Trying to find the best offshore banks for expats like yourself? It’s no secret that there are several banking options available nowadays, and traditional banks aren’t always designed with expats in mind. This article will go through the best offshore banks for expats (including online banks).
However, we must take into account a few factors such as your nationality, new home country, and banking requirements.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
We recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
Things to consider when selecting a bank as an expat
If you are preparing to relocate to another country or are in the process of obtaining residence in another nation, you may need to create a bank account. Let’s have a look at some possible scenarios:
- In order to get residence in another country, you must first create a bank account.
- Because your new home nation does not allow you to create a bank account, you must locate an online bank that offers decent conversion rates and cheap ATM withdrawal fees.
- You base yourself in several locations throughout the year, but you’re a sluggish traveler, so you only move every 3 or 6 months. You’re looking for a reputable bank.
Depending on your existing status, creating a bank account in another country might be simple or highly difficult.
Here are some things to consider before opening an overseas bank account:
- What country are you from?
- Is your present bank able to provide you with a multi-currency account?
- Is it legal for you to create a bank account in your new home country?
- Do you travel frequently?
The problem is that there is no one-size-fits-all answer. If you are an American expat, or a European expat, or a Canadian expat, your options may differ because some are, sadly, confined to your nationality.
However, if your new home nation does not let you to create a bank account, here’s a brief outline for you.
- Best offshore bank for American expats: Charles Schwab Bank
- Best offshore bank for Canadian expats: Stack
- Best offshore banks for European expats: Revolut and N26
Then you must examine your requirements. What is the purpose of having an overseas bank account? ATM withdrawal costs are low? Is it necessary for you to be paid in a different currency? We’ll go through each bank’s expat-friendly features in greater detail below.
Best offshore banks for expats
1. Revolut
Revolut is one of the best offshore banks for expats. They just opened their program in the United States, so it may be a good alternative for both Americans and Europeans. This online bank operates through a mobile app, which you must download on your iPhone or Android smartphone.
The bank is catering to legal residents of the European Economic Area (EEA), Singapore, Australia, Switzerland, the United Kingdom, Japan, and the United States.
The EEA comprises the following:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
You acquire an IBAN number with Revolut, and you may hold numerous currencies in your account and have them withdrawn from any ATM worldwide.
It’s a fantastic alternative for expats who enjoy traveling! You can also be paid directly into your Revolut bank account.
2. N26
N26 is a corporation that began in Germany, spread throughout Europe, and is now trying to help American people in the future. Because they are entirely digital, you will need to download an application to your mobile phone in order to enjoy their services.
N26 is a well-known online bank among European expats, and is definitely one of the best offshore banks for expats.
Austria, Belgium, Denmark, Estonia, Finland, France (not available for residents of the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland are the only countries where they offer digital accounts.
Aside from the fact that everything is done online and you have 24 hour customer service, N26 covers your international transaction costs, making them an excellent alternative for expats or tourists.
If you are a European expat residing in any part of the globe or located in Europe, this is one of the greatest digital bank accounts accessible.
3. Charles Schwab Bank
Charles Schwab Bank is a wonderful bank for American expatriates and US visitors. This classic bank is the most popular choice for Americans owing to the numerous appealing features of its checking account.
Charles Schwab Bank, for example, reimburses foreign ATM expenses! This is, without a doubt, the biggest benefit of banking with Charles Schwab, and it saves you a lot of money, especially if you travel to a lot of different countries with various currencies.
However, keep in mind that you must be in the United States to create a bank account. It cannot be done remotely or online. So, if you’re planning to relocate to another nation, we recommend that you create a bank account before you go.
Otherwise, you’ll need to look into digital banking for foreigners, such as Wise or Revolut.
4. STACK
For Canadian expats, Stack is one of the best offshore banks for expats. Several consumers may be hesitant to sign up for a prepaid card, but STACK’s program provides some valuable benefits.
Not only are there no monthly, ATM, or foreign transfer fees, but adding money to the card is also free. You can also apply for the card online, eliminating the need to visit a bank to do so.
It took some time for them to open their doors in Quebec, but they are now open to Quebec citizens as well.
Although STACK may be used anywhere in the globe, it only accepts Canadian dollars and so restricts how you can fund your STACK account.
Although it is simple, you can only add money to your card in person at a Canada Post Office or by e-transfer from a Canadian bank account.
That being said, this card is a fine option if you’re traveling, but not if you’re an expat. After all, Wise may be a better alternative for you.
5. Monese
Monese is comparable to N26 and Revolut in many ways. Monese is a mobile app that allows you to have a GBP or EUR account. Monese is still only available to European nationals, which means it will only function if you are a European expat residing in Europe.
They presently operate in 20 countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain, and the United Kingdom.
The Monese app allows you to quickly track all of your banking information. They will also notify you when you get or spend money, indicating that it is secure. Finally, if you enjoy traveling, you may use your card overseas without incurring penalties.
It should be noted, however, that they debuted in 2017. Given that Monese is a relatively young participant in the sector, you should conduct your own research before joining up.
6. Wise
Wise is an up-and-coming international transfer company. It was previously known as Transferwise, and it was created to address the excessive transfer costs that we are subjected to every time we need to move money.
When sending and receiving significant sums of money (above $1000), Wise has the lowest costs. You may also get a Wise bank card, which is convenient. Because the costs are low, it’s a terrific method to receive paid in a different currency!
They just created Wise cards for Canadians, which is beneficial if you are a Canadian expat.
Wise is a fantastic digital banking option for expats. Wise is a fantastic banking solution, whether you’re getting paid in foreign currencies or moving money to an international bank account.
7. Payoneer
Payoneer is a digital banking alternative to consider when thinking about opening an offshore bank account. t has built a strong clientele that includes Airbnb and Fiverr. They have a global network and they support 150 local currencies.
You may also get a bank card for your Payoneer account, which is fantastic.
Payoneer charges a one-time fee of $3 for each transfer. Furthermore, if you order the card, the costs associated with this card are rather high.
It may be the least desirable choice on our list, but it can be handy for receiving foreign payments and sending money to your home bank account; nonetheless, I would not use it for everyday transactions.
However, it appears to be a popular choice among Australian expats.
Conclusion
Nobody likes to pay hefty ATM fees or expensive currency exchange rates. Am I correct? Finding the best offshore banks for expats is difficult since there are numerous factors to consider, including your nationality, new home country, and banking demands.
To be cautious, as an expat and traveler, consider traveling with at least three different bank cards.
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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
