Best American banks for expats: All you need to know

Handling your finances can be tricky even in your own country, so navigating the banking system in a new place can feel even more overwhelming. In the U.S., there are plenty of banks to choose from, but not all of them are designed with newcomers in mind. The best options for foreigners offer specialized services, added perks, and a smoother setup process. Want to find out which ones stand out?

Keep reading because that’s exactly what this article is about. We’ll go over the most foreigner-friendly banks in the USA—the ones that help you avoid high fees and meet local employer requirements. Plus, we’ll walk you through what you need to open an account and how the process works.

Why open a bank account in the United States?

When you move to a new country or spend an extended period in one of its cities, having a bank account isn’t just about convenience—it’s a key step in becoming part of the financial system. In some cases, it’s even essential for accessing certain services and opportunities.

A local bank account in the USA helps you avoid costly fees on international transactions, whether you’re transferring money or using your card. Beyond the savings, it also makes managing your finances easier, from receiving payments to setting up automatic bill payments.

If you’re working for a USA employer, you’ll likely need a local bank account to receive your paycheck. For students, freelancers, or those looking to invest, having a USA account also opens the door to financial services that aren’t available to those using only foreign accounts. Like credit cards or specialized savings options.

In the long run, one of the biggest advantages of having a local bank account is building a credit history. This can be incredibly valuable if you plan to stay in the U.S. for a while, as it can help you qualify for loans, mortgages, and even better rates on things like health insurance for foreigners.

Requirements to open a bank account in the United States

Having a bank account in the USA can make things much simpler. But is it open to everyone? Not quite. To open an account, you’ll need to meet specific requirements. While these can differ from one bank to another, you’ll typically need to provide proof of your financial situation, identity, and legal status, including:

• Identification documents. One of the basic requirements is a valid passport. In some cases, banks may also accept an ID card issued by your home country or a consulate. If you’re in the USA on a work or student visa, you might be asked to provide a copy of your visa or work permit to confirm your legal status.
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). While not all banks require it, many will ask for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). These numbers help banks comply with tax and security regulations. If you don’t have either, there are options available for foreigners without tax residency in the USA.
• Proof of address. You’ll need to provide a U.S. address. To verify this, you can use utility bills, rental agreements, or official correspondence. If you’re only in the country temporarily, some banks will accept addresses from a hotel, co-living space for digital nomads, student housing, or even a relative’s address.
• Initial deposit. Most banks will ask for an initial deposit to open your account. The amount usually ranges from $25 to $100, depending on the type of account. Some banks do offer accounts with no deposit required, but they often come with limitations or additional fees.
• Evidence of income or financial activity. If you’re looking to apply for other financial products, such as a credit card or an account with special perks, the bank may ask for proof of income. You can show this with pay stubs, employment contracts, or similar documents that verify your financial stability.

Types of banks with services for foreigners in the United States

Now that you know why a bank account is important in the USA and what you need to open one, it’s time to choose a bank. Before we dive into the options and what they offer, let’s talk about something important. Did you know there are different types of banks? Just like in any other country, you have choices. You can go for local banks, international ones, or the newer option: digital banks. In the USA, there’s also the choice of credit unions. Let’s explore what each one offers and figure out which might be the best fit for you.

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Neobanks or digital banks

Neobanks are digital-only financial platforms, so you won’t have to visit any physical branches. All you need is your Holafly eSIM or internet connection and their app. They’re perfect for people who appreciate simplicity, technology, and straightforward processes. If you want to manage your finances quickly and easily from anywhere, they’re an excellent choice.

What characterizes digital banks:

• Simple account opening: The entire process is digital, so you can open your account without leaving your home. Some even accept applications from foreigners without an SSN or ITIN.
• Lower commissions: Operating without physical offices, they eliminate many of the fees charged by traditional banks.
• Advanced technological tools: They come with features like spending notifications, automatic budgeting, and detailed financial reports that you can view on your phone. Plus, you can make fast transfers.

Examples of popular neobanks:

• Chime: Very popular for offering commission-free accounts and free access to a wide network of ATMs.
• Varo Bank: Perfect for those looking for savings accounts with high yields and no minimum balance requirements.
• Current: Popular for offering advance deposits and automatic tools to encourage savings.

Local banks

Local banks are smaller institutions that serve specific areas in the U.S. Because they focus on the needs of the local community, they tend to offer more personalized service and a stronger connection to the regional financial landscape. If you prefer a bank that offers more direct attention and understands the local economy, this could be the right choice for you.

• Personalized service: Dealing with a smaller customer base, local banks tend to offer solutions tailored to each customer.
• Connection with the environment: They understand the unique economic and cultural aspects of the region, making them an ideal choice for those looking for financial integration in a specific area.

Notable examples:

• Bank of Hawaii: Long-standing in Hawaii, this bank has experience serving international customers.
• Frost Bank: Based in Texas, it is recognized for its focus on customer service and its adaptability to the needs of foreigners.

If this option appeals to you, it’s important to know that the requirements for opening an account with this type of bank might be more rigid for those without permanent residency.

International banks in the United States

International banks are perfect if you want to keep your account with your regular bank or if you need to make frequent transactions between countries. With their global network, they provide a more seamless experience and specialized services for expats.

• Convenient account opening: The process can be quicker and easier if you are already a customer of the bank in your home country.
• Efficient and convenient international transfers: They offer specialized services to move money between countries effectively.
• Global network: By having branches all over the world, it is easier to access assistance, even if you travel frequently.

Notable examples:

• HSBC: Offers international accounts and programs designed with expat circumstances in mind.
• Citibank: Offers an extensive global network and financial services tailored to foreign clients.

Check transfer fees and the benefits associated with holding accounts in different countries before choosing an international bank.

Credit Unions 

Lastly, you can choose credit unions to manage your finances during your stay in the U.S. These are non-profit financial institutions that operate on a membership basis. While they’re less well-known than traditional banks, they’re a great alternative if you’re looking for better terms on financial products and more personalized service. They offer similar services to banks, but with a few key differences:

• More favorable interest rates: Since they are non-profit, they tend to offer more competitive rates on loans and savings accounts.
• Community focus: Geared to serve specific communities, so attention is more personal.

Examples of credit unions:

• Navy Federal Credit Union: America’s largest credit union, serving primarily members of the military and their families.
• Alliant Credit Union: Provides a wide range of financial services and allows membership through a donation to a partner organization.

However, it’s worth mentioning that some credit unions have specific membership criteria. Many of them may not be accessible to everyone, so it could be harder to find one where you can open an account compared to a regular bank.

The 5 best American banks for expats

Picking the bank that suits your needs best can be tricky. This is a decision that can really simplify your life, so it’s important not to take it lightly. Each bank offers different benefits, disadvantages, services, and tools, and choosing the one with the best terms will help you avoid fees and make daily tasks easier. Given how large the country is and the many options available, it makes the choice even more difficult.

To make your decision easier, we’ve put together a list of the top five best American banks for expats, based on feedback from other expats and expert opinions. Let’s take a closer look at what they offer.

Bank of America: Intended for foreigners without SSN or ITIN

Established in 1904, Bank of America is one of the largest and most respected financial institutions in the USA. With over 4,000 branches and 16,000 ATMs, it has a significant presence across the country, and it operates in more than 35 countries. Its solid reputation makes it one of the most reliable options for both residents and foreigners.

For those who prefer managing their finances digitally, Bank of America provides one of the most feature-rich mobile apps in the industry, available on both iOS and Android. With it, you can transfer money, pay bills, send funds internationally via Zelle, and set spending alerts. They offer customer support in English and Spanish, both by phone and in their branches, from 9:00 a.m. to 5:00 p.m., and until 2:00 p.m. on Saturdays, ensuring accessible help whenever needed.

Bank of America accounts for foreigners

1. Advantage SafeBalance

• Description: It’s perfect if you want to avoid overdraft fees, as it doesn’t allow transactions that exceed your balance. A simple and secure option, it’s ideal for students and temporary workers.
• Monthly fee: $4.95. You won’t have to pay this fee if you’re a full-time student under 24 or meet other specific criteria. Be sure to check the terms when opening your account.
• Opening requirements: You can open this account with a valid passport and a second form of ID, such as a consular ID or a foreign driver’s license.

2. Advantage Plus

• Description: Offers greater flexibility to make direct deposits, write checks, and handle recurring payments.
• Monthly fee: $12. You’ll avoid it if you make minimum monthly deposits of $250 or maintain an average daily balance of $1,500.
• Opening requirements: Like the SafeBalance account, accepts passport and consular registration as valid IDs.

Chase Bank: Perfect for foreigners with ITIN

With over 4,700 branches and 16,000 ATMs nationwide, Chase Bank offers extensive coverage that makes accessing its services easy. Operating since 1799, it has established itself as a reliable option for both residents and foreigners looking to settle their finances in the USA.

If you prefer managing your banking from home rather than visiting physical branches, you’ll appreciate that Chase offers a powerful mobile app for both iOS and Android. You can use it to make transfers, pay bills, deposit checks by taking pictures, and track your transactions in real-time. Chase also provides Spanish-language customer service through its phone line and at select branches, with support available until 6 p.m. on weekdays and until 2 p.m. on Saturdays. This mix of digital tools and in-person assistance offers a well-rounded banking experience.

Chase Bank Accounts for Expats

1. Chase Total Checking®

• Description: A basic checking account that gives you access to Chase’s extensive network of branches and ATMs, perfect for managing your day-to-day finances.
• Monthly fee: $12. You won’t have to pay this fee if you make direct deposits totaling $500 or more, maintain a daily balance of at least $1,500, or keep an average balance of $5,000 across linked accounts.
• Opening requirements: For foreigners, you’ll need a Taxpayer Identification Number (ITIN), a valid passport, and proof of address in the USA.

2. Chase Savings℠

• Description: Savings account that allows you to build interest and offers tools to help you reach your financial goals.
• Monthly fee: $5. You can avoid this fee by maintaining a daily balance of at least $300, setting up automatic transfers of at least $25 from a Chase account, or if you’re under 18.
• Opening requirements: Like the checking account, ITIN, valid passport and proof of address are required.

Wells Fargo: For Expats Who Prefer Spanish-Speaking Assistance

If you’re looking for a bank that combines experience, accessibility, and personalized service, Wells Fargo is a great option to consider. Founded in 1852, it’s known for its large network of over 4,700 branches across the country and its focus on serving diverse communities. For Spanish-speaking foreigners, Wells Fargo stands out for offering support in Spanish at both branches and by phone, helping to break down language barriers and making it easier to navigate the U.S. financial system.

Wells Fargo provides several services for foreigners, such as accounts that can be opened with basic documents like a passport and proof of address. Their mobile app and online banking make managing daily finances simple, offering features like transfers and personalized spending alerts. Most branches are open Monday to Friday from 9:00 a.m. to 5:00 p.m. and Saturdays until noon (it’s a good idea to check local hours).

Wells Fargo accounts for expats

1. Everyday Checking

• Description: A basic checking account that provides access to Wells Fargo’s extensive network of branches and ATMs, perfect for managing your day-to-day finances.
• Monthly fee: $10. You won’t have to pay it if you make direct deposits totaling $500 or more or maintain a minimum daily balance of $1,500.
• Opening requirements: For foreigners, you’ll need a Taxpayer Identification Number (ITIN), a valid passport, and proof of address in the USA.

2. Way2Save Savings

• Description: Savings account that allows you to accumulate interest and offers tools to help you reach your financial goals.
• Monthly fee: $5. You can avoid this fee by maintaining a minimum balance of $300 or by setting up automatic transfers of at least $25 from a Wells Fargo account.
• Opening requirements: Opening requirements: ITIN, valid passport and proof of address are required.

HSBC: Great for international and expat customers

HSBC, founded in 1865, is a global financial institution with a presence in over 60 countries. In the U.S., it operates in major metropolitan areas and provides services tailored to the needs of international clients and expats. Its worldwide presence makes it an attractive option for those managing finances in different countries.

HSBC offers a robust online banking platform that lets customers manage their accounts, make international transfers, and handle investments from anywhere. Their mobile app, available for both iOS and Android, makes it easy to manage your finances on the go. If you choose their services, you can also access customer support in multiple languages, including Spanish, via dedicated phone lines and at select branches, with hours varying by location.

HSBC accounts for foreigners

1. HSBC Premier Checking

• Description: A premium checking account that offers exclusive services, including a personal relationship manager and access to global financial products.
• Monthly fee: $50. You can avoid this fee by maintaining a combined balance of $75,000 in deposit and investment accounts. Or by having a personal mortgage with HSBC with an original balance of at least $500,000.
• Opening requirements: Valid passport, proof of address and, in some cases, evidence of income or assets.

2. HSBC Advance Checking

• Description: Checking account that offers benefits such as preferential interest rates and access to international financial services.
• Monthly fee: $25. You will not be charged if you maintain a minimum balance of $5,000 in your deposit and investment accounts.
• Opening requirements: Valid passport and proof of address.

Citibank: Perfect for those who need global connections

Citibank, established in 1812, is not just a national bank but a global financial bridge. With operations in over 160 countries, it is a leader in international banking services. In the U.S., Citibank has more than 700 branches and access to 65,000 ATMs. Many of which are free for its customers. This combination of international presence and local support makes Citibank an ideal choice for foreigners who need to transfer money across borders or manage accounts in different currencies.

Citibank provides a flexible digital platform that allows you to manage everything through their mobile app or online banking. Additionally, they offer Spanish-speaking customer support both online and at selected branches, with service available Monday to Friday until 5:00 p.m. and on Saturday mornings.

Citibank accounts for expats

1. Citibank Account Package

• Description: Checking account that offers access to online and mobile banking services. No monthly fee if combined balances of $10,000 or more are maintained.
• Monthly fee: $25. Does not apply if you maintain combined balances of $10,000 in deposit and investment accounts.
• Opening requirements: Valid passport, proof of address and, where applicable, evidence of income or assets.

2. Citi Priority Account Package

• Description: Checking account that offers benefits such as preferential interest rates and access to international financial services.
• Monthly fee: $30. You will bypass it if you maintain combined balances of $50,000 in deposit and investment accounts.
• Opening requirements: Valid passport and proof of address.

Which is the best American bank for expats?

These detailed descriptions of each bank show how their specific conditions cater to the different needs of foreigners in the U.S. To choose the one that best fits your situation and requirements, you’ll need to carefully examine each option and compare the services you’ll use most. To make the differences clearer, it’s helpful to highlight the key features of each in a table:

As you can see, while these banks were chosen for their good conditions for foreigners and offer similar benefits, Bank of America stands out. Why? Primarily because it allows foreigners to open accounts without needing an SSN or ITIN. It also offers a wide network of branches and ATMs and provides customer support in Spanish.

Steps to open a bank account in the USA

Now that you have a good idea of which bank suits your needs, how should you go about it? Navigating this process can feel daunting when you’re in a foreign country, but it’s actually simpler than it appears. While each bank may have its own specific process, here’s a general overview of the steps you’ll need to follow to open an account at one of the top banks for foreigners in the USA.

1. Selection of the appropriate bank:

• Preliminary research: Take a look at the available options, keeping in mind factors like account requirements, fees, services, and accessibility. As you’ve seen in the detailed descriptions we’ve provided in this article, banks like Bank of America, Chase, and Wells Fargo are known for being flexible with foreign customers.

2. Gather the necessary documentation:

• Personal identification: A valid passport is essential.
• Proof of address: Documents such as utility bills or leases that prove your current residence.
• Tax Identification Number (ITIN): Some banks allow you to open accounts without an SSN or ITIN. However having one can make the process easier.

3. Application process:

• Branch visit: Most banks require account opening to be done in person.
• Fill out forms: Provide personal and financial information as requested.
• Initial deposit: Some banks require a minimum deposit to activate the account; verify this requirement in advance.

4. Account activation and management:

• Receipt of cards and checks: Once the account is approved, you will receive your debit card and, if applicable, checks.
• Online banking setup: Sign up for online and mobile banking services to manage your account efficiently.

Frequently asked questions about American banks for expats

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