Best US Banks for American Expats: Account Options and Fees

Introduction

Several major US banks close accounts when customers provide foreign addresses, citing compliance costs under the Bank Secrecy Act and FATCA. However, specific banks have business models accommodating international customers.

This guide covers banks that accept foreign addresses, their fee structures, and practical considerations for maintaining US banking while living abroad.

Banks That Work for Expats

Charles Schwab

• No foreign ATM fees (unlimited refunds worldwide)
• No minimum balance
• No monthly fees
• Accepts most foreign addresses
• Brokerage account included

• US address for initial account opening
• Social Security Number
• Can switch to foreign address after opening

• Some countries excluded (OFAC sanctions list)
• Phone support hours may not align with your time zone

Fidelity

• No foreign ATM fees (reimburses all ATM fees)
• No minimum balance
• No monthly fees
• Cash management account with checking features

• US address often required for opening
• SSN required

• Less international-focused than Schwab
• Fewer international wire options

HSBC Premier

• Global view across HSBC accounts in different countries
• International transfers between HSBC accounts free
• Multi-currency capabilities
• Branch network in 64+ countries

• $75,000 minimum balance OR $5,000+ monthly deposits
• Monthly fee without minimum: $50

• High balance requirements
• US retail banking being scaled back

Citibank

• Global transfers between Citi accounts free
• Branch network in 90+ countries
• Multi-currency accounts available

• Citi Priority: $30,000 minimum
• Citigold: $200,000 minimum
• Monthly fees without minimum: $25-30

• Closing US branches
• High minimums for good benefits

Banks That Often Close Expat Accounts

These banks commonly close accounts or deny services to US expats:

• **Chase**: Closes accounts with prolonged foreign address
• **Bank of America**: Generally requires US residence
• **Wells Fargo**: Has closed accounts for FATCA concerns
• **Local credit unions**: Most require residency in service area

Key Banking Features for Expats

ATM Access

| Bank | Foreign ATM Fee | Reimbursement | |------|-----------------|---------------| | Schwab | $0 | Unlimited worldwide | | Fidelity | $0 | Unlimited | | HSBC Premier | $0 at HSBC ATMs | Limited elsewhere | | Most US banks | $3-5 + 3% FX | None |

International Wires

Sending money internationally:

| Method | Cost | Speed | |--------|------|-------| | Bank wire | $25-50 | 1-5 days | | Wise | 0.5-1% | 1-2 days | | SWIFT | $25-45 | 3-5 days |

Currency Considerations

• US accounts hold USD
• Exchange rates vary significantly by method
• Banks typically offer poor exchange rates (2-4% markup)
• Wise, OFX offer better rates (0.5-1% markup)

Maintaining US Address

Mail Forwarding Services

Options for maintaining US address legitimately:

• **Traveling Mailbox**: $15/mo, scans mail
• **US Global Mail**: $10/mo, physical address
• **PostScan Mail**: $10/mo, Texas address

Using Family Address

• Legal if mail actually goes there
• Family must forward important items
• Bank statements, cards, tax documents

State Tax Implications

• California: Presumes residency if address there
• Texas, Florida: No state income tax
• Choose address state carefully

Account Opening Process

Before You Move

1. **Open accounts while still US-resident**

1. **Get extra debit cards**

1. **Set up mobile banking**

1. **Enable international access**

After Moving

1. **Update contact info**

1. **Verify access works**

Key Takeaways

• Charles Schwab and Fidelity most expat-friendly for no-fee ATM access
• HSBC and Citi better for high-balance customers wanting global integration
• Open accounts before moving while still at US address
• Consider mail forwarding service for banking correspondence
• Keep US phone number (Google Voice) for 2FA

Next Steps

1. Open Schwab or Fidelity account before moving
2. Set up mail forwarding service
3. Keep Google Voice number for verification codes
4. Test all banking features before departure
5. Document all account numbers and contact info securely