The Four Best Bank Accounts To Choose From If You Are Moving Abroad & Out of The U.S.

A lot of people traveling outside the United States find themselves in trouble monetarily, owing to high conversion rates of currency, wire-transfer charges, and highly competitive ATM fees that international banks charge in comparison to the banks in the U.S. When you migrate to a new country, you would obviously want to open a bank account there and that’s pretty normal. However, the complete procedure is a long one and involves a lot of paperwork. There are a lot of substantial reasons why you need to keep your American account active. You may want to pick one from these four most preferred bank accounts by American travelers around the world.

Capital One 360

When you are buying something abroad or purchasing something from an online retailer outside your country, a number of banks charge excess fees during the transaction. However, that’s not the case with Capital One 360. The bank has got amazing ratings from NerdWallet since its fees are pretty reasonable. You wouldn’t be burdened with monthly maintenance fees or in simple terms, ATM fees. You might be charged by the owner, but not the bank for sure. More importantly, Capital One 360 won’t poke you to make any kind of international purchase. With that being discussed, you can opt for this bank if you are contemplating a purchase in a currency, aside from the American dollar, abroad or online.

HSBC Bank

Having an account with a renowned international bank can be fruitful if you are traveling outside the United States or relocating somewhere else. Why HSBC is indispensable in these situations? The bank helps individuals relocating to any other country by permitting them to open a checking account prior to their arrival. HSBC’s mobile app allows the depositors to keep a track of their finances and move their money between the bank’s accounts in a number of countries. It doesn’t matter which country you are traveling to. If you are having an account with them, things will be a cakewalk. Frequent travelers would be benefitting the most.

Citibank

In case you are having relatives or family members residing in another country, you might have to send them money on a regular basis. Of course, you wouldn’t want to cough up extra fees for that. Irrespective of whatever method you avail, it would in your best interests if you compare the fees as well as the currency conversion rates with the ones laid out by the World Bank. This is to avoid overpaying. While several banks help customers avoid third-party involvement and deliver their remittances, only a few can match up to Citibank. Customers can transfer their money to other Citibank accounts free of cost with the help of Citibank Global Transfers service. However, in case you wish to send money to someone living in another country, who doesn’t possess an account with the bank, you would need to shell out a fee of almost $35.

Charles Schwab Bank

Few banks offer ATM services free of cost. However, it’s generally available overseas and applicable for those who possess premium checking accounts. The same isn’t applied for the customers of Charles Schwab Bank. They are benefited by the High Yield Investor Checking Account. The plus point of the account is that it has no stipulation regarding minimum balance and doesn’t charge a monthly fee. Additionally, the Charles Schwab Bank reimburses each and every penny that you incur as ATM fees overseas. That’s the most important feature that the bank boasts of. Moreover, customers wouldn’t have to shell out foreign transaction fees as well. Conversion of currency at international airports would burn a hole in your pockets. In comparison to that, availing free access to ATMs is always a better choice. You just need to link your checking account to a Schwab One brokerage account.

As far as your investments back home and your stock portfolio are concerned, you can always keep your money in the bank with which you are maintaining your investments. There is no problem with that. All the trading and transfers can be executed online. So choose wisely. It’s your money and you have to be extra cautious with it. Take time in deciding and choose what kind of bank account suits you best.