Best Bank Accounts for Living Abroad in 2026: The Expat Setup

The best bank account for living abroad is usually two accounts working together: a multi-currency account such as Wise or Revolut to get paid and spend in foreign currencies, plus a deposit-protected bank account for savings. US citizens abroad often add Schwab Bank Investor Checking, which advertises no foreign transaction fees and unlimited ATM fee rebates worldwide. If you want one traditional bank that follows you from country to country, HSBC Expat is the offshore option. Below is what each one does, according to its own website, and how to combine them.

What Expats Actually Need

• Low, visible costs when you spend or convert foreign currency
• An account you can run from any country without branch visits
• Local account details so an employer or client can pay you as a local payment
• Deposit protection for the money you keep long-term (which scheme covers it is decided by where the bank is licensed, as our guide to protecting money while banking overseas explains)
• A backup account, in case one is frozen while a check runs

Top Picks for Living Abroad

1. Wise — Best for Receiving Salary Abroad

Wise lets you hold 40 currencies and gives you account details to receive money in 22 currencies, free, according to its UK pricing page. Your employer pays in their local currency, Wise receives it as a local payment, and you convert only what you need at the mid-market rate with a fee from 0.24%. Wise states that it is an e-money institution, not a bank, and that its UK e-money services are not covered by the FSCS; it safeguards customer funds instead.

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2. Revolut — Best for Spending Abroad

Revolut works as an everyday spending account for many expats: one app, a card, in-app exchange, and free instant transfers between Revolut users. Exchange is plan-based — on the UK Standard plan, exchange above £1,000 a month carries a 1% fair usage fee, while Premium and higher plans have no limit — so match the plan to how much you convert. How your balance is protected depends on which Revolut entity serves your country, so check before keeping savings there.

3. Schwab Bank Investor Checking — Best for US Citizens Abroad

Schwab lists no monthly service fees, no foreign transaction fees and "unlimited ATM fee rebates for cash withdrawals worldwide" on its Investor Checking account, which is FDIC-insured up to $250,000 per depositor. It is linked to a Schwab One brokerage account; Schwab notes the brokerage account is not FDIC-insured and may lose value. Check whether Schwab accepts your residency and address before you move, as eligibility rules for people living abroad can differ.

Best for: US citizens who want a US account that works abroad. See also FATCA and the US person problem for why foreign banks often turn US persons away.

4. HSBC Expat — Best Traditional Bank for Expats

HSBC Expat describes itself as multicurrency accounts and wealth management "for expats and those with global finance needs". It is provided by HSBC Bank plc, Jersey branch, and participates in the Jersey Bank Depositors Compensation Scheme, which protects eligible deposits up to £50,000. Expect eligibility requirements and higher costs than an app-based account.

Best for: expats who want a relationship bank for larger balances, investments or property abroad.

The Practical Expat Banking Setup

Most experienced expats run two or three accounts: a Wise or Revolut account for receiving income, spending and transfers; a deposit-protected bank account — in their home country or new country — for savings; and, once they have an address, a local current account for rent, salary and direct debits. This gives you flexibility without keeping all your savings in a safeguarded e-money balance. If one account is frozen during a check, the other keeps your bills paid.

For the full comparison of expat options, including N26, bunq and Monzo, read our best international bank accounts for expats guide, and for app-first options see the best neobanks for expats.

Frequently asked questions

What is the best bank account for living abroad?

Usually a combination: Wise or Revolut for getting paid and spending in foreign currencies, plus a deposit-protected bank account for savings. US citizens often add Schwab Bank Investor Checking.

Which account is best for receiving a salary abroad?

Wise, which gives you account details to receive in 22 currencies so your employer can pay you as a local payment.

Is my money protected in an expat account?

It depends on the provider. Wise safeguards UK e-money rather than FSCS-protecting it; Schwab Bank Investor Checking is FDIC-insured up to $250,000; HSBC Expat eligible deposits are protected up to £50,000 by the Jersey scheme.

Do I need a local bank account as an expat?

Usually yes, eventually — for rent, salary and local direct debits. A multi-currency account covers you until you have the address and documents a local bank asks for.

Find your expat banking match with our bank finder tool.

This is general information, not financial advice. Fees, eligibility and protection were read on each provider's website on 30 September 2026 and can change — confirm current terms for your country before opening an account.