The best banks for international travel in 2023
Looking for the best banks for international travel? Our guide compares and evaluates the top options, so you can easily find the right one for your needs.
In this guide, we’ll look at whether it’s possible to open a US bank account without a physical address. Plus, some info on what counts as proof of address, along with your options if you don’t yet live in the US.
This includes solutions such as the one offered by Wise, a money service business and its Wise Account, which offers a quick way to start sending, spending and receiving USD.
Unfortunately, most major US banks will require proof of a US address as part of the application process for a checking account¹.
This is along with proof of ID, such as a driver’s license, Social Security Card, passport or birth certificate.
You can always check with the bank though to see if it offers any special accounts for non-residents. There are also alternatives to traditional bank accounts where proof of address may not be needed - we’ll look at some of these below.
The big US banks such as Chase, Bank of America, Citibank, US Bank and others usually accept the following as valid proof of address¹:
If you’re not yet a US resident or don’t have proof of address documents, don’t worry. While you may struggle to open a checking account with a US bank, there may be other options available to you. These are international bank accounts, and accounts with a digital or mobile bank.
It could be worth doing some research into international bank accounts. These are a specialized product offered by some US banks, especially those like HSBC, which have a global presence. Other banks to look at include Zenus and Charles Schwab¹.
As they’re aimed at international customers, these accounts don’t necessarily require you to have a US address.
Bear in mind though that you may have to make a large initial deposit or maintain a high minimum balance to open one of these accounts. There may also be monthly fees to pay.
💡 Find out more about the top international banks for expats & when going abroad here |
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Another option to consider is a digital bank, also known as a neobank, online bank or mobile-only bank. These offer online accounts which offer many of the same functions as a standard checking account. You’ll manage your money online or through a mobile app.
Crucially, not all digital banks require proof of address. Most such as Revolut² and Chime simply require you to verify your identity (although Chime is only available to US citizens³).
What if there was a way to send, spend and receive US dollars without needing to open a US bank account? There is, and it’s called the Wise Account.
Wise is a money services business that offers multi currency accounts, and allows customers to hold a USD balance.
It’s quick and easy to open a Wise Account online: you’ll need to verify your ID and provide proof of address.
It’s a multi-currency account, so you can use it to manage your money in USD, EUR, GBP or whichever currency you choose. Send money to friends, get paid for freelance work or pay business invoices - it’s up to you.
What’s more, you can get a Wise Card for everyday spending for a one-time fee of just $9 USD⁴. It works in 174 countries, and automatically converts your money to the local currency at the mid-market exchange rate.
If you don’t have a US address, you’re likely to find it trickier than most to open a US bank account. But after reading this guide, you now have a few alternative options to look into, including digital banks and online accounts like Wise.
Sources used for this article:
Sources checked on 09-Jan-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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