Best International Bank for Expats [How to Choose] (original) (raw)

The best international bank for expats can often be challenging to find as very few banks understand the expat situation and expat needs.

The majority of banks charge high fees for international bank account transactions or foreign currency exchanges. Their online banking platforms are difficult to use or they require physical visits to a branch for basic verification.

Some banks may even restrict your bank account or randomly freeze your funds because their systems flag purchases abroad – which can suddenly leave you high and dry without funds in a foreign country.

Luckily, it doesn’t have to be this way. There are some excellent banks in stable offshore banking jurisdictions with international bank account opening solutions that specifically cater to expats banking needs.

Many of them have easy-to-use online banking platforms, ATMs around the world, and little to no fees on foreign transactions or foreign ATM withdrawals. They understand that you can’t just pop into your nearest branch for trivial bureaucratic procedures and that you may frequently have purchases in different countries.

Sounds like a dream doesn’t it? It really is.

KEY TAKEAWAYS

Taking the time to find a bank that serves expats can save you hundreds, if not thousands of dollars in unnecessary bank fees each year. It can also save you huge headaches and hours wasted on customer service support lines trying to resolve issues with your account.

To help you find the best bank for your needs, we’ve put together this comprehensive guide to choosing the best international banks. This guide is based on our team’s experience personally opening bank accounts as expats with some of the best banks available.

Read on for everything you need to know. Including how to choose the best international banks and successfully open accounts abroad for expats.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. What Is the Best International Bank for Expats?
  2. Know How to Find the Best International Banks for Expats?
  3. Prepare For International Bank Account Opening as an Expat
  4. Choose Where to Open an International Expat Bank Account
  5. Ready to Open an Offshore Bank Account?

The best international bank for expats offers convenience, accessible banking services, stability, diversification, and much more. Read on for how to find the best bank for your situation and how to successfully open a bank account with them.

But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open an international bank account in top banking hubs around the world.

Step 1: Know How to Find the Best International Banks for Expats?

how to find the best international bank for expats

Knowing how to find the best bank internationally as an expat is crucial to saving you time, money, and energy when dealing with your finances.

Of course, every banking jurisdiction and bank offers different benefits and services. So the key is to know which particular features are the most important to you as an expat. This is critical to make the best decision on not only where to open your account but also the easiest place to open a bank account for your specific client profile.

To give you an idea of what to look for, here are some of the key features you want to consider before applying to open a bank account as an expat.

Features to Look for When Choosing International Banks for Expats

There are many features when it comes to choosing the best international banks.

As mentioned, not all of these features will be accessible at every bank. That’s why it’s important to determine which ones are the most important to you before applying.

There are also a number of benefits you can gain by opening bank accounts internationally.

Benefits of Opening International Expat Bank Accounts

Opening an international or offshore bank account outside of your country of residence can offer greater stability. For instance, opening a bank account as an expat may protect you from political or economic issues in your home country.

It can also offer convenience and accessibility when traveling, especially if you need to send money to China from the UK or make other global transactions.

Now, to successfully open a bank account as an expat, you’ll need to know how to properly navigate the account opening process.

So, with this in mind, let’s look at how to prepare to open a bank account as an expat with the best international banks.

Step 2: Prepare for International Bank Account Opening as an Expat

prepare for account opening as an expat busy city

In order to successfully open your ideal bank account, it’s important to know what challenges you may face in the process.

Of course, the challenges one expat may face can be completely different from another expat. It all depends on your client profile, banking needs, and also where you choose to open.

Nonetheless, here are the most common challenges that expats face when trying to open bank accounts internationally…

Challenges of Opening the Best International Bank Accounts as an Expat

As you can see, many challenges come with opening accounts for expats. And, if you avoid doing your homework before applying, there is a chance you can experience most (if not all) of these challenges.

Ultimately, the benefits you can unlock and the challenges you can overcome all come down to where you choose to open a bank account as an expat.

But, knowing where to open a bank account as an expat isn’t easy. This is especially true if you don’t know which bank will accept your client profile.

Fortunately, in the next section, we’ll uncover some of the top banking jurisdictions that are known for having the best international expat bank accounts.

Step 3: Choose Where to Open an Expat Bank Account

best international bank account in Singapore

The next step to knowing how to choose the best bank as an expat is narrowing down the best jurisdictions.

As mentioned, this can be a difficult process to navigate.

So to get you started, we’ve put together a list of the most popular banking jurisdictions where expats can open international accounts.

Let’s look at each option one by one…

International Expat Banking in the Isle of Man

If you’re looking for the most cost-effective expat banking option, the Isle of Man is your best bet.

The Isle of Man is known for its economic stability, political certainty, and culture of professionalism and accountability. And on top of all that, its deposit amounts are much lower than in most other banking jurisdictions.

The Isle of Man is highly populated with expats and if you know where to go you can even open accounts 100% remotely there.

If you’re interested in learning more about how you, as an expat, can open bank accounts in the Isle of Man, we have you covered.

We outline the best banks for expats in our premium members-only report “Banking in the Isle of Man: Expat Banking Goes Mainstream”.

best international bank for expats IOM banking report

You can access this report immediately when you join GlobalBanks IQ.

Open an Account With the Best International Bank for Expats in Guernsey

Another hot spot for expat banking similar to the Isle of Man, is Guernsey.

Guernsey is known for its low taxes, beneficial laws, clean reputation, and high concentration of specialized financial services.

With that said, banking in Guernsey isn’t for everyone. It is, primarily for high net-worth expats in need of private banking and wealth management services that are willing to make a sizeable deposit.

And, if you’re eligible to open a bank account as an expat in Guernsey, you’ll unlock unique financial services, attractive investment products, and benefit from banking in a stable jurisdiction.

If you’re interested in learning more about banking in Guernsey and whether or not it’s the right fit for you, you’re in luck.

We cover everything you need to know about how to start opening accounts for expats in Guernsey in our FREE banking article “Guernsey Offshore Banking [Guide]”.

Open an International Account as an Expat in Jersey

Now, if you’re not able to meet Guernsey’s strict account opening requirements, including the initial deposit levels, another option worth considering is Jersey.

Jersey is often seen as the halfway point between the Isle of Man and Guernsey. Especially when it comes to deposit amounts, which start at about £25,000.

If opening an account with a bank in Jersey is the right option for you, it’s crucial you know which bank and banker to contact directly. This will increase your chances of successfully opening an account in Jersey.

This is key because not every bank in Jersey accepts expats.

If you’re interested in learning more about how to open an account with a bank in Jersey, you can check out our FREE article “Jersey Bank Account Opening [Start Here]” for more information.

International Banking for Expats in the US

Another excellent option for international banking for expats is the United States. The US is more accepting of expats than those in almost any other banking jurisdiction.

In addition, most expats can open a bank in the United States without needing to provide proof of US ties or US residency.

Best of all, expats can even open US bank accounts 100% remotely (if done properly).

Of course, like banking anywhere, to successfully open accounts for expats in the United States, you need to know which bank, branch, and even banker to contact.

And most importantly you need to be familiar with the bank-specific requirements and special quirks of the US banking system before you go in.

If you know how to approach the application process it can be very smooth. But if you go in blind, it’s easy to make blunders that will raise red flags and block your application.

It’s important to take the time to build the right account opening strategy. That way, you can unlock the numerous benefits of banking in the United States. Including the ability to build a US credit history to access the world’s best credit card reward programs, mortgages, and business financing.

If you’re interested in learning how you can open bank accounts in the US, look no further.

We share everything you need to know about banking in the United States for expats. Including the benefits, your specific client profile can unlock, and even how to open accounts remotely in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.

best international bank for expats US banking report

You can access this report immediately when you join GlobalBanks USA.

Open an International Bank Account as an Expat in Singapore

Last but not least, Singapore…

Singapore is a popular banking jurisdiction for many expats. This is because of its excellent reputation and well-capitalized and rock-solid banks.

Additionally, Singapore is also one of the most economically and financially stable jurisdictions. Making it an attractive option for many foreign expats, foreigners, and non-resident businesses.

Since Singapore banking is so sought after, there are many barriers to entry. Opening a bank account for expats in Singapore can be extremely difficult, especially if you don’t have the right account opening strategy.

This is because not every bank in Singapore accept expats. And, the ones that do, have strict onboarding processes that expats need to follow, along with much higher deposit amounts.

That said, with the right information, some guidance, and a robust account opening strategy, you can open an account with some of the best banks in Singapore. But, to ensure a successful account opening process you must know which bank and branch will accept you before applying.

Fortunately, we can help with that.

We detail the entire account opening process for expats, including who can and cannot open here, how to navigate the account opening challenges, and even how to open accounts 100% remotely in our premium members-only report “**Banking in Singapore: Global Banking at Its Best (And How to Get In)**”.

best international bank for expats singapore banking report

You can access this report immediately when you join GlobalBanks IQ.

As mentioned above, the best bank for an expat ultimately comes down to your specific client profile. But also, your desired banking needs and the banking features and benefits you’re after.

So, whether you’re ready to open an account in any of the banking jurisdictions we’ve shared here, or you’re wondering what other options might be suitable to your client profile, we can help.

Ready to Open an Offshore Bank Account?

If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.

GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…

+ Direct support from a team of banking experts

+ Direct introductions to your desired banks

+ Answers to your most pressing questions and challenges

+ Expert insights on which banks to choose & why

+ Plus, FULL access to our entire suite of account opening tools and intelligence!

And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.