Whether you’re a seasoned world traveler, live in several countries, or conduct international business, having an account with an international bank is essential for your financial needs.
Banking abroad for any reason requires a convenient to use and completely secure international bank to facilitate financial transactions.
In this article, we’ll go over the five best international banks that you can use for your international finance needs.
We’ll go through the perks, pros, and cons of each bank on the list.
JPMorgan Chase & Co.
Kicking off our list is the international banking solution of J.P. Morgan Chase.
Serving over 60 international markets, J.P. Morgan Chase is a safe choice for any global banking client.
This is the best choice for people who run businesses that are expanding into international markets.
JPMorgan Chase Pros:
- Integrated Foreign Exchange: This bank offers a suite of forex solutions that, with the help of a team of global currency experts, will help your business successfully navigate the complex nature of foreign exchange.
- Global Trade Solutions: J.P. Morgan gives you access to global finance solutions that help facilitate your working capital. These solutions are completely scalable and help reduce your risk.
- International Onboarding Services: This bank makes it easy for you to onboard employees from around the world. J.P. Morgan’s onboarding services will provide you with expertise on the local legal requirements of your employees abroad.
Overall, J.P. Morgan Chase offers a superb international banking service for international businesses.
If your business is expanding internationally or operating abroad for any other reason, this bank offers the solutions you need.
While there are many positive factors to consider, there are also some problems you may encounter with this bank.
JPMorgan Chase Cons:
- Businesses Only: If you are an individual tourist or live in different countries, this is not the banking solution for you. J.P. Morgan Chase’s international banking is more suited for commercial banking, not individuals.
- High Account Minimums: In order to avoid fees, you must maintain a relatively high minimum account balance depending on the type of account you open with the bank. This balance could be difficult to maintain for smaller businesses, especially during an economic downturn.
If your business is growing into global markets, J.P. Morgan Chase bank is the ideal solution for you.
Bank of America
Serving over 35 countries throughout the world, this bank is not restrained to America.
The Bank of America offers its banking services to customers around the globe.
This easy-to-use bank is ideal for individual travelers and businesses alike.
- Ease of Access: No matter where you are, the Bank of America is never far. With locations throughout Asia, Europe, Africa, and The Middle East, you’ll always have a branch of your bank within reach.
- Easy to Use: There are few other banks that are as easy to use as the Bank of America. An intuitive app, free online banking, and reliable branch banking make it easy to carry out your financial transactions.
- Variety of Accounts: The Bank of America allows you to customize your personal checking and savings accounts with ease. Core checking, interest checking, and automatic savings are a few of the options at your disposal.
Bank of America has a lot of great perks for their customers abroad, but there are a few flaws to address.
- Below Average Interest Rates: As larger banks tend, Bank of America has a lower APY than many other banks.
- Lackluster Response Times: Many Bank of America customers have complained about how difficult it is to get a representative on the phone when having a problem with their banking service.
The Bank of America offers a very well-rounded banking service to both individuals and businesses.
Despite the lower interest rates and often sluggish customer service, the ease of use and global presence of the bank makes it a safe choice for international bankers.
If you’re looking to grow your wealth through savings, CitiGroup is the ideal banking choice for you.
Citi will appeal to you if you’re looking to utilize your high net worth bank account when living abroad or traveling outside of the United States.
- High-Yield Savings Accounts: CitiGroup offers very high APY savings accounts with rates as high as 0.50%.
- Rewards: Many Citi accounts offer a wide range of rewards for their customers. Most enticingly are the airline miles, which could benefit your international travel greatly.
- Myriad Options: A CitiGroup customer has many account options to choose from. Each type of account has different perks and interest rates.
While the benefits of CitiGroup banking are numerous, there are a few issues to address.
- Many Fees: All of those perks come at a cost. There are many fees associated with CitiGroup accounts, so be prepared to pay a little out of pocket.
- Complexity: If you’re looking for a simple experience when opening a bank account, CitiGroup may give you trouble with its multitude of options to choose from.
If you’re an experienced banker looking to take advantage of perks and custom accounts, this is the bank for you.
HSBC has some great solutions for international clients.
Operating in over 64 countries and territories, HSBC allows customers to bank internationally through their global presence.
- Remote Account Opening: Through video conferencing, you can open a bank account from home, wherever you are.
- Easy Account Linking: Your HSBC accounts are connected in all countries and currencies, so you’ll always have your wealth wherever you are.
- Quick Transfers: Move your money quickly and safely between countries and currencies.
- Fees: Banking with HSBC will incur some relatively steep fees.
- Lower Interest Rates: HSBC’s interest rates are not very competitive.
Lastly, we have CapitalOne, an overall safe choice for banking abroad.
- Competitive Interest Rates: CapitalOne offers Performance Savings accounts that offer a high APY.
- Convenient Mobile Banking: Carry out all of your banking needs online and on the go with their intuitive app.
- Little to no Fees: There are zero monthly fees for savings or checking accounts. Additionally, foreign transaction fees are very low.
Capital One Cons:
- Limited Branches: CapitalOne has a limited number of physical branches around the world.
- Not Ideal for Business: CapitalOne accounts are better suited for individuals instead of international businesses.
In summary, each bank on this list is an effective solution for banking around the world, but each has some pros and cons.
What works for one business may not work for another, so double check your numbers and make sure you’re joining the right bank for you!
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