What Are the Best U.S. Banks for Americans Living Abroad?

Written by Mike Wallace

MBA

Mike Wallace

MBA

Mike Wallace, CEO at Greenback Expat Tax Services, has extensive experience in finance, operations, and strategic leadership. Mike has worked in numerous C-Level roles, including at large financial institutions. Mike holds a Master's in Business Administration (MBA) from the University of Chicago's Booth School of Business.

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Updated on March 18, 2026

9 minute read

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Wallace, M. (2026, March 18). What Are the Best U.S. Banks for Americans Living Abroad?. GreenbackTaxServices.com. Retrieved , from https://www.greenbacktaxservices.com/blog/best-us-banks-for-expats/

The best U.S. bank for expats is one that lets you maintain a domestic account from overseas, charges no foreign transaction fees, and provides a U.S. routing number for receiving IRS tax refunds via direct deposit. With the IRS phasing out paper refund checks, having a U.S. bank account is no longer optional for most Americans abroad. According to the IRS, direct deposit is the fastest way to receive your tax refund.

The top options for expats in 2026 are Charles Schwab (best overall), Wise (best for multi-currency), HSBC Premier (best for high balances), and Citibank (best for global branch access).

Here is how each option compares and what to consider before opening an account.

Why Do Expats Need a U.S. Bank Account?

Three recent changes have made a U.S. bank account essential for Americans abroad:

• The IRS no longer defaults to paper checks: Under Executive Order 14247, the Treasury Department is prioritizing electronic payments. If you file a tax return without valid U.S. banking information, the IRS may freeze your refund and issue Notice CP53E until you provide direct deposit details.
• The IRS does not deposit refunds into foreign bank accounts: Even foreign branches of U.S. banks (such as Chase or Bank of America overseas) are considered “foreign accounts” by the IRS. You need a U.S.-domiciled account with a U.S. routing number.
• Foreign banks increasingly reject Americans: Due to FATCA reporting requirements, many foreign banks refuse to open accounts for U.S. citizens or close existing accounts. A U.S. bank account provides a stable financial home base regardless of what your local bank does.

Beyond tax refunds, a U.S. account is useful for receiving Social Security payments, managing U.S.-based investments, paying U.S. bills (student loans, insurance, subscriptions), and maintaining a financial presence in the U.S. for eventual return.

Best U.S. Banks for Expats: Side-by-Side Comparison

1. Charles Schwab: Best Overall for Expats

Charles Schwab’s Investor Checking account is the most frequently recommended bank account for Americans abroad, and for good reason.

• Why expats choose it: Zero foreign transaction fees, unlimited ATM fee rebates worldwide, no monthly fees, no minimum balance, and a fully functional U.S. routing and account number for IRS direct deposit. The account links to a Schwab brokerage account (no funding required), which provides access to investments while overseas.
• The catch: You must apply through Schwab International if you already live abroad, which requires a passport and proof of foreign residence. Schwab may close or restrict bank accounts for customers who relocate to certain countries. There are no physical branches overseas, so all banking is done online or by phone. Purchasing U.S. mutual funds or CDs may be restricted for international clients due to regulatory requirements, though stocks and ETFs remain accessible.

Best for: Expats who want a reliable, fee-free U.S. checking account with global ATM access and investment capabilities.

2. Wise: Best for Multi-Currency Needs

Wise (formerly TransferWise) is a fintech platform, not a traditional bank. But for expats who need to hold and convert multiple currencies, it fills a gap that traditional banks cannot.

• Why expats choose it: When you activate a USD balance on Wise, you receive a U.S. routing number and an IRS direct deposit account number. You can hold 50+ currencies simultaneously and convert at the real mid-market exchange rate with transparent, low fees. The onboarding is entirely digital and takes minutes.
• The catch: Wise is not a traditional bank and does not offer loans, credit cards, or full FDIC insurance (though certain U.S. balances have pass-through FDIC coverage). It is best used as a secondary account for receiving payments and converting currencies, not as your primary bank.

FBAR note: If you hold foreign currencies in your Wise account (such as GBP, EUR, or AUD balances), those balances may need to be reported on your FBAR if your total foreign account balances exceed $10,000. The USD balance held within Wise’s U.S. entity is generally not considered a foreign account for FBAR purposes. Consult your tax professional for your specific situation.

Best for: Freelancers, digital nomads, and expats who receive income in multiple currencies and want low-cost conversions.

3. HSBC Premier: Best for High-Balance Expats

HSBC offers a global banking network with a physical presence in 60+ countries, making it unique among options for Americans abroad. The HSBC Premier account is designed for customers with international banking needs.

• Why expats choose it: Multi-currency accounts, free transfers between HSBC accounts worldwide, in-person branch access in dozens of countries, and relationship managers for complex financial needs. The Premier account waives monthly fees when the combined balance exceeds $75,000.
• The catch: The $75,000 minimum balance requirement makes this inaccessible for many expats. HSBC’s U.S. presence is limited (only premium accounts are available), and its mobile apps receive mixed reviews. Fees can be high if you fall below the balance threshold.

Best for: High-net-worth expats who need branch access in multiple countries and prefer a traditional banking relationship.

4. Citibank: Best for Global Branch Access

Citibank operates in 40+ countries with a network of ATMs and branches that make it practical for expats who want in-person banking options.

• Why expats choose it: Free transfers between Citibank accounts worldwide (Citibank Global Transfers), a broad international ATM network, and multi-currency account options. If you have financial ties in multiple countries, Citibank’s global infrastructure simplifies cross-border banking.
• The catch: The fee-free experience requires a CitiGold account with a minimum combined balance of $200,000. Standard accounts come with monthly fees and fewer international perks. Citibank has been reducing its physical presence in some countries, so confirm branch availability in your location.

Best for: Expats with significant assets who need physical branch access and frequent cross-border fund transfers.

5. Fidelity: Best for Investment-Focused Expats

Fidelity’s Cash Management Account pairs everyday banking with investment access, similar to Schwab.

• Why expats choose it: No foreign transaction fees, ATM fee reimbursements worldwide, no monthly fees, and seamless access to Fidelity brokerage and retirement accounts. If your retirement savings (IRA or 401(k)) are with Fidelity, keeping your banking there simplifies management.
• The catch: Opening a new account from abroad can be difficult. Fidelity generally requires a U.S. address for new applications. If you already have a Fidelity account before moving abroad, you can usually maintain it, but opening a new account from overseas is not guaranteed.

Best for: Expats who already have Fidelity investment accounts and want to consolidate banking and investments in one place.

How to Choose the Right Account for Your Situation

What About FBAR Reporting for These Accounts?

U.S.-domiciled bank accounts (Schwab, Citibank, Fidelity, HSBC U.S.) are not foreign accounts and do not trigger FBAR reporting, even if you access them from abroad.

However, if you also hold accounts at foreign banks (a local checking account in your country of residence, for example), those foreign accounts are FBAR-reportable if the combined balance exceeds $10,000 at any point during the year. FATCA (Form 8938) may also apply at higher thresholds for expats.

For a detailed breakdown of when FBAR and FATCA apply, see our guide: FBAR vs. FATCA: Which Do I Need?

For step-by-step guidance on opening a foreign bank account and the tax triggers involved, see: Opening an Offshore Bank Account: Avoiding Tax Filing Triggers

Frequently Asked Questions

Get Your Taxes Filed Right

Having the right bank account is step one. Getting your expat taxes filed correctly is what keeps you compliant and maximizes your refund.

If you are ready to be matched with a Greenback accountant, get started here. For general questions about expat taxes or working with Greenback, contact our Customer Champions.

This article is for informational purposes only and does not constitute financial advice. Bank products, fees, and availability are subject to change. Greenback does not endorse or receive compensation from any financial institution mentioned in this article. Always verify current terms directly with each bank before opening an account.

Related Resources

• IRS Paper Checks Ending: What Expats Need to Know (FAQ)
• IRS Paper Refund Checks: General Explainer
• Direct Deposit Explained for Americans and Expats
• Opening an Offshore Bank Account: Tax Filing Triggers
• FBAR Filing Requirements
• FBAR vs. FATCA: Which Do I Need?
• Form 8938 (FATCA) Reporting
• Tax Refunds for U.S. Citizens Abroad
• Streamlined Filing for U.S. Expats
• U.S. Expat Taxes: The Complete 2026 Guide