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Table of Contents
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 * Capital One 360
 * Citibank CitiGold
 * HSBC Premier
 * Alliant Credit Union
 * Schwab Bank
 * Ally Bank
 * Fidelity Investments
 * Navy Federal Credit Union
 * State Department Federal Credit Union
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 * Banking
 * Checking Accounts


TOP 9 CHECKING ACCOUNTS FOR US EXPATS LIVING ABROAD


By
Jeff Krohnfeldt
Full Bio
Jeff Krohnfeldt has 20+ years of experience in the financial industry and 10
years of experience writing about various financial topics.
Learn about our editorial policies
Updated November 08, 2024
Reviewed by
Khadija Khartit
Reviewed by Khadija Khartit
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Khadija Khartit is a strategy, investment, and funding expert, and an educator
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entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63,
and 66 license holder.
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Fact checked by Timothy Li
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Timothy Li is a consultant, accountant, and finance manager with an MBA from USC
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For U.S. citizens living abroad, referred to as expatriates or expats,
maintaining checking and other bank accounts in the United States provides
several advantages. These include the convenience of paying bills or making
payments in the country and the ease of direct deposits for employment or Social
Security payments.



However, using these accounts while living in a foreign country can be expensive
due to bank fees. For example, ATM transaction fees can be high—anywhere from $1
to $5 per transaction. Also, without a strong mobile platform and 24-hour help
centers, accessing your funds can be challenging when overseas.



Below are the nine top checking accounts for expats with proven track records.
Some of the banks included have a significant physical presence abroad, such as
HSBC and Citi, while others, like Ally Bank or Capital One, operate
predominately as online entities. All the banks listed have been vetted with
expats and travelers in mind. All information has been updated as of Aug. 02,
2024.




KEY TAKEAWAYS

 * U.S. expatriates looking for the best checking account should consider
   whether they prefer a bank with a physical location, an online-only bank, or
   one that offers the best of both.
 * Also, consider foreign transaction fees, which reduce your balance each time
   you make an ATM withdrawal or debit card purchase.
 * Some banks and credit unions will offer reimbursement of foreign transaction
   fees.
 * Your checking account may require a minimum monthly balance or other
   requirements to get reimbursed for fees and other benefits.
 * For many of these banks, you must maintain a valid U.S. mailing address and
   phone number while living overseas.


CAPITAL ONE 360

Expats can use the Capital One 360 interest-bearing checking solution offered by
Capital One Financial Corp. (COF) without paying maintenance, foreign
transaction, or ATM fees.1 Account owners can set up direct deposits for work or
Social Security payments. In addition, Capital One 360 products charge no
additional fees when you use your debit card abroad.23



Be aware that if you plan on making mobile deposits of checks while living
abroad, you might face restrictions that prevent you from doing so depending on
the financial institution you use. For example, while you can deposit a check
from anywhere in the U.S. and U.S. territories using Capital One's mobile
deposit app, certain items are not eligible for this service, including checks
that are not payable in U.S. currency or not drawn on a financial institution
located in the U.S.45


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CITIBANK CITIGOLD

The Citibank ATM Network is available in over 20 countries, so accessing an ATM
may not be a problem. A subsidiary of Citigroup Inc. (C), Citibank offers expats
the convenience of handling their financial affairs in offices worldwide and
online. With the Citi International Personal Account Package and the Citigold
interest checking account, customers receive wealth management and financial
planning services in addition to banking services.67



Customers who maintain a minimum combined average monthly balance of $200,000 in
eligible linked banking, investment, and retirement accounts get their monthly
service fee waived.8 The account offers fee waivers on most bank services and
reimbursement of fees charged by other banks for using non-Citi ATMs. Depending
on your Citigold account type, wire transfer fees are either waived or reduced.9




HSBC PREMIER

The international footprint of HSBC Holdings PLC (HSBC) provides expats an
unparalleled physical presence with operations in 62 countries and territories.
HSBC Premier checking offers a variety of features, including no annual fees
(need to meet certain criteria), no foreign transaction fees, and Premier status
for up to four members of your family.1011



To qualify for the Premier account, customers must maintain a minimum balance of
$100,000 in linked accounts with the bank or have monthly recurring third-party
direct deposits of at least $5,000 or an HSBC U.S. residential mortgage loan
with an original loan amount of at least $500,000.11



HSBC Bank is known for its customer service and will help you open an account
overseas, even before you move. In addition, you can move your funds via its
mobile app between any of your HSBC accounts, which can come in handy if you
have multiple accounts across multiple countries.




ALLIANT CREDIT UNION

The high-interest rate checking account at Alliant Credit Union pays an annual
percentage yield (APY) of 0.25% with no minimum balance requirement and no
monthly service fees.12 Unlike many banks, credit unions often pass processing
charges on transactions through to customers without markups.



As a result, fees charged to expats on foreign ATM withdrawals and debit card
purchases are 1% of the total transaction. However, Alliant does offer an ATM
fee rebate of up to $20 per month.1312



Some financial institutions charge foreign transaction fees to customers who
make withdrawals from foreign ATMs or make purchases in a foreign currency using
an electronic payment card. These fees are typically 1% to 3% of the
transaction's value.


SCHWAB BANK

The Schwab Bank Investor Checking account offers no monthly service fees, but
you must also open a Schwab One Brokerage account and link it to the checking.
However, you do not need to fund the brokerage account, nor are there minimum
balance or trading requirements, resulting in no fees to open or maintain either
account.



The Schwab Bank Investor Checking account does not charge foreign transaction
fees, offering unlimited rebates of ATM fees for cash withdrawals worldwide if
you use the Schwab Bank Visa Platinum Debit Card.1415




ALLY BANK

While it only offers online banking, Ally Bank has a robust online interface for
expats with free bill paying, no maintenance fees, and no monthly maintenance
minimums.16 Ally Bank charges a standard foreign transaction fee of up to 1% of
the transaction amount for ATM withdrawals and debit card transactions. There
may be an additional charge if you use a non-Allpoint ATM overseas.17 Note that
Ally Bank requires a working US mobile number to access your account.




FIDELITY INVESTMENTS

For expats holding investment accounts with Fidelity Investments, the checking
account offered is called the Cash Management Account. The checking account has
no fees or minimums to open the account and offers free checkwriting.18



Account holders can use the debit card to withdraw cash from over one million
ATMs worldwide. For each foreign transaction, there is a 1% foreign transaction
fee for non-U.S. dollar transactions, which may apply whether or not there is a
currency conversion. The account also offers travel and emergency assistance,
accident insurance, and damage waivers for car rentals.1920




NAVY FEDERAL CREDIT UNION

For active and retired members of the military who banked with the Navy Federal
Credit Union (NFCU) while living stateside, the credit union also adds value for
members living abroad. You won't be charged ATM access fees when using
International Navy Federal and CO-OP ATMs.21



However, some CO-OP ATMs and non-NFCU ATMs may charge an additional service
fee. You'll also get charged a $1 fee by Navy Federal for all transactions at
non-Navy Federal or non-CO-OP network ATMs when using a Navy Federal Visa debit
card or CUCARD.21



The credit union pays a rebate of up to $10 per statement period (for a maximum
of $120 annually) to cover ATM charges for direct deposit accounts. The Flagship
Checking account pays tiered dividend rates with a maximum APY of 0.45% for
balances over $25,000. However, you must maintain an average daily balance of
$1,500 or more to avoid the $10 monthly service fee and qualify for the
dividends.22



In November 2024, Navy Federal was ordered by the CFPB to pay more than $95
million in redress and fines for charging illegal overdraft fees, the largest
penalty ever charged to a credit union for illegal activity. Navy Federal
charged surprise overdraft fees on certain ATM withdrawals and debit card
purchases, even when customer accounts showed sufficient funds at the time of
the transaction. It also showed that funds from peer-to-peer transfer services
were available to spend when they were in fact still pending, and then charged
overdraft fees when customers attempted to spend those funds.23


STATE DEPARTMENT FEDERAL CREDIT UNION

If you or an immediate family member is employed by the U.S. Department of
State, this federal credit union has a lot to offer its members. You can open a
Basic checking account (no minimum required), an Advantage account with a $2,000
balance, or a Privilege account with a $25,000 balance.24 All accounts give
members access to nearly 30,000 free ATMs. Members can utilize the credit
union's robust online banking system, plus its 24-hour call center.



The credit union offers Advantage account holders a monthly reimbursement of up
to $15 for ATM foreign transaction fees and $25 for Privilege account holders.
The Advantage checking account pays dividend rates with an APY of 0.75%, and the
Privilege checking account pays an APY of 0.80%.25




ARE THERE FOREIGN TRANSACTION FEES FOR U.S. EXPATRIATES LIVING ABROAD?

Some banks charge no foreign transaction fees, while others might charge 1% of
the transaction amount. If your bank charges a fee, check to see if they offer
reimbursement, such as $10 or $15 monthly.




WHAT SHOULD U.S. EXPATRIATES LOOK FOR IN A CHECKING ACCOUNT WHEN LIVING ABROAD?

For U.S. expatriates searching for the best checking account while living
abroad, consider whether you prefer a bank with a physical location or an online
bank. Also, consider whether you want to earn interest on your balances and if
the bank requires a minimum balance to avoid monthly service fees and qualify
for interest. Research whether your bank charges foreign transaction fees for
ATM withdrawals and debit card transactions and whether they offer fee
reimbursement.




CAN A U.S. CITIZEN HAVE A U.S. ACCOUNT WHILE LIVING ABROAD?

Yes, but the bank may require that you maintain a valid U.S. mailing address and
phone number while living overseas.




THE BOTTOM LINE

When searching for the best checking account while living abroad, U.S.
expatriates should consider the banking services that meet your needs. Some may
prefer a bank with a physical location, while others may prefer an online bank
or some combination of both.



Consider whether you want to get paid interest or dividends on your balances and
whether you can maintain the minimum balance requirements to avoid monthly
service fees and qualify for dividends. Many banks charge foreign transaction
fees when making ATM withdrawals or using your debit card. Assess how many
monthly transactions you typically perform and whether the bank offers enough
reimbursement to adequately cover the fees.

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Article Sources

Investopedia requires writers to use primary sources to support their work.
These include white papers, government data, original reporting, and interviews
with industry experts. We also reference original research from other reputable
publishers where appropriate. You can learn more about the standards we follow
in producing accurate, unbiased content in our editorial policy.

 1.  Capital One. "360 Checking Account.'"

 2.  Capital One. "360 Checking Explanation of Various Key Services and
     Charges." Pages 1-3.

 3.  Capital One. "Is There a Fee When I Use My Debit Card Abroad?"

 4.  Capital One. "Mobile Deposit Terms and Conditions."

 5.  Capital One. "How Do I Make a Deposit?"

 6.  Citi. "Citibank ATMs Around the World."

 7.  Citi. "International Personal Bank U.S."

 8.  Citi. "Citigold."

 9.  Citi. "Online Wire Transfer Services."

 10. HSBC. "About HSBC."

 11. HSBC. "HSBC Premier Checking Account."

 12. Alliant Credit Union. "High Yield Checking Account."

 13. Alliant Credit Union. "Fees."

 14. Schwab. "Charles Schwab Bank Pricing Guide."

 15. Schwab. "A Checking Account Built for Investors."

 16. Ally. "Interest Checking."

 17. Ally. "ATMs and Withdrawals FAQs."

 18. Fidelity Investments. "Spend & Save FAQs: Cash Management Account."

 19. Fidelity Investments. "Spend & Save FAQs: ATM/debit Card."

 20. Fidelity. "ATM/Debit Card."

 21. Navy Federal Credit Union. "Navy Federal ATMs."

 22. Navy Federal Credit Union. "Flagship Checking."

 23. Consumer Financial Protection Bureau. "CFPB Orders Navy Federal Credit
     Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees."

 24. State Department Federal Credit Union. "Types of Checking Accounts at
     SDFCU."

 25. State Department Federal Credit Union. "Advantage Checking Account."

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The offers that appear in this table are from partnerships from which
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listings appear. Investopedia does not include all offers available in the
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