Best international business banks in the US: Top 4 (+1!)

If your business deals with regular international transactions, then you know the problems that come with them - speed, cost, and convenience.

Finding a business bank account that can support international business is key to making your operations cheaper and life easier.

Let’s take a look at the best banks for international business, as well as some banking alternatives.

Quick overview

Here’s a quick overview of the best financial service providers and US banks for international business.

Option	Great for
Novo	Small to medium-sized businesses wanting an all-round, low fee, internationally-friendly business account
Brex	Start-ups wanting to build business credit and earn APY, while paying nothing in fees
JPMorgan Chase	Larger businesses wanting a broad range of features for multinational business
Bank of America	Larger businesses wanting high cash deposit limits and who make many transactions

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There is also an option that is not a bank. Wise Business is a Money Service Business (MNB) with access to the mid-market exchange rate, multiple currencies in one account and an easy to use, low-cost online service.

Discover Wise Business:
Easy to set up, easy to use, over 40 currencies

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Best international business accounts: Top 4

Here we’ve collected the top 4 best international banks for business and and business accounts from alternative providers. We’ll now look at their key features, fees and who they're best suited for.

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But first we'll also take a look at a non-bank alternative.

Wise Business

🔍 Key features

Wise Business is not a bank, but a Money Services Business provider and a smart alternative to banks. It’s quick and easy to set up an account and get started. What’s more, it’s the world’s most international account.

Wise’s key selling point is its suitability for international business of all sizes. With a Wise Business account, you can hold over 50 currencies in one place.

You’ll also have access to local account details for up to 10 different currencies, enabling you to receive international payments like a local. This makes it easier for customers to pay in their local currency, and also saves you from having to pay cross border fees.

You can send payments to over 80 countries, whether it's paying employees or suppliers.

Wise also offers a Wise Business debit card to sole proprietors and single member LLCs that allows you to spend in 175 countries and over 40 currencies.

Wise Business offers a host of tools to make life easier for businesses at no extra cost. These tools include the QuickBooks connection, an invoice generator, and easy mass payments.

💰 Fees

Wise values transparency. This means there aren’t any hidden fees, and you’ll always know the exact amount you’re paying when you convert your money. On top of this, Wise gives you access to the mid-market exchange rate - saving you money on high conversion costs and mark-up fees.

Opening a Wise Business account is free in the US. For other countries, you can check this page. There is no minimum balance required to keep your account open. It’s also free of any monthly subscription fees. There is a one-time fee for getting local account details to receive payments.

To send or convert money, Wise applies a fee from 0.41%, which can vary with the currency. To receive USD wire payments, Wise charges a fixed fee per payment of $4.14 USD. And to get a business debit card, you’ll pay a one-time fee of $5 USD.

Overall, Wise Business is cheap to use. And where there are fees, you’ll know about them beforehand.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

👏 Great for

Wise Business is best for businesses looking for a cost-effective and easy to use business account that supports many currencies and gives you access to local account details.

✅ Pros	❌ Cons
Access to mid-market exchange rate No hidden fees Access to local account details Multi-currency account can hold up to 50 currencies Send to over 80 countries	Receiving fee of $4.14 USD for USD wire payments No option for cash deposits in person

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Novo

🔍 Key features

Novo is a fintech company; not a bank. It offers small businesses a cheap, easy to use online banking experience.

Their online banking app allows you to manage your finances on the go. Novo integrates with many partner apps, allowing you to streamline your workflow solutions.

Novo integrates with 15+ business tools, from Stripe and QuickBooks, to Xero and Slack. This enables you to continue using these apps while centralising them all in the one place from your Novo account.¹

Novo also partners with Wise. With the Novo and Wise integration, you’ll now have a cheaper, faster way to send money abroad.

On top of this, Novo offers you a range of perks to use with their partners. For example, you can get a 30% discount on the first 6 months of any QuickBooks Online package, or $2,000 USD Google Cloud credits.²

Additionally, Novo has an integrated invoice tool that enables you to create and send an unlimited number of personalized invoices. With a range of payment methods on offer, and the ability to set up automated, recurring invoices, this tool simplifies your life as a business owner.³

Novo also offers you a virtual business card.⁴

💰 Fees

The Novo Business account is free to set up. On top of this, there are no monthly fees or balance requirements. Novo pride themselves on being free of hidden fees.

Likewise, ACH transfers, mailed checks and incoming wires transactions are free of charge.⁴

The only fees Novo charges are Insufficient Funds and Uncollected Funds Returned fees. Both of these cost $27 USD.⁵

Equally, with Novo’s business card, you’ll pay no foreign transaction fees and any ATM fees abroad will be reimbursed.⁶ ⁷

👏 Great for

Novo’s business account is best for small business owners looking for an easy to use online bank, with minimal fees.

✅ Pros	❌ Cons
Range of integrations with partner business tools Many perks on offer to use with partners Easy to use online banking system Integrated invoice creation tool No setup fees, monthly fees or minimum balance requirements Unlimited fee-free transactions No foreign transaction fees Foreign ATM fees reimbursed	Unable to deposit cash Insufficient Funds and Uncollected Funds Returned fee of $27 USD

Brex

🔍 Key features

Brex is an alternative business account, designed for start-ups and scaled enterprises.

With Brex, you have the ability to invest your money in money market funds, earning you up to 3.96% yield. You can create up to 8 separate accounts to keep your investing funds separate from operational funds, giving you a clearer overview.⁸

Brex supports international business, allowing you to make global ACH and wire transfers.⁸ With the Brex Business card, you have same-day sign up and approval, and can spend in up to 100 different countries.⁹

You can use your Brex digital wallet to pay virtually, while benefiting from built-in expense management through its receipt-matching tool.¹⁰

Brex also integrates with thousands of partner business tools, making for easier financial management and better workflow solutions.¹¹

Wise also partners with Brex to help Brex users operate internationally.

💰 Fees

Brex has no monthly fees, no setup fees and no minimum balance requirements. The account also gives the ability to earn APY.

There are no foreign transaction fees for international wire and ACH transfers.¹²

👏 Great for

The Brex Business account is best suited for startups and scaled enterprises looking to build business credit and earn APY, while benefiting from a range of other features.

✅ Pros	❌ Cons
1,000+ integrations Physical and virtual business card can be used in 100 countries Rewards on purchases Same-day account approval No minimum balance, setup fees or monthly fees Opportunity to build business credit⁸	Unavailable to unincorporated businesses

JPMorgan Chase

🔍 Key features

The JPMorgan Chase Business account offers a broad range of features. The bank is used by many multinational companies, supporting them with global trade and foreign exchange. With three different account types on offer, you can select the one best suited to your business’ size and needs.¹³

You have access to 16,000 ATMs and over 4,700 branches where you can deposit or use your JPMorgan Chase business card. You can enjoy unlimited debit card transactions as well as JPMorgan Chase ATM transactions.¹⁴ ¹⁵

Similarly, integrated payment solutions such as BigCommerce and FreshBooks makes collecting payments smooth and swift.¹⁶

You can also earn 1.5% cashback on every purchase made with your business card.¹⁵

💰 Fees

JPMorgan Chase offers different types of business checking accounts based on your business’ needs and size.

For small businesses, the Chase Business Complete Banking account gives you the essentials. You’ll be charged a monthly fee of $15 USD. This fee can be waived if you achieve a minimum daily balance of $2,000 USD.¹⁷

For medium-sized businesses, the Chase Performance Business Checking account can give you an edge. There’s a monthly fee of $30 USD, which can be waived if you achieve a combined average beginning day balance of $35,000 USD.¹⁷

For large enterprises, the Chase Platinum Business Checking account supports cash management and transaction needs. You’ll need to pay a monthly fee of $95 USD, or waive it if you maintain a combined average beginning day balance of $100,000.¹⁷

JPMorgan Chase Bank supports 120+ currencies. However, they’re not explicit about what exchange rate they use and what fees are involved.¹⁸

👏 Great for

JPMorgan Chase supports small businesses to large corporations engaged in international business.

✅ Pros	❌ Cons
16,000 ATMs and over 4,700 branches Different packages/accounts for different sizes of businesses Ability to waive fees 1.5% cashback	High monthly fees Low rate of interest (0.01%)¹⁹ Exchange rate and conversion fees unclear

Bank of America

🔍 Key features

Bank of America offers you two different business checking accounts: Fundamentals or Relationship banking.

The Business Advantage Fundamentals Banking account provides you with the essential features of a business checking account. With this account, you’ll have 200 fee-free transactions per statement cycle, and can deposit up to $7,500 USD free of charge.²⁰ ²¹

The Business Advantage Relationship Banking account provides you with robust financial management tools. With this account, you’ll have free access to a second Business Advantage account, as well as a savings account.

You’ll also pay zero fees for incoming wires, stop payments and electronic deposits. You’ll get 500 fee-free transactions per statement cycle, and can deposit up to $20,000 USD without paying any fees.²⁰ ²¹

Bank of America includes many features, such as payment processing, to enable your business account to grow alongside your business.²²

Additionally, if you have a three-month combined average daily balance of $20,000 or greater, then you can qualify for their Prefered Rewards for Business scheme. You could benefit from interest discounts on new lines of credit and fee reductions.²⁰

Bank of America also integrates with Zelle and QuickBooks, as well as other efficiency tools, to streamline workflow solutions.²⁰

💰 Fees

For the Business Advantage Fundamentals account, you’ll pay a monthly fee of $16 USD. This fee can be waived if you:

• Maintain a $5,000 combined average monthly balance
• Or, spend at least $250 in new net qualified debit card purchases

For the Business Advantage Relationship Banking account, there’s a monthly fee of $29.95 USD. Again, this fee can be waived if you maintain a $15,000 combined average monthly balance.²⁰

Additionally, for non-Bank of America ATMs, there’s a fee of $2.50 USD applied, and for international ATMs, $5.00 USD.²¹

Foreign transaction fees are applied to international wire transfers and the Bank of America exchange rate includes a mark-up fee. What you’ll have to pay when making international transfers is not always clear.²¹

With both account types, electronic debits, debit card transactions, and checks deposited through in-network ATMs, mobile checks or remote online deposits are all fee-free.²¹

👏 Great for

Bank of America is good for businesses of all sizes who don’t mind the monthly fees, or can waive them. Its broad range of features gives it the potential to grow with your business needs.

✅ Pros	❌ Cons
High cash deposit limit 200-500 fee-free transactions per statement cycle (depending on account type) Suite of business features, such as payment processing and Quickbooks integration Preferred Rewards scheme for qualifying businesses Different account types to suit your business	High monthly fees High fees for out-of-network ATM use Foreign transaction fees apply Exchange rate includes a mark-up fee

Which US bank has the most international branches?

Out of the current selection, JPMorgan Chase bank has the most branches abroad. They have 198 branches in over 60 countries.²³

Which account is best for international business transactions?

The best US account for international business is the one that best suits your business’ needs.

If you want a stress-free and low-cost online international business account, then Wise Business is a great choice.

Wise is not a bank, but a smart online alternative. Access to local account details, the ability to hold over 50 currencies, and the competitive mid-market exchange rate make it a great solution for international businesses.

Open a Wise Business account online

If you’re willing to pay monthly fees, and want to benefit from an array of business-specific perks and features, then Bank of America or JPMorgan Chase are good choices. Their high deposit and transfer limits suit larger businesses.

If building your business credit, earning APY, and having a no-fee business account are your top priorities, then Brex would be a good fit. Wise also partners with Brex and Novo to help users operate internationally. This means you can also benefit from Wise’s great exchange rates when using Brex or Novo for international transfers.

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Sources:

Novo App Marketplace Get Exclusive Perks with Novo Invoicing That Gives You Back Control | Novo Novo Novo fees Features to Streamline Your Business | Novo Does Novo charge international fees? – FAQs Brex startup business account: Best yield, APY, interest rate Global | Brex Business credit card for startups and enterprises | Brex Brex integrations: Rippling, NetSuite, Gusto, and more Rates & Fees Schedule | Brex International Banking: Global Banking Solutions Business Checking | Chase for Business | Chase.com Chase Business Complete Banking Integrated Payment Solutions | Chase for Business Business Checking | Chase for Business | Chase.com Cross-Border Payments & International FX Solutions Business Deposit Rates Business Checking Accounts for Your Small Business Fees for Business Checking & Savings Accounts at Bank of America Merchant Services: Payment Solutions for Your Business JPMorgan Chase Bank Oversea Locations

All sources checked February 13, 2023.