How to open a bank account in another country [2024]
If you want to live, work, invest or study abroad, getting a local bank account to hold, spend, receive and exchange the currency needed in your destination is pretty much essential. However, opening a bank account in another country can be pretty complicated, slow and expensive. Instead, you may prefer a specialist non-bank service like Wise or Revolut, which have accounts you can open from the US, to manage your money in foreign currencies conveniently.
This guide walks through your options, the documents you need and more – whether you decide to open an overseas bank account or choose a non-bank provider instead.
Key points: Online bank account opening abroad
- Overseas accounts are available for non-residents through banks and non-bank alternatives like Wise and Revolut
- Providers like Wise and Revolut have a fully digital onboarding and offer multi-currency balance options
- Some bank solutions are intended for people who plan to move to a foreign currency to live or work, which may mean they don’t support multi-currency balances
- To open an account abroad you’ll need to prove your identity and address – you may also need proof of income or savings
- There’s no single best overseas bank or non-bank alternative account for non-residents – compare a few to help you choose
Can I open a bank account in another country without living there?
Yes, you can open a bank account in another country without living there. You’ll be able to choose a few different options, including opening an account with a global bank like HSBC, in an overseas country, or picking a non-bank alternative like Wise or Revolut. Different account types have their own features which may mean they suit some customers more than others – this guide should help you examine your options and choose a service to suit your needs.
Can I open a bank account in another country online?
Yes, you can open a bank account in another country online. Some banks offer this service – particularly if you’re planning on moving to another country to live, study or work. There are also several good non-bank alternatives like Wise and Revolut which can help you open an account online to hold and exchange foreign currencies, and get account details to receive payments from abroad, too.
Save the paperwork with alternative solutions like Wise or Revolut
Banks all over the world usually need a proof of local address in the country you’re applying in, to access full account services. This can be restrictive if you’ve just arrived in a new country, as getting a proof of address in your name can take time. It’s also a pretty impossible situation if you’re trying to open an account as a non-resident as you won’t be able to get a proof of address at all.
As an alternative you could choose a digital account from a non-bank provider like Wise or Revolut. Both offer account opening which can accept a fairly broad range of ID and address documents – plus you can open your account using your US ID and address, to hold and exchange foreign currencies, and get select local bank details, to pay and get paid in both dollars and foreign currencies.
We’ll look at this in more detail a little later.
How to open a bank account in another country from the US
Let’s walk through how to open a bank account abroad from the US.
1. Choose the perfect account for your needs
Banks and non-bank services could meet your needs. If you’re looking at a bank, you may have greatest success with banks which have a global operation, like HSBC which we’ll look at later. Non-bank alternatives may be a good choice if you don’t intend to move overseas but need a way to manage your money in USD and other currencies conveniently.
2. Get all your documentation ready
To comply with financial legislation, all financial service providers must check details including your ID and usually your address, before they can open an account for you. You may also need to provide tax information, depending on the specific account you pick. We’ll look at this in more detail in a moment.
3. Apply online, or in a branch person
You’ll be asked to give personal and contact details, and in some cases other information surrounding your earnings, employment and legal residence status. Some banks offer online account opening services – digital first providers like Wise and Revolut complete the full account application online or through an app for convenience.
4. Submit your documents online or in a branch
If you’re applying online you can take photos of your required documents and upload them to your account for the provider to verify. If you’re in a branch you’ll simply need to hand over your paperwork for review and checking.
5. Once your account is verified you’ll be able to start transacting
Account verification can take a day or two, but once this process is complete you’re good to start to transact with your new overseas account.
What documents do I need?
To open a bank account more or less anywhere in the world you’ll usually need to provide:
- A photo ID document like a passport or a driving license
- Proof of your local address in the country you’re applying in
- Tax ID or information
That tends to mean that bank account options are very limited if you’re applying as a non-resident and can’t provide an overseas address.
How to open a foreign bank account online
In some cases you can open a foreign bank account online or through an app. Some banks offer this service but it is not always an option – digital first providers like Wise and Revolut allow you to complete the full application, onboarding and verification process online or in-app.
Here’s an outline of how to open a foreign bank account online:
- Choose the perfect account for your needs
- Get all your documentation ready
- Download the provider’s app or open their desktop site
- Apply online, and upload images of your required documents
- Once your account is verified you’ll be able to start transacting
Which provider is best to open an account abroad?
Here’s a side by side comparison of a couple of non-bank providers – Wise and Revolut – against HSBC, a global banking giant which allows you to open an account abroad from the US.
| Service | Wise | Revolut | HSBC |
|---|---|---|---|
| Open an account abroad from the US | Yes | Yes | Yes – in select countries |
| Open account online | Yes | Yes | Yes |
| Supported currencies | 40+ currencies supported for holding and exchange Account details for local transfers in 8+ currencies | 25+ currencies supported for holding and exchange Account details for SWIFT transfers in select currencies | Standard account supporters the currency in the country you’re opening it for Global Money Accounts support 6 currencies |
| Account opening fee | No fee for personal customers; 31 USD for business customers | No fee | No fee |
| Maintenance fee | No fee | 0 USD to 19.99 USD | Fees vary when opening with an overseas division of HSBC No fee for Global Money Account |
| International transfers | From 0.33% | International transfers under 200 USD – up to 10 USD International transfers over 200 USD – up to 5% | Fees vary when opening with an overseas division of HSBC No fee for Global Money Account |
| Close account fee | No fee | No fee | No fee |
*Details correct at time of research – 23rd July 2024
Wise and Revolut are both non-bank providers which offer multi-currency digital account products for customers in the US who want to manage their money across currencies. This could be handy if you’re planning to move overseas, but also if you travel often or shop online with overseas retailers for example.
HSBC offers international banking services which allow you to open an account with a local HSBC division abroad, from the US. In this case, you’d usually be opening an account to hold the currency of the country you’re opening an account in only – so if you open an account with HSBC Singapore, the chances are that you’ll be able to hold and manage SGD only, for example. HSBC also offers a Global Currency Account which can support 6 currencies, which is available to eligible US customers with an HSBC USD account.
Let’s look through these options in more detail now.
Wise account
Wise offers multi-currency accounts which can hold, exchange, send, spend and manage 40+ currencies including USD. Wise is not a bank, but you’ll be able to manage your money across currencies, and access many features which help you hold, send, spend and exchange different currencies for your day to day needs.
You can open a Wise account from the US, to get local account details for foreign countries and regions which allow you to manage your money effectively in a selection of currencies.
Get Wise account details for Australia, Canada, the Eurozone, the UK, Hungary, New Zealand, Romania, Singapore and Turkey so you can receive payments in 8+ currencies through local transfers. You can also receive USD payments by wire transfer.
The whole application, onboarding and verification process is digital, and once you’re set up you can make payments, convert currencies and check your balance right from your phone or laptop.
Wise fees
- No monthly fee
- No account opening fee for personal customers
- Exchange and send 40+ currencies from 0.33%
- Receive payments in foreign currencies with local account details
- 6.11 USD to receive a USD wire
- 10 CAD to receive a CAD SWIFT payment
Wise eligibility
Accounts are offered in most countries around the world – you’ll need a government issued ID and in some cases a proof of address or tax number to apply. No matter where you open from, you’ll be able to open multi-currency balances to receive, hold and exchange foreign currencies easily.
How to open an account abroad with Wise (online)
To open a Wise account:
- Download the Wise app or open the Wise desktop site
- Click Sign up and create an account with your email, Facebook, Google or Apple ID
- Follow the prompts to enter the details needed
- Upload a snap of your ID and address documents
- Once your account has been verified you can click on the “+” sign on the Wise app, to choose the currency balance or balances you want to hold or receive
Revolut account
Revolut allows customers in the US to hold and exchange 25+ currencies, so you can manage your money abroad without leaving home. Revolut is not a bank, but offers digital account and card solutions which can suit a broad range of customers.
You can pick from 3 different account plans to meet your personal transaction needs – including plans with no ongoing fees, and account options with monthly charges which unlock extra features and no fee transactions.
When you open a Revolut account you can receive payments to your account through SWIFT in select foreign currencies. You’ll be able to see the supported currencies and get your account details once you’ve created an account and logged in online or in the Revolut app.
Revolut fees
- Monthly fee from 0 USD to 19.99 USD
- No account opening fee
- No fee currency exchange to plan limits, then fair usage fees apply
- 10 USD incoming or outgoing USD wire fee
- International transfers under 200 USD – up to 10 USD
- International transfers over 200 USD – up to 5%
Revolut eligibility
Available to customers with addresses in countries and regions including the UK, the EEA, Australia, Singapore, Switzerland, Japan, and the US. No matter where you open from, you’ll be able to open multi-currency balances to manage your money in foreign currencies easily.
How to open an account abroad with Revolut (online)
To open an account with Revolut:
- Download the Revolut app
- Enter your phone number and set a PIN – you’ll get a verification message from Revolut
- Use the verification code to access the app and enter the details needed to create your account
- Upload the required documents for verification
- Once verified, you can select the currency balance or balances you want to hold and exchange
HSBC account
HSBC offers overseas accounts in 22 countries if you’re an HSBC One, Jade or Premier customer. Or, you can open a Global Money Account if you already hold an eligible HSBC USD account.
Overseas accounts are intended for people who plan to move, invest or study abroad – effectively you’re opening an account with the HSBC local division in the country you select. You may find you have a choice of account products there, but there’s a good chance that most accounts will be designed to hold the local currency in the destination only.
Global currency accounts can be a bit more flexible on currencies supported – you can hold and exchange 6 major currencies in the HSBC app.
With HSBC, eligible customers can open an account in Argentina, Australia, Bahrain, Bangladesh, Bermuda, China, Egypt, Expat offshore (Jersey), Hong Kong SAR, India, Indonesia, Macau SAR, Malaysia, Malta, Mauritius, Mexico, Philippines, Qatar, Saudi Arabia, Singapore, Sri Lanka, Taiwan, Turkey, UAE, UK and Vietnam.
HSBC fees
HSBC fees will depend on the specific product you select in the country you’re looking to open an account in.
HSBC also offers Global Money Accounts which have no ongoing fees and no HSBC transfer fee.
HSBC eligibility
You can open an HSBC overseas account if you’re an HSBC One, Jade or Premier customer.
You can open a Global Money Account if you already hold an eligible HSBC USD account.
How to open an account abroad with HSBC (online)
Here’s how to apply for an HSBC account abroad:
- Head to the HSBC website
- Follow the prompts to enter your current location and where you want to open an account
- Check you’re eligible
- Depending on the country, HSBC will inform you of available products and the application process
How long does it take to open a bank account in another country?
How long it takes to open an account in another country depends a lot on the provider and account you pick.
- Wise and Revolut can usually get customers verified, and accounts up and operating in a day or two.
- HSBC states that it can take up to 14 days, depending on where you want to open an account.
How much does it cost to open and maintain a bank account in another country?
There’s usually no fee to open your account in the first place – but an account like the HSBC account detailed above is likely to require a high minimum deposit to waive ongoing fees. Accounts from non-bank alternatives can vary – again there’s usually no fee to open your account but you may find you pay a monthly charge to get a fixed number of no fee transactions, for example.
With any account, there are likely to be transaction fees, including currency conversion and payment fees. That means that it’s worth investing the time to read the account fee schedule carefully before you get started, to make sure you don’t run into any unexpected charges when you transact.
Is it possible to open a fee-free account abroad?
It’s not usually possible to access truly fee free banking, anywhere in the world. You might find accounts which don’t have a monthly fee – but most bank accounts have a selection of transaction fees which depend on how you use your account. These costs may not look like the bank fees you’re used to at home, so reading the account terms and conditions is essential.
If you’re looking for an international account which has transparent pricing for services, compare the bank options you’re considering against Wise and Revolut, as non-bank services with clear and simple pricing and low costs.
What are the benefits of having a foreign bank account?
The benefits you get from your foreign bank account can depend on how you transact. However, some common uses include;
- You can cut down the costs of converting and spending foreign currencies
- Avoid foreign transaction fees when spending in foreign currencies
- Get paid by others in foreign currencies and hold your funds in these currencies without needing to convert back to dollars
- Send money overseas, for personal or business purposes, with lower overall costs
How to open an international account online
An international account is usually an account with a bank or non-bank provider which is optimized for international use, often across multiple currencies. This could be useful in many situations, particularly for people who travel or receive cross currency payments from several different countries.
Some banks allow you to open an account overseas but this may not offer multi-currency balance options. As an alternative, a non-bank provider like Wise or Revolut, which both offer powerful international account products, may be a good choice.
Learn more: How to open an international bank account online
Conclusion: Open a bank account online abroad
Opening a bank account abroad can be helpful if you’re planning on moving out of the US, or if you want to invest overseas. It can also be a good option if you travel a lot or receive international payments from clients based abroad.
While some US banks do let you open an account abroad without needing to travel, this is not always possible – and where it is an option it may require a pretty high minimum balance to avoid ongoing fees. If you want something simpler and cheaper, check out providers like Revolut and Wise for multi-currency account options you can open online or in-app, to make living internationally easier, and to cut your costs.
Foreign bank account online FAQs
Is it legal to open a bank account in another country?
Yes. In most countries it is possible to open an account as a foreigner – but as banks choose who they offer products to, this may not always be a service that’s available in practice. Instead of looking at banks you might prefer non-bank providers like Revolut and Wise which have multi-currency accounts you can use to manage your money conveniently in a selection of currencies.
What countries allow foreigners to open bank accounts?
Many countries allow foreigners to open a bank account in theory – but in practice it’s not always possible if you don’t have a local proof of address in the country in question. This may mean it’s difficult to open an account overseas as a non-resident. Instead, non-bank providers like Revolut and Wise can be a good alternative.
Can you open a bank account if you don’t live in the country?
Some banks offer non-resident accounts which can be opened without living in the country in question. This would allow you to hold and exchange a foreign currency – but it may also mean pretty high minimum balance requirements and fees.
Can I open a bank account in the US but live in another country?
Generally US banks require a local proof of address to open an account, so you can not open a standard account from abroad. However, there are smart non-bank alternatives like Revolut and Wise which may be able to help, to allow you to manage USD and your home currency in the same account.
Learn more: How to open a bank account in the US as a foreigner
