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Below, we've compiled a list of the nine most reliable foreign checking accounts for you. Some banks on the list, like HSBC and Citi, have extensive overseas physical branches, while others, like Ally Bank and Capital One, are primarily digital. Each of the banks included here has been carefully selected for expats' and tourists' needs. All details have been revised as of Monday, July 24, 2022
.Some banks and credit unions may reimburse foreign transaction fees. There may be a monthly minimum balance or other criteria that must be met to obtain reimbursement of fees and other perks on your checking account. Many of these financial institutions need you to keep a current U.S. mailing address even if you are currently residing abroad.
With Capital One 360
Capital One Financial Corp. (COF) provides an interest-bearing checking service called Capital One 360 to its international customers without charging them any maintenance, foreign transaction, or ATM fees.
Direct deposits from employers or the Social Security Administration are options for account holders. You won't be charged any extra cost when using your Capital One 360 debit card abroad.
Keep in mind that the financial institution you choose may impose limits that prevent you from making mobile deposits of checks while abroad. If you have a Capital One checking account, you can use their mobile deposit app to deposit a check from anywhere in the United States or its territories. However, items not payable in U.S. currency or not drawn on a financial institution in the United States are incompatible with this service.
Schwab, a Division of Charles Schwab
The Schwab Bank High Yield Investor Checking Account from Charles Schwab Corp. (SCHW) is ideal for ex-pats looking for a low-cost checking account for international use because it reimburses all ATM fees, processes transactions in foreign currencies without additional fees, and at the mid-market exchange rate, and does not impose any service fees. You can earn interest and integrate Apple Pay with this account.
Any Schwab Bank checking account holder must have a Schwab One brokerage account to purchase and sell securities such as stocks, mutual funds, and bonds. Remember that, just like with other financial institutions, you'll need a U.S. mailing address to keep your account open.
Banking on Gold with Citi
You may have little trouble finding an ATM, as the Citibank ATM Network is present in more than 40 countries. Citibank, a Citigroup Inc. (C) division, allows ex-pats to manage their finances in local branches and online. Banking services are supplemented by wealth management and financial planning with the Citi International Personal Account Package and the Citigold interest checking account.
If your account's average monthly balance is over the required threshold, you won't be charged a monthly service fee. The account reimburses customers for non-Citi ATM costs and waives fees on most banking services. Wire transfer fees are either not charged at all or lowered depending on your Citigold account type.
Premier status for up to four family members, no international transaction fees, and no annual fee is just a few of the perks of HSBC's Premier Checking account.
The Credit Union of Alliant
To be eligible for the Premier account, users need a minimum combined balance of $75,000 across all connected accounts with the bank, $5,000 in monthly recurring direct deposits from third parties, or a $500,000 original loan amount on an HSBC U.S. residential mortgage loan.
If you are unable to afford the higher costs associated with an HSBC Premier account, you may choose to consider opening an HSBC Choice or Advance account. When you create an account with HSBC Bank, you'll receive the renowned level of customer service that has made them so successful. Furthermore, if you have numerous HSBC accounts in different countries, you can transfer money between them via the bank's mobile app.
No minimum balance is required for Alliant Credit Union's high-interest rate checking account, and no maintenance fees are assessed recurringly. The APY is 0.25%.
Credit unions are more likely than banks to pass through transaction processing fees to clients without adding any additional fees. Therefore, ex-pats will be charged a 1% fee on all debit card purchases and ATM withdrawals outside their home country. However, Alliant does reimburse customers for up to $20 monthly in ATM fees.
