Banking Without Borders: A Guide to the Best Banks in the U.S. for Foreigners

Over a million people immigrate to the U.S. every year. Some move here temporarily to attend college and others want to settle in the U.S. permanently. Regardless of the reason, it’s imperative that you have a banking option in the U.S. Fortunately, non-residents can get checking or savings accounts at U.S. banks, but they may need to provide additional documentation and information.

The best banks for foreigners are those that have no foreign transaction fees, low or no monthly maintenance fees, and low or no minimum balance requirements. I’ve compiled this list of the best banks for non-residents to help you on your search for the perfect bank.

How we evaluate products

In compiling this list of the best banks in the U.S. for foreigners, we determined areas that may be essential. These areas include account minimums, foreign transaction fees, and monthly maintenance fees.

Keep in mind that we are not ranking these banks in a certain order and did not review all available banks. Note that some banks on our list may be current or past FinanceBuzz partners.

The 7 best banks for non-residents in the U.S.

• SoFi®
• HSBC
• Chase
• Capital One
• Bank of America
• Wells Fargo
• Charles Schwab

Banks for foreigners compared

Bank	Great for	Foreign transaction fees
SoFi®1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>	High balances	0.2% charged by Mastercard
HSBC	Banking around the world	$0
Chase	Account variety	3%
Capital One	No minimum balance	$0
Bank of America	International students	3%
Wells Fargo	People who travel back and forth	3%
Charles Schwab	Investors	$0

SoFi®

The SoFi® Checking and Savings¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> accounts offer the best of both worlds, and both accounts earn interest. It has a low foreign exchange fee and non-U.S. citizens can apply if they have legal status. You are required to have a Social Security number, however.

There is no minimum balance requirement, and it has a large 55,000 ATM network⁸ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> . If you have direct deposit, you can access your funds up to two days early³ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> , and any money you put in savings can earn as much as up to 4.00% APY.⁹ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>

If you have a large amount of money to deposit, you can even get FDIC insurance on up to $2 million, which is a nice feature since most banks cap your coverage at $250,000.⁴ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

Member FDIC.⁴ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

Visit SoFi Checking and Savings | Read our SoFi review

HSBC

HSBC is an international bank that offers bank accounts to people in over 60 countries across the globe, making it a great bank for foreigners. The bank’s Premier checking account doesn’t charge fees on everyday transactions or foreign transactions.

Once you open an HSBC Premier account, you are eligible for an HSBC Global Money account, which is a prepaid, multi-currency account available on HSBC’s mobile app that enables you to manage your international finances in six different currencies. You’ll also have access to Global Transfers, which allows you to transfer money between your HSBC accounts in other countries, and Global View, a service enabling you to see all your worldwide HSBC accounts in one place.

HSBC charges a $50 monthly maintenance fee on its Premier Checking accounts, which is waived if you have one of the following:

• At least $100,000 in total deposits and/or investments
• At least $5,000 in total direct deposits each month
• A U.S. residential home mortgage with HSBC

Member FDIC.

Visit HSBC

Chase

Chase offers a large selection of checking and savings accounts from everyday spend accounts to premium checking accounts. Its most popular account is Chase Total Checking® which is meant for everyday spending, has a waived monthly maintenance fee with $500 in monthly direct deposits, no overdraft fees, and access to Zelle.⁷ <p>With Chase Overdraft Assist℠, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.</p>

Chase also offers specialized accounts, such as those for kids or premium accounts for people with a high net worth. All customers get easy access to their money at over 15,000 ATMs and more than 4,700 branches around the country or through the Chase Mobile app, and international wires initiated through the mobile app or Chase.com have no fee.

Non-residents won’t need an SSN or ITIN to open a Chase bank account. They can do so with a passport and something that shows their proof of address, like a student ID with a photo or a foreign national ID.

One potential drawback to Chase for non-residents is the 3% foreign transaction fee charges on card purchases, non-ATM cash transactions, or ATM withdrawals in currencies other than U.S. dollars.

Member FDIC.

Visit Chase Total Checking® | Learn more in our Chase Bank review

Capital One

If you are frustrated by bank fees, Capital One’s 360 Checking and 360 Performance Savings may be the bank for you as it doesn’t require a minimum balance and doesn’t charge fees for:

• Monthly maintenance
• Transaction fees
• Overdraft fees
• ATM-withdrawal fees
• Foreign transaction fees

Capital One only has one checking and savings account (except for kids’ accounts), but they both accrue interest of 0.10% (as of 10/28/24) APY and 4.00% (as of 10/28/24) APY respectively.

Capital One has a large ATM network of 70,000 ATMs and it has branches scattered across the country including in Richmond, Virginia, Dallas, Texas, New York, New York, and Chicago, Illinois.

If you don’t have a Social Security number or need to send an international wire, you’ll need to be near a branch as that’s the only way to open an account with an ITIN or send wires abroad which can be a downside if you send money back home.

Member FDIC.

Learn more in our Capital One 360 review

Bank of America

Bank of America offers three checking accounts, each with a waivable monthly maintenance fee. If you don’t have a Social Security number, you’ll need two forms of identification, an ITIN, and documentation showing your U.S. and foreign address to open an account.

One of its most popular products, the SafeBalance Banking® account is a good option for a first bank account or international students who are studying in the U.S. SafeBalance Banking® is Bank of America’s most basic checking account with a low monthly maintenance fee of $4.95. However, that fee is waived for account holders under the age of 25. The fee is also waived for those enrolled in Bank of America Preferred Rewards® program.

Like most of the banks on my list, there is a downside. There is a 3% foreign transaction fee on most Bank of America accounts. Also, if an international student wants to wire money to someone in their home country, the outgoing foreign wire transfer costs $45. The cost to receive foreign wire transfers is $15.

Bank of America, N.A. 

Member FDIC

Visit Bank of America Advantage Banking | Read our Bank of America Advantage Banking review

Wells Fargo

If you travel between the U.S. and your home country, you may want a U.S. bank you can access in your country. In my opinion, Wells Fargo is a great option because it has branch locations in over 20 countries, including China, Japan, Canada, France, Ireland, Germany, and Australia.

Wells Fargo has a handful of checking and savings accounts to choose from, including a student/teen checking and savings account. The Everyday Checking account is Wells Fargo’s most popular checking account and only requires $25 to open it. To waive the $10 monthly fee you only need a $500 balance, and you can open an account without a SSN or ITIN as long as you have a valid government issued ID from your home country.

Wells Fargo charges 3% for foreign transactions, and foreign wire transfers cost $15 to receive and $40 to send. The bank does provide an optional overdraft protection service, which may be wise to sign up for because overdrafts cost $35 each.

Member FDIC.

Visit Wells Fargo

Charles Schwab

If you aren’t a U.S. citizen you can open a Charles Schwab Investor Checking account with a Social Security number or tax ID, but will need one or the other, they don’t offer an option without one. But, if you’re an avid investor and already have a Schwab One Brokerage account, you can link the Investor Checking account to it to receive great benefits including:

• No monthly fees
• No foreign transaction fees
• No account minimums
• Unlimited fee rebates for ATM transactions

Member FDIC.

Visit Charles Schwab | Read our review to learn more.

How to choose a bank if you've relocated to the U.S.

If you’re a non-resident who has relocated to the U.S. on a long-term basis, permanently, or to attend school, it’s wise to open a bank account here. While foreign residents can open bank accounts in the U.S., not all banks are a good fit for non-citizens. Here are some factors you should consider.

• Foreign transaction fees: Chances are you will be traveling back and forth to your home country, or you already have a foreign account that you need to transfer into a U.S. bank. Paying a lot for transferring foreign currency can get expensive. The typical foreign transaction fee is 3%, but some banks like Capital One don’t charge anything for the service.
• Foreign wire transfer fees: If you still have loved ones living in your home country and you send or receive money from them, you want to pay attention to which bank charges for foreign wire transfers, both incoming and outgoing.
• Monthly maintenance fees: Many online and brick-and-mortar banks charge monthly maintenance fees to hold your account. However, financial institutions that charge monthly fees usually have options to waive the fee if you meet specific requirements (like meeting a minimum balance for the account or having a certain amount of money directly deposited into the account each month).
• Minimum balance requirements: Some banks require customers to have a minimum balance in their account at all times. Maintaining this minimum balance can help you avoid paying monthly maintenance fees or other charges.
• FDIC-insured: Never deposit your money in a bank that’s not FDIC-insured. This protects your funds if the bank failed, protecting up to $250,000 per depositor unless noted otherwise.

You’ll also want to consider issues like whether the branch and ATM networks are convenient if you’re opting for a traditional bank rather than online banking and if there are any additional fees.

FAQs

Finding the best bank account to handle your personal finances in the United States while still sending money overseas is a big job. I encourage you to do your research and look for the bank that offers the features you need most, such as low cost wires, no monthly maintenance fees, and no or low foreign transaction fees.

Many of the best checking accounts on this list also pay interest. While most don’t have a high APY, every little bit counts. The key is to keep your fees down to avoid depleting the interest earned.