Revolut and N26, and he is satisfied with both cards.

N26 is a company that started in Germany, expanded across Europe, and is working on supporting American residents in the future.

They are strictly digital, so you’ll need to download an application on your mobile phone to use their services.

Other than the fact that it is all online and you have 24-hour customer support; N26 takes care of your foreign transaction fees, which makes them an ideal choice for expats or travelers.

It’s one of the best digital bank accounts available if you are a European expat traveling around the world or based somewhere in Europe.

Charles Schwab Bank

Charles Schwab Bank is a great bank for American expats and US travelers.

This traditional bank tends to be the number one choice for Americans due to the many attractive features of its checking account.

For example, Charles Schwab Bank refunds international ATM fees!

This is, obviously, the best perk to banking with Charles Schwab and saves you so much money, especially if you travel in lots of countries with different currencies.

Although, you should remember that you’ll need to be in the United States to open your bank account. You can’t do it remotely or online.

So, if you’re about to move to another country, we suggest you open a bank account before you leave.

Otherwise, you’ll need to look for digital banking options for expats like Wise or Revolut.

STACK

Stack is an option for Canadian expats. Some people might not be too keen on signing up for a prepaid card, but STACK offers some beneficial perks with its program.

Not only do they not have any monthly, ATM, or international transfer fees, it is also free to add money onto the card.

You can also sign up for the card online, so no waiting in a banking institution just to set it up.

It took a while for them to open up their doors in Quebec, but they are now available for Quebec residents, too – and that’s good news!

Although you can use STACK around the world easily, it only supports Canadian currency and therefore limits how you can add money into your STACK account.

Although it is very easy, you can only add money onto your card through an e-transfer from your Canadian bank account or in person at a Canada Post Office.

That said, this card is a good option if you’re traveling, but if you’re an expat, it won’t get you too far. Wise may be a better option for you after all.

Monese

Monese is similar to N26 and Revolut. Working via an app, Monese allows you to have a GBP or a EUR account.

Once again, Monese is only available for European citizens, which means it will work in you’re a European expat… living in Europe.

They currently operate in 20 countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain and the UK.

You can easily track all your banking details within the Monese app. They will also send you notifications when you receive or spend money, which means it’s safe.

Finally, you can use your card abroad without fees which is great news if you love to travel.

Although, you should note that they launched in 2017. Keeping in mind Monese is quite a new player in the industry, you should make your own due diligence before signing up.

Wise

Wise is one of the up-and-coming international transfer companies. Formerly known as Transferwise, it was developed to combat the high transfer fees we hit with whenever we need to transfer money.

Wise offers the lowest fees when sending and receiving large amounts of money (over $1000). You can also obtain a Wise bank card which is useful.

It’s a great way to get paid in a different currency because the fees are cheap!

They recently launched their Wise cards for Canadians – which is good if you’re a Canadian expat. Click here to learn more.

Wise is an excellent digital banking solution for expats. I’ve been using Wise for several years, and I only have great things to say.

Whether you’re getting paid in different currencies or sending money to an international bank account, Wise is a brilliant banking solution.

You can learn how Wise works here.

Payoneer

Finally, Payoneer is another digital banking option to consider. It has created a solid client list that includes Airbnb and Fiverr.

They have a vast network that supports 150 local currencies around the world.

You can also order a bank card for your Payoneer bank account which is excellent.

Payoneer charges a flat rate of $3 per transfer. Also, if you order the card, the fees related to this card are quite high.

I’d say it’s the lesser good option on this list. It can be useful to receive international payments and to send money to your home bank account, but I wouldn’t use it for daily transactions.

It seems to be a popular option for Australian expats though.

Final Thoughts On Expat Banks

Nobody wants to pay high ATM fees, or high exchange rates on different currencies. Am I right?

Finding an international bank for expats isn’t easy because there are many things to consider: your nationality, your new home country, and your banking needs.

That said, as an expat and slow traveler, I always travel with 2-3 different bank cards to be on the safe side.

I also don’t like to keep all my money in one bank account – because we never know!

I’m currently using Revolut, Wise, and another Canadian bank where my main bank account is.

Having three bank cards makes my life easier. When it comes to daily travel expenses, I use Revolut.

Not sure which bank account for expats works best for you? Read one of the following blog posts and compare your options:

• Revolut or Wise
• Paypal or Wise
• Revolut USA