Banking is one of the first practical challenges when moving abroad. You need to move money internationally, manage multiple currencies, and open a local bank account — often before you have proof of address or a local tax number.
This guide covers the best banking solutions for expats in 2026, from multi-currency accounts to international transfers.
Best Multi-Currency Accounts for Expats
| Service | Currencies | Card | Transfer Fee | Best For |
|---|---|---|---|---|
| Wise (TransferWise) | 50+ | Debit card | 0.3-0.6% | Best exchange rates |
| Revolut | 30+ | Debit card | 0-1% | Daily banking + crypto |
| N26 | EUR + others | Debit card | 1.7% non-EUR | EU-based expats |
| HSBC Expat | 20+ | Debit + Credit | Varies | High-net-worth expats |
| Charles Schwab International | USD | No foreign fees | Free ATM Worldwide taxation | US expats |
How to Open a Bank Account Abroad
Requirements vary by country but typically include:
- Valid passport with visa/residence permit
- Proof of address — the catch-22 for new arrivals. Solutions: hotel booking, employer letter, serviced apartment contract
- Tax identification number — some countries issue this quickly, others take weeks
- Proof of income — employment contract or bank statements
- In-person visit — most traditional banks still require physical presence
Tip: Digital banks (N26, Bunq, Monzo) often have simpler requirements and faster onboarding than traditional banks. Open one before you move as a backup.
Cheapest Ways to Send Money Internationally
Banks typically charge 2-4% for international transfers through hidden exchange rate markups. Better options:
- Wise — Mid-market exchange rate + small transparent fee (0.3-0.6%). Best for regular transfers.
- OFX — Competitive rates for large transfers (€10,000+). No transfer fees.
- CurrencyFair — Peer-to-peer exchange matching. Good rates, slightly slower.
- Revolut — Free transfers up to a monthly limit, then small fee. Convenient for small amounts.
Avoid: Western Union, MoneyGram, and bank wire transfers for regular use. Their fees and exchange rate markups can cost you 5-10% per transfer.
Tax Reporting for Expat Bank Accounts
Having money in multiple countries creates tax reporting obligations:
- CRS (Common Reporting Standard) — 100+ countries automatically share bank account information with your tax authority
- FBAR (US citizens) — Must report foreign accounts exceeding $10,000 aggregate to FinCEN
- FATCA (US citizens) — Additional reporting for foreign financial assets
- EU DAC — Automatic exchange of financial information between EU member states
Keep records of all accounts and consult a tax professional familiar with expat taxation in both countries.
Frequently Asked Questions
Can I open a bank account abroad before moving?
Some countries allow it (UK, Germany via online banks). Multi-currency accounts like Wise and Revolut can be opened from anywhere. Traditional banks usually require physical presence and proof of local address. Opening a Wise or Revolut account before moving is highly recommended as a bridge solution.
What is the best bank for expats?
For daily banking: Wise (best exchange rates), Revolut (most features), N26 (EU residents). For traditional banking: HSBC Expat (global presence), Santander (Spain/Latin America), ING (Europe). The best choice depends on your destination and banking needs.
How do I transfer a large amount of money abroad?
For amounts over €10,000: use Wise or OFX for the best rates. Never use your regular bank's international transfer — the hidden markup on exchange rates can cost hundreds. For very large amounts (€50,000+), consider a forex broker who can lock in rates.
Will my home bank card work abroad?
Most Visa/Mastercard debit and credit cards work worldwide, but foreign transaction fees (1.5-3%) add up quickly. Use a no-foreign-fee card (Wise, Revolut, Charles Schwab) for daily spending abroad.
Do I need to keep my home country bank account?
Yes, at least initially. You'll need it for: pension/investment access, tax payments in your home country, receiving refunds, and as a backup. Consider downgrading to a no-fee account to minimise costs.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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