Before you decide to pack your and set sail on a digital nomad journey, you should think about the logistics of your whole plan. How will clients pay you? How will you access your funds overseas? Well, luckily for you, we will answer all those questions and more through our list of the best bank accounts for U.S. citizens living and working overseas.
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What Digital Nomads Want In A Bank Account
Generally, people don’t really leave their home country, and so most banks desing their accounts to cater to those that travel infrequently. Digital nomads and other U.S. citizens living abroad though, will be spending money in different currencies and earning income from many countries all over the world.
Digital nomads require a unique banking solution because traditional ones don’t offer them the same benefits. Here is what we look for in bank accounts for digital nomads:
- They don’t charge outrageous fees.
- They allow easy access to our money.
- Their customer support team is readily available.
Best Bank Accounts For U.S. Citizens Living Abroad
HSBC Premier Checking & HSBC Advance Checking
A well-known, international financial institution, HSBC has a solid reputation and boasts physical branches and ATMs in over 60+ countries worldwide. Besides its presence on a global scale, both the HSBC Premier Checking account and HSBC Advance Checking account offer useful international perks:
HSBC PREMIER CHECKING:
- $0 out-of-network ATM fee
- 0% foreign transaction fee
- Free global transfers
- Premier customer support 24/7
- Support at physical branches
HSBC ADVANCE CHECKING:
- Surcharge-free HSBC ATMs
- 4 non-HSBC ATM rebates per month
- Free global transfers
- 24/7 customer support via live chat
- Support at physical branches
HSBC is well known for having lower than average fees compared to other banks out there, as well as great customer service. They will even let you open an account online before you arrive in the country that you are travelling to.
Charles Schwab High Yield Investor Checking
Charles Schwab is an investment bank based out of the United States. If you’re American and you open an investment account with them, you can also open a High Yield Investor Checking account for free. You don’t need to actively invest in the brokerage account to use the checking account (details here). And this checking account isn’t your average checking account. Digital nomads will enjoy the account’s:
- No foreign transaction fees
- Fully refundable fees on all foreign ATM withdrawals
- 24/7 online customer support chat
Charles Schwab High Yield Investor Checking Account Up To $500 Bonus
Earn up to a $500 bonus when you open a new High Yield Investor Checking Account and link it to a new brokerage account.
- $500 bonus has no listed expiration date
- A new Brokerage account or a new High Yield Investor Checking account linked to a Brokerage account will qualify for the bonus.
- Available online, nationwide
- Account needs to be open for at least 1 year to avoid an early account termination fee
Based in Berlin, N26 is a mobile banking solution that offers free accounts to United States residents. More than just an account, N26 makes spending, saving and managing money a breeze. It also features the following international benefits:
- Mastercard debit card so you can pay cashless wherever Mastercard is accepted.
- Unlimited free ATM withdrawals at over 55,000 Allpoint locations within the U.S., Canada, Puerto Rico, Australia, Mexico and the UK.
- Integrated with Wise for easy foreign currency transfers.
- No foreign transaction fees.
- Real-time customer support via the in-app chat
N26 $5 Welcome Bonus
Get a free $5 cash bonus deposited directly into your N26 account when you:
- Apply using a referral link,
- Enter the referral code in the Promo Code section of the application,
- Download the N26 app,
- Fund your new N26 account from another bank (no minimum funding),
- Activate your new N26 debit card, and
- Use your N26 debit card to make to make a qualifying purchase of at least $10.
Revolut is another popular mobile banking institution from Europe with worldwide usability, savings benefits and budgeting features, all offered with no hidden fees. U.S. residents living overseas love that their Revolut account:
- Holds, exchanges, sends and receives 28+ currencies.
- Supports over 150 currencies at the interbank exchange rate.
- Offers free ATM withdrawals up to a certain monthly amount (depending on plan).
- Provides free foreign spending and exchanges up to a certain monthly amount (depending on plan).
- Sends and requests money easily.
- Has 24/7 customer support via live chat.
Revolut Up To $50 Welcome Bonus
Currently, Revolut is offering customers a chance to earn a $50 welcome bonus when they sign up using a referral link. Keep in mind that this bonus changes often, so you may not always get a $50 bonus. To get the bonus you must verify your identity, deposit funds by connecting an existing card or bank account, or a physical Revolut debit card, and complete three purchase transactions (for any amount) with your new Revolut card. This includes purchases on your virtual card while waiting for your physical one to arrive.
Bonus Tool: Wise
If you are a digital nomad, definitely consider using Wise (formerly Transferwise) to transfer money internationally. It is quickly becoming an alternative to PayPal as it has low and transparent fees at true mid-market exchange rates. Currently, you can send money to 70+ countries and receive money from 40+ countries, with over 1,000 country combinations across 45+ currencies. Compare it with other top money transfer services.
If you are a digital nomad who plans to go overseas on a journey or simply for business, you will want to check out our list of the best bank accounts for these things. These bank accounts are designed for digital nomads in mind as they have certain features that are not found in a traditional bank account. If you don’t intend on leaving the U.S., then check out our list of bank promotion!