Best US Banks for Foreigners & Non-Residents

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, working with a bank you can trust to meet your needs as a non-citizen or foreigner is important. 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 have no foreign transaction fees, low or no monthly maintenance fees, and low or no minimum balance requirements. We’ve researched many of the most popular U.S. institutions to narrow the list to the best banks and banking platforms for immigrants and non-residents. Bank of America, HSBC, Chase, and Capital One are just a few of the best options that made our list.

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

Banks for foreigners compared

Bank of America

Great for: Account variety

We chose Bank of America for this list because it stood out for offering more accounts and services than other banks in our research. Bank of America is a massive bank with many products, including checking and savings accounts, investment accounts through Merrill, and credit cards.

You can open a bank account without a Social Security number with Bank of America, but you’ll need two forms of identification, an ITIN, and documentation showing your U.S. and foreign address to open an account. One of the bank’s most popular products, the SafeBalance Banking® account, is a particularly good option for international students because its monthly fee is waived for anyone under 25. The Bank of America^® Travel Rewards credit card is one of our favorite cards without foreign transaction fees, and there’s a student version — Bank of America^® Travel Rewards credit card for Students — we highly recommend.

Like most of the banks on our list, there is a downside. There is a 3% foreign transaction fee on most Bank of America accounts. Also, if you want to wire money to someone in another 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

HSBC

Great for: International banking

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

Great for: In-person banking

Chase offers a large selection of checking and savings accounts, from everyday spending to premium checking accounts. We recommend this bank to people born or living outside the U.S. because it’s relatively simple to open accounts and verify your identity, and Chase offers a large branch network and reliable in-person support, in our experience. All customers get easy access to their money at over 15,000 ATMs and more than 4,700 branches around the country.

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.

Its most popular account is Chase Total Checking®, which is meant for everyday spending. It 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, or through the Chase Mobile app. International wires initiated through the mobile app or Chase.com have no fee.

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® | Read our Chase Bank review

Capital One

Great for: No minimum balance

If you get frustrated by banking rules, like balance minimums and requirements to waive monthly fees, we’d recommend Capital One’s 360 Checking and 360 Performance Savings 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. Outside of bank accounts, Capital One’s credit cards are competitive across just about every category, with especially excellent travel credit cards without foreign transaction fees.

Capital One has a large ATM network of 70,000 ATMs and it has branches scattered across the country, including in Virginia, Texas, New York, and Illinois. That said, this is probably not the right bank for you if you want in-person access via branches, as Capital One is a digital-forward institution.

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.

Read our Capital One 360 review

SoFi®

Great for: Online banking

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> account is the platform’s only bank account, but it’s packed with enough features and benefits to earn a spot on this list. 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 SoFi has a large 55,000 ATM network⁹ <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.¹⁰ <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> This is another one where you should be fully comfortable banking online, because SoFi is entirely digital.

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

Wells Fargo

Great for: People who travel back and forth

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 the account we’d suggest starting with, as it requires $25 to open. The Wells Fargo Prime Checking account is worth checking out if you’re interested in sticking with the bank for a long time. You can open either account without an 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. 

Member FDIC.

Visit Wells Fargo

Charles Schwab

Great for: Investors

Though Charles Schwab is a brokerage, not a bank, we still recommend it for some of your banking if you’re a non-resident who wants to start investing. 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

This is a unique account worth opening for the ability to bank and invest in one place, and Schwab is a trusted company we’d recommend to foreigners and those born in the U.S. alike.

Member FDIC.

Visit Charles Schwab | Read our Charles Schwab review.

FAQs

Bottom line

Finding the best bank account to handle your 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.