Banking & Money
International transfers, multi-currency accounts, and managing money across borders.
For US citizens living abroad, money management is a two-front challenge: keeping convenient, low-cost access to the US financial system while also operating in a local currency and banking environment. The most common setup pairs a US-based account built for international use with a multi-currency fintech account and, eventually, a local bank account in your country of residence. Charles Schwab's Investor Checking is the long-standing favorite among expats because it charges no foreign transaction fees and rebates ATM fees worldwide, while services like Wise and Revolut let you hold and convert dozens of currencies at or near the mid-market rate. Keeping a US address, phone number, and brokerage relationship open also matters, since many US institutions restrict accounts once they learn a customer has moved overseas.
Key Points
- 1Charles Schwab Bank Investor Checking is the gold-standard US account for expats: no monthly fee, no foreign transaction fees, and unlimited worldwide ATM fee rebates, linked to a Schwab brokerage account (apply via Schwab International if you already live abroad).
- 2Wise is the leading multi-currency account, letting you hold 40+ currencies, receive local account details in USD/EUR/GBP and others, and convert at the mid-market rate with fees from ~0.33–0.41%; Revolut is a strong app-based alternative with 25+ currencies and fee-free ATM limits.
- 3For international transfers, Wise is usually cheapest for smaller amounts (mid-market rate, transparent percentage fee), while OFX is often better for transfers over $10,000 (no transfer fee on large amounts, with a small exchange-rate margin).
- 4FBAR (FinCEN Form 114) is mandatory if your foreign financial accounts together exceed $10,000 at any point in the year; it is filed electronically through FinCEN's BSA E-Filing System, separately from your tax return.
- 5FATCA's Form 8938 is a separate IRS filing with much higher thresholds for expats: over $200,000 (single) or $400,000 (married filing jointly) in specified foreign financial assets on the last day of the year; penalties start at $10,000 for non-filing.
- 6Carry a no-foreign-transaction-fee credit card (e.g., Capital One Quicksilver/Venture, Chase Sapphire Preferred, Bank of America Travel Rewards) to avoid the typical 1–3% surcharge on overseas purchases and earn rewards.
- 7You can keep receiving US income abroad via direct deposit/ACH to a US account, but you still file US taxes; the 2025 Foreign Earned Income Exclusion lets qualifying expats exclude up to $130,000 of earned income via Form 2555 (Physical Presence or Bona Fide Residence test).
Featured Guides
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Using US Credit Cards Abroad: No-Fee Options and Strategies for American Expats
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Key Resources
Official FBAR overview: who must file, the $10,000 aggregate threshold, and what foreign accounts must be reported.
The only authorized portal for electronically filing FinCEN Form 114 (FBAR); no paper filing is accepted.
IRS guidance on Foreign Account Tax Compliance Act obligations for US taxpayers holding offshore assets.
Form, instructions, and expat reporting thresholds for FATCA; filed with your annual Form 1040.
Rules for excluding foreign-earned income (up to $130,000 for 2025) using Form 2555 and the residency/presence tests.
Expat-favorite US checking account with no foreign transaction fees and unlimited worldwide ATM fee rebates.
Hold 40+ currencies, get local receiving details in multiple currencies, and transfer at the mid-market exchange rate.