International Banks you Can Use (almost) Everywhere
As a traveler, you may be dealing with expensive fees and high exchange rates each time you swipe your card in a different country. But by choosing the right bank, you can save thousands of dollars every year.
If you travel abroad infrequently, high fees and bad exchange rates for international card use may not be a huge problem. However, if you travel internationally quite often, these fees can add up.
But what if you could bank with a company that didn’t charge monthly, foregn transaction, and ATM withdrawal fees? It turns out that there are plenty of banks that offer such favorable conditions. To help you make the right choice, we’ve compiled a list of the best banks for nomads looking to save on fees. Keep reading to learn more about these banks and the different services and features they have to offer.
Start Working with Digital Banks Now with the Wise Bank!What Are the Best International Banks?
International banks are financial institutions that are based abroad and offer services to clients all over the world. Today, the best international banks are digital online banks that operate throughout the world. In many ways, international banks provide the same services and support that clients get with any type of bank account. It’s often the additional services that make internationa banks different from domestic banks.
There are several types of international banks. An offshore private bank is the one most people and business owners will use. Also, offshore banking centers, correspondent banks, and subsidiary banks can be classified as international institutions.
👍 Pros
•Multi-currency banking: Thanks to international banks, ravelers who have financial obligations in more than one country or currency can still bank in their home currency or in various other currencies.
•Flexible banking: An international bank account is usually designed to offer customers maximum flexibility in how they can use their account. Regardless of where they are in the world, travelers can access their funds from ATMs, online or by phone at any time, no matter the time zone.
•More investment opportunities: Offshore banks can offer their clients more interesting investment services and solutions because of fewer government interventions in international bank accounts.
•Accessibility: Customers from different countries benefit from international banking because it makes doing business easier. Customers can use their money anywhere in the world. The freedom to transact and use their money anywhere in the world allows them to meet any fund requirement.
•International bank transfers/transactions: International banking provides customers with the option of making international bill payments. Using the currency conversion service, clients can easily send and receive money. In addition, whenever you transact overseas, you have access to overdraft facilities, loans, deposits, and more.
•Competitive currency exchange rates: Foreign exchange markets can help you stretch your resources a little further if you know how to use them effectively. This is especially true when the primary currency you use in the country you’re traveling to is superior to the rate of exchange that applies to the currency of your home country. Depending on the current rate of exchange, you can decide which is more beneficial for you. If you convert cash into either currency, you can then exchange it for another that yields a greater return. In the event the market shifts a little, you can convert it again. As a result, you may be able to make a significant return on your investment. An investment that pays off if you use the converted funds is an excellent way to gain financial security.
👎 Cons
•More due diligence needed: It’s important to carefully select the offshore jurisdiction that’s right for you. You may have a good understanding of how your own banking industry operates and is regulated in your own country, but the rules and regulations abroad are significantly different. Plus, there are some offshore havens that have less stability than others.
•High minimum deposit: A high minimum deposit can be an obstacle to opening an international bank account. Depending on whether you want to open an account with a private or retail bank, this amount can differ greatly. Banks may also require you to maintain a minimum balance in your account at all times.
•Requirements for opening an account: A bank may request additional documentation from a beneficiary as part of its “Know Your Customer” process, which may include your resume, educational diploma, documents verifying the source of funds (e.g. certificate from the employer, certificate from the bank, certificate from the tax authorities, etc.).
How to Choose the Bank for International Travels
There are quite a few things to consider when choosing a bank for international travel. The many factors include:
Consider ATM availability at home or abroad. It’s important to look for a bank that provides an adequate network of fee-free domestic ATMs to its customers. It should also provide a debit card that can be used abroad to withdraw money at ATMs. Plus, some of the best banks will waive foreign ATM fees for international travelers.
Make sure the bank you’re considering has robust digital services. Today, there are so many options customers have when it comes to banking. For example, there are traditional, brick-and-mortar banks. And then, there are online-only banks with no physical branches. In most cases, banks won't have branches in multiple countries, but you may still wish to visit a branch during your travels. In either case, a good travel bank should offer digital banking services and a mobile app that’s easy to use.
Consider the services an international bank has to offer. If you plan to withdraw cash abroad, you'll need a good checking account with a debit card. Other services like savings accounts, loans, and investment accounts might also be important to you if you like to keep your finances streamlined.
Keep foreign exchange fees in mind. For some banks, it’s sometimes necessary to pay a currency conversion fee when making a foreign purchase or withdrawing cash from an ATM. Fees can be as high as 5%. This will depend on your bank and the type of account you have.
Make security a top priority. Security features are important when choosing a bank. An example would be the use of digital features, like two-factor authentication. A secure account is also important; look for accounts that enable you to freeze debit cards if they’re stolen or lost.
List of the Best Digital Banks
When choosing the best digital banks, we took into account a wide range of criteria, including minimum balance requirements, initial deposit, availability in different countries, the presence of ATM networks, ease of use, and online accessibility.
| Bank | Supported countries | Account currencies | Currency conversion fee | International transfers system | Account fee | Crypto payments | |
|---|---|---|---|---|---|---|---|
Available in 21 countries, including Russia, Cuba, Venezuela, Syria |
AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, JPY, MYR, NOK, TRY, USD, and more |
Varies from currency to currency |
SEPA and SWIFT |
None |
No |
||
Available in 36 countries, including Australia (AUD), Singapore (SGD),United States (USD), South Africa (ZAR) |
GBP, EUR, USD, RAND, ZLOTY |
0.4% |
SEPA, IBAN |
None |
No |
||
Works anywhere that Mastercard is accepted |
GBP |
Varies from currency to currency |
Isn’t connected with SEPA or SWIFT, partners with Wise for international payments |
£5 per month |
Yes |
||
Barclays |
Available in 36 countries, including Australia, Mexico, Canada, U.S. |
EUR, USD, AUD, CAD, XCD, and many more |
2.75% |
SWIFT |
None |
None |
|
HSBC |
Available in more than 30 countries, includingArgentina, Philippines, Saudi Arabia, Greece |
AUD, CAD, EUR, GBP, HKD, NZD, SGD, USD |
2.75% for debit cards and 2.99% for credit cards |
SEPA, SWIFT |
None |
No |
|
Santander |
Available in 15 countries, including U.S., UK, Mexico, China |
GBP, EUR, USD |
$10.00 (if less than $150 USD equivalent. There is no additional fee after the $150.00 is met) |
SEPA |
$10 per month |
No |
Wise
A money transfer company, Wise is well known for offering some of the cheapest international transfers globally. Besides money transfers, Wise offers a Multi-Currency Account, a low-cost foreign currency spending account and card.
Whether you want to hold money in pounds, spend money on holidays abroad, shop online, or receive earnings from the UK, this is one of the best ways to open a UK bank account from abroad.
When you open an account online, you have to verify your identity through their interface, and you do not need to show proof of UK residency to obtain a Visa debit card. However, to sign up, you must demonstrate that you live in the EU/EEA, US, Singapore, Japan, Australia, or New Zealand.).
One of the major benefits of the Wise account is that it offers legitimate banking details in several countries and currencies, including British pounds. Barclays Bank will hold your Wise Pound account and provide you with a sort code, account number, and a British IBAN (starting with "GB").
As a result, you'll be able to spend and be paid like a local, and you won't be charged exorbitant bank fees when you convert your GBP balance.
👍 Pros
•Allows you to spend anywhere with real exchange rates.
•Convert money into required currency and spend it for free.
•Free ATM withdrawals of £200 per month.
•Free to set up and maintain.
👎 Cons
•You must add £20 to order your card.
•Tech support isn’t always available.
Starling Bank
Starling Bank is a fully-authorized bank that's well known for its fee-free current account. Plus, the fact that this account is totally free and gives you access to a comprehensive financial service suite (including overdrafts, loans, joint accounts, youth cards, pensions, Euro balance, interest, etc.) makes Starling the best free bank account — one that makes a great alternative to high-street banking.
The Starling personal account can be used for cross-border purchases and ATM withdrawals, and it offers 0.5% interest on credit balances under £2,000 and 0.25% on balances above £2,000 up to £85,000. However, overdrafts aren't granted automatically. Instead, you have to apply for them.
👍 Pros
•Highly regulated and insured: Due to Starling's banking license (deposit guarantee, direct debits, and standing orders), all eligible deposits are protected by the Financial Services Compensation Scheme (FSCS).
•Ease of use: Starling offers a fast account opening process, so you can open your account in minutes.
•Great customer service: Starling offers email, phone, and chat support 24/7.
👎 Cons
• Starling charges overdraft fees: Overdrafts come with a 15% equivalent annual rate.
• Starling charges international transfer fees: Additional 0.4% fee for sending payments overseas.
• Starling charges lost card fees: If you lose a card abroad you could be charged £60.
Monzo
There's no doubt that Monzo is one of the most famous online-only accounts in the UK, as it's a highly regulated bank. With Monzo, you won't be charged for daily card use in the UK and abroad. It's a great choice if you want to avoid fees.
In addition, since Monzo has one of the most comprehensive and advanced savings systems we've seen from challenger banks (with lots of flexibility over your time horizon and savings goals), we believe it is the ideal choice for managing and growing wealth, no matter what your objectives are.
There’s a limit of £200 per month for free cash withdrawals, and there’s a 3% fee for withdrawals after that. If you overdraw your account by more than £20 per day, fee charges can quickly add up - there is a 50p charge per day overdrawn, up to a maximum monthly charge of £15.50. Monzo also uses Mastercard's exchange rate without adding any extra charges.
👍 Pros
•Free cash withdrawals abroad: In the European Economic Area (EEA), cash withdrawals are fee-free, and elsewhere, withdrawals are limited to £200 per month. A 3% fee will be charged if your withdrawals exceed £200 per month.
•No transaction fees: You can spend abroad without incurring additional fees or exchange rate markups.
•Offers loans: Get a loan up to £25,000.
•Allows international transfers: Monzo has partnered with Wise to enable international transfers without hidden fees.
👎 Cons
•Monzo incurs withdrawal limits: Daily withdrawal limit £400 and monthly limit £5,500
•Overdraft costs: A Monzo overdraft costs 50p per day
Barclays
Barclays is an international company based in London that offers a wide array of financial services. In addition to retail, wholesale, and investment banking, the bank offers wealth management, mortgage lending, and credit cards. Globally, Barclays has operations in over 50 countries and serves around 48 million customers.
In addition, Barclays Bank operates fully online in the U.S., offering customers competitive interest rates on deposit accounts and rewards-based credit cards.
👍 Pros
•Competitive interest rates: Barclays Bank offers its customers an interest rate of 1.64%, which is higher than that of many other international banks.
•No monthly fees or minimum opening deposit requirements: Customers who bank with Barclays will benefit from no monthly fees or minimum opening deposit requirements, which gives the greater flexibility when trying to open an account.
•Lucrative credit card rewards: For certain Barclays credit cards, customers can earn 10,000 bonus points if they spend $1,000 on purchases in the first 90 days after account opening.
👎 Cons
•No brick-and-mortar branches: If you live outside of the UK, you won’t have access to a physical branch, which means you’ll only be able to use the bank’s online services.
•No checking accounts: Barclays only offers high-yield savings accounts and CDs.
•Personal loans by invitation only: The only way you can qualify for a personal loan with Barclays is if they mail you an invitation to apply.
HSBC
HSBC offers a variety of excellent services for international clients. Through its global presence in over 64 countries and territories, HSBC allows customers to bank internationally.
However, keep in mind that you might incur foreign transaction fees on debit card purchases overseas, unless you have Premier checking. In addition to receiving international wire transfers from other HSBC accounts, Premier account holders can receive international wire transfers for free.
👍 Pros
•Remote account opening: Open a bank account remotely via video conferencing.
•Easy account linking: Over 50 countries and currencies are linked to your HSBC accounts, so your finances are always at your fingertips.
•Quick transfers: Make international transfers quickly and securely.
👎 Cons
•Fees: HSBC charges relatively high fees for banking.
•Lower interest rates: HSBC's current interest rates aren't very competitive.
Santander
In 1857, Santander was founded in Spain as Banco Santander (which is still the trading name of the bank today). Its headquarters are in Madrid, but Santander has been expanding globally over the last few years across North and Central America as well as in Asia, along with its extensive European coverage.
The Santander Group has more than 1,400 branches in the UK. Some of its subsidiaries - such as Abbey National - have recently rebranded as Santander.
Santander charges customers making international transfers both a transfer fee and an exchange rate margin.
The margin Santander charges for transfers involving currency conversion is generally 5% above the mid-market rate. It won't matter if you're moving Sterling to US dollars, Australian dollars, or Euros, you'll pay about the same margin. In comparison to specialist money transfer services, this is on the higher end of margins charged among banks.
Santander charges £25 for standard electronic transfers to overseas bank accounts. It is, however, free to send Euros using SEPA. Payments can be made by you or by the beneficiary. You can also split the charges when sending.
In some cases, the receiving bank may charge the beneficiary for SWIFT and intermediary fees. Before sending funds, check with your recipient to make sure the fees are permitted. Santander doesn’t control these fees.
👍 Pros
•Wide range of currencies: The bank supports a total of 147 global currencies.
•Physical presence: Santander operates in 10 main markets and is able to accept payments to almost every destination in the world.
•Online chat: Customers have the option of contacting support via chat.
👎 Cons
•High exchange rate margins: Santander adds about 5% to midmarket rates, which makes transfers more expensive.
•Transfer speeds: Outside the UK, transfers can take up to four working days.
•Transfer fees: Small transfers -£5,000 and under - can be quite costly, as fees are charged as a percentage.
Summary
When traveling, a good checking account can make your life a whole lot easier. The right bank can help you avoid foreign transaction and ATM fees, and give you a good mobile banking experience.
Choosing one of these six banks will offer you the best services while you’re traveling abroad. The best choice for you is one that will meet your needs and allow you to access your money easily and with little expense.
FAQs
Can I open a bank account in another country without living there?
Yes, opening a bank account in a foreign country is definitely possible. It may, however, take a few more steps than opening a domestic account.
How do I get an international bank account?
For many banks, you’ll need to provide two forms of ID (driver’s license/ID and birth certificate).
Can I open an international bank account online?
Yes. Citizens of any country can remotely open a bank account abroad electronically.
How do I withdraw money from an international bank account?
Customers can withdraw money from offshore accounts using a credit card or debit card. You can request a debit or credit card when opening an offshore account, so that you can make purchases or withdraw money.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Yield
Yield refers to the earnings or income derived from an investment. It mirrors the returns generated by owning assets such as stocks, bonds, or other financial instruments.
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3
Wire transfer
A wire transfer is a method of electronic funds transfer in which money is sent from one bank or financial institution to another, typically across international or domestic boundaries. It involves the sender providing their bank with specific instructions, including the recipient's bank details and the amount to be transferred, and the funds are then electronically moved from the sender's account to the recipient's account.
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4
Index
Index in trading is the measure of the performance of a group of stocks, which can include the assets and securities in it.
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5
Extra
Xetra is a German Stock Exchange trading system that the Frankfurt Stock Exchange operates. Deutsche Börse is the parent company of the Frankfurt Stock Exchange.
Team that worked on the article
Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.