United States – Banking

What are the main banks in the United States?

For anyone arriving to live and work in the United States, establishing a local bank account is one of the first practical priorities — it simplifies salary management and makes it far easier to engage with everyday financial life. The country’s financial sector is broad and varied, encompassing traditional banks with extensive branch networks, fully digital institutions, and member-owned credit unions.

The largest banks by total assets and physical presence include:

• JPMorgan Chase — the retail division of America’s largest bank by assets, with a nationwide footprint exceeding 5,000 branches and more than 14,000 ATMs. Website: chase.com | Customer service: 1-800-935-9935
• Bank of America — frequently recommended for newcomers due to its vast branch and ATM coverage. The Advantage Safe Balance account is designed to be straightforward and requires minimal documentation to open. Website: bankofamerica.com | Customer service: 1-800-432-1000
• Wells Fargo — a major financial institution active in 35 countries, operating approximately 8,000 branches and around 12,000 ATMs and counting more than 70 million customers globally. Website: wellsfargo.com | Customer service: 1-800-869-3557
• Citibank — a prominent national and international bank offering strong digital capabilities and broad service coverage. Website: citi.com | Customer service: 1-800-374-9700
• Capital One — a full-service bank offering checking and savings accounts, investment products, and a capable online platform, supported by a mobile app that handles bill payments, transfers, and everyday banking needs. Website: capitalone.com
• Charles Schwab Bank — a particularly attractive option for expats and internationally mobile customers, offering no monthly maintenance fees, no foreign transaction charges, and unlimited ATM fee rebates worldwide. Website: schwab.com

You can confirm any bank’s FDIC-insured status and locate official branch and contact details through the FDIC BankFind tool. The Federal Reserve serves as the central bank of the United States. Always verify current account terms and contact information directly with each institution, as details are subject to change.

Do any major international banks operate in the United States?

The US banking landscape includes a substantial international dimension, with foreign-headquartered banking organisations maintaining a meaningful presence throughout the country. These institutions bring important advantages to individuals, corporate clients, and the broader economy alike. While state authorities initially opened the door to foreign banks, federal policy has long supported keeping American markets accessible to banking organisations from around the world.

Foreign banks typically establish themselves in the United States to serve existing clients and their subsidiaries, and once present they offer a broad spectrum of services. Their activity is most concentrated in states such as New York, California, Florida, Illinois, and Georgia, though they are represented across many other states as well.

Key international banks with a retail or wealth-management presence in the US include:

• HSBC USA — HSBC provides dedicated support to people who have recently relocated to the United States and also assists students navigating life as international scholars. Customers benefit from consolidated views of all their global accounts in one digital space, fee-free transfers between HSBC accounts, the ability to hold and convert multiple currencies without HSBC charges, and international wire services in a range of currencies. Website: us.hsbc.com | Customer service: 1-800-975-4722
• Barclays US — functions predominantly as an online savings and credit card bank within the United States. Website: banking.barclaysus.com
• Deutsche Bank, Société Générale, BNP Paribas, UBS — these and other European institutions maintain US offices, though their operations are largely focused on wholesale banking, corporate advisory, and wealth management rather than day-to-day retail services for individual customers.
• Royal Bank of Canada, Toronto-Dominion Bank (TD Bank) — both maintain substantial retail and commercial banking operations in the United States, with particular strength in the northeastern states and along the eastern seaboard.

The Federal Reserve publishes a regularly updated list of US offices of foreign banking organisations, which is a reliable resource for confirming current presence and scope. Always verify directly with any given bank whether it extends retail services to individual expat customers, as international banking footprints can shift over time.

Do banks in the United States offer accounts or services specifically for expats?

The US financial market provides a rich array of options for internationally mobile individuals. From well-established traditional banks to digital-first platforms and foreign institutions with local operations, expats today enjoy more tailored choices than at any previous point. Several institutions have developed accounts and programmes specifically oriented toward customers who maintain financial ties across multiple countries.

HSBC International Banking: With a physical presence in more than 60 countries, HSBC is one of the world’s preeminent global banks. For expats, HSBC offers a dedicated Premier account that comes with multi-currency functionality, international transfer services, and access to relationship managers. That breadth of features, however, comes at a price — HSBC’s service fees can be substantial, and maintaining Premier status carries its own costs. Review current eligibility and fee structures at us.hsbc.com/international-banking.

Citibank Global / CitiGold: Citi’s international programmes are designed for customers whose lives and finances span multiple countries. The offering includes multi-currency access, cross-border account management, and specialist expat banking services. Citibank supports account activity in up to 21 different currencies. Fee structures and minimum balance requirements differ across account tiers — confirm the latest terms at citi.com.

Charles Schwab High Yield Investor Checking: This account deserves serious consideration from expats — it carries no monthly fees, no minimum balance requirement, no foreign transaction charges, and reimburses ATM fees at machines anywhere in the world without limit. It is worth noting that Schwab Bank does not independently facilitate international wire transfers; these can instead be processed through a linked brokerage account, generally at a cost (as of 2025, typically $25–$50 per wire — confirm current rates directly with Schwab).

Credit unions: For eligible customers, credit unions such as the State Department Federal Credit Union (SDFCU) and Navy Federal Credit Union represent compelling alternatives. SDFCU, in particular, offers a range of financial products oriented toward those living and working overseas, including accounts free from foreign transaction fees, and has a long record of supporting US federal employees and internationally placed members with practical, internationally focused banking services.

As of 2025, specific account features, minimum deposit thresholds, and fee structures differ widely across providers. Always confirm the current terms with each institution directly before submitting an application.

What are typical bank opening hours in the United States?

Branch hours across US banks differ by institution and location, but a broadly consistent pattern exists among the major players. Standard weekday hours run from Monday to Friday, 9:00am to 5:00pm local time, though branches in busy urban corridors or within shopping centres may open earlier or remain open somewhat later. Branches housed inside supermarkets or large retail chains often maintain extended schedules aligned with the host store.

Saturday hours are available at many branches, generally running from 9:00am to around 1:00pm or 2:00pm. Sunday openings are less common but do occur at select high-traffic locations. The majority of branches close on US federal public holidays, including Thanksgiving, Christmas Day, and Independence Day. Opening times can vary considerably between cities and states, so it is always advisable to check with the specific branch you plan to visit.

The practical need to visit a branch in person has diminished significantly in recent years. All major US banks operate comprehensive online and mobile banking platforms, and telephone banking services are typically available around the clock, every day of the year. ATM networks blanket the country, ensuring easy cash access at any hour. Zelle, a peer-to-peer digital payments service, is embedded directly into the mobile apps of most major participating banks, enabling near-instant domestic money transfers between users without requiring a separate account.

What do expats need to know about the banking system in the United States?

The US banking system is largely stable, transparent, and subject to rigorous regulation, but there are several characteristics and practical considerations that newcomers — particularly those transitioning from banking systems in other parts of the world — should understand before and after they arrive.

Deposit protection (FDIC): The standard insured amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. The FDIC is an independent federal agency created to protect depositors against the loss of insured deposits should an FDIC-insured bank or savings association fail. This protection is underpinned by the full faith and credit of the United States government. By comparison, the UK’s FSCS covers up to £85,000 and Australia’s Financial Claims Scheme protects up to AUD 250,000 — the US limit is notably higher in absolute dollar terms. Confirm the current limit at fdic.gov.

Coverage is automatic: Depositors do not need to apply for or purchase FDIC insurance — protection applies automatically to any qualifying deposit account held at an FDIC-insured institution. No action is required on the part of the account holder.

No currency controls: The United States imposes no currency controls on individuals. You may freely hold foreign-currency accounts, remit funds abroad, and convert between currencies, subject to standard anti-money-laundering compliance and applicable reporting requirements. This is considerably more permissive than countries such as Brazil or India, where currency controls restrict certain types of transactions.

Credit history does not transfer: A credit record built in another country carries no weight in the United States. Establishing a US credit score from a standing start is one of the most commonly cited challenges among newly arrived expats. Secured credit cards and purpose-built credit-builder loans are practical tools for beginning to develop a domestic credit profile.

Account freezes and address requirements: Banks may suspend or close accounts without prior warning if they are unable to verify your residency status or tax classification. FATCA reporting obligations mean some foreign banks may refuse US citizens outright or impose extensive additional documentation requirements. Even US-based banks may close accounts if customers cannot maintain a domestic address or a US phone number. Non-US nationals opening US accounts should understand the bank’s policies on residency verification before proceeding.

FATCA for US citizens abroad: Selecting the appropriate banking arrangement is especially important for US citizens living outside the country, as they remain subject to the Foreign Account Tax Compliance Act (FATCA). This legislation requires US persons abroad to disclose certain overseas financial assets to the IRS once their total value surpasses defined thresholds. FATCA exists primarily to deter offshore tax evasion. Consult the IRS website or a qualified tax professional for current reporting thresholds and obligations.

The principal federal bodies responsible for overseeing US banks are the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency (OCC). Consumer rights in banking are additionally protected by the Consumer Financial Protection Bureau (CFPB). These agencies are the authoritative sources for current rules and protections.

How Do I Open a Bank Account in the United States as an Expat?

Overseas nationals can open bank accounts in the US, and the process is generally less complicated than many anticipate. While precise requirements differ between institutions, the step-by-step process below reflects what most major banks will expect. Always refer to the individual bank’s official guidance and consult the FDIC for the most current requirements.

1. Choose the right bank for your needs. Think carefully about whether you require international transfer services, multi-currency functionality, or products specifically designed for expats. Evaluate options including Chase, Bank of America, HSBC, Citibank, Charles Schwab, and local credit unions. Since each institution operates under its own requirements and offers different benefits, identifying the one that aligns most closely with your financial priorities before applying will save considerable time.
2. Gather your identification documents. Many banks require a Social Security Number (SSN), while others will accept an Individual Taxpayer Identification Number (ITIN) or simply a passport. In most cases you will also need a valid foreign passport and immigration documentation such as an I-20, EAD card, or visa stamp.
3. Obtain an ITIN if you do not have an SSN. If you are ineligible for a Social Security Number, apply for an Individual Taxpayer Identification Number through the IRS. This document satisfies the identification requirements of most major US banks. Applications can be submitted via irs.gov.
4. Prepare proof of US address. Nearly all banks require a verifiable US residential address for correspondence purposes. Acceptable documentation typically includes a signed lease agreement, a utility bill, or an employment letter from your US employer. Virtual addresses and PO boxes are generally not considered valid proof of residential address.
5. Decide whether to apply in person or online. A growing number of banks permit non-residents to open accounts using only a passport and valid visa. Certain digital-first banks even allow fully remote account openings without a US address. HSBC, for instance, supports account opening both before you depart your home country and after you arrive in the US.
6. Visit a branch or complete the online application. If attending a branch, bring all required documents with you. Online applications typically involve uploading scanned copies of your passport and any supporting paperwork. Some institutions may request a video call to complete identity verification remotely.
7. Make any required opening deposit. Minimum deposit thresholds vary considerably from one institution to another. Many accounts — including the Charles Schwab High Yield Investor Checking account — have no minimum deposit or monthly fee requirement. Premium and international-focused accounts, by contrast, may stipulate a significant minimum balance. Verify current deposit requirements directly with each bank, as these figures are subject to change.
8. Activate your account and set up online banking. Once your application is approved, activate your debit card, establish access to your online and mobile banking dashboard, and enrol in any payment services such as Zelle that you expect to use for routine transactions.

If establishing a traditional bank account proves difficult in the early weeks after arrival, a fintech or neobank solution — such as Wise or Revolut — can serve as a useful interim measure while you compile the necessary documentation.

What banking and payment apps are widely used in the United States?

Digital financial services are firmly embedded in American daily life, and new arrivals will encounter a diverse ecosystem of apps and platforms for managing money. Several of these services are so deeply woven into everyday transactions that understanding them is practically essential.

Zelle: Zelle is a domestic peer-to-peer payments network integrated directly into the mobile banking apps of most major US banks. Transfers typically arrive within minutes, making it one of the fastest options for sending money between individuals. Because it operates through participating banks’ own apps, no separate account is needed — though both sender and recipient must be enrolled Zelle users. Importantly, Zelle functions only within the United States and cannot be used to send money internationally.

Venmo and PayPal: Venmo, which operates under the PayPal umbrella, has become the go-to platform for informal domestic peer-to-peer payments, especially among younger users splitting bills or reimbursing friends. PayPal itself is broadly accepted for online retail purchases and supports a degree of international functionality, though fees and exchange rate markups apply. Both platforms are regulated by US financial authorities.

Apple Pay, Google Pay, and Samsung Pay: Contactless mobile payment via these services is accepted at a wide range of retail shops, food and drink venues, and public transit systems throughout the country. Each platform links to an existing US debit or credit card and does not require a separate account to use.

Revolut: Revolut operates as a comprehensive financial lifestyle application rather than a conventional bank, enabling users to hold balances and exchange between numerous currencies, spend overseas at real-time exchange rates, and access additional features such as savings vaults and cryptocurrency trading. Its flexibility is a genuine advantage for expats managing money across borders. Revolut is operational in the US and subject to regulatory oversight, but it is not a traditional bank — deposit protections may differ from those offered by FDIC-insured institutions. Review the current regulatory position at revolut.com.

Wise (formerly TransferWise): Wise is a fintech company rather than a conventional bank. It is licensed to operate across most US states and, where it is not directly licensed, offers services through Community Federal Savings Bank. Wise is a go-to solution for expats requiring international transfers and multi-currency account capabilities, and is widely valued for its transparent fee structure and competitive exchange rates.

Chime and other neobanks: US-based neobanks including Chime, SoFi, and Ally Bank deliver fully digital banking experiences that often come without monthly fees and with a streamlined account-opening process. These can be a practical starting point for new arrivals, though some platforms require a Social Security Number to complete registration.

How can expats manage money between the United States and their home country?

Cross-border money management is a core concern for most expats. The United States supports a wide spectrum of international transfer methods — from conventional bank wires to modern digital platforms — each carrying its own cost profile and processing speed.

Bank wire transfers: Every major US bank offers international wire transfer services in foreign currencies. At Chase, for example, outgoing international wires carry a fee of $50 unless the transfer is made within the Chase network, in which case the fee drops to $0 (as of 2025 — verify current fees at chase.com). Wire fees vary considerably across institutions, and the exchange rate margin applied by banks can represent a substantial additional cost that is not always immediately apparent. Comparing the mid-market rate against the rate your bank is offering is always advisable.

Fintech and specialist transfer services: Platforms such as Currencies Direct enable expats to send funds abroad, hold multiple currencies, and manage larger transfers without depending solely on bank wire services. Certain currency brokers also offer local currency accounts that can receive US dollar payments, removing the need for a US-based bank in some situations. Wise, Revolut, and comparable services generally apply mid-market exchange rates and publish transparent fee schedules, which frequently makes them more economical than traditional banks for regular cross-border payments.

FBAR reporting for US persons: US persons — including citizens, Green Card holders, and tax residents — who hold accounts outside the United States are subject to important federal reporting obligations. The Bank Secrecy Act requires that certain foreign financial accounts, including bank accounts, brokerage accounts, and mutual funds, be disclosed to the Treasury Department and that relevant records be maintained. This disclosure is made by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114. An FBAR must be filed if the combined value of all foreign accounts exceeded $10,000 at any time during the calendar year in question (as of 2025).

FBAR deadlines: The FBAR is filed annually and is due on April 15 following the end of the reported calendar year. An automatic extension to October 15 is available if the April 15 deadline is not met.

FBAR penalties: Failure by a US citizen or resident to file a required FBAR may result in a civil penalty of up to $16,536 per violation as of 2025. For violations deemed wilful, the maximum civil penalty rises to whichever is greater — $165,353 or 50% of the account balance at the time of the violation. Always seek advice from a qualified US tax professional and consult the IRS FBAR guidance and the FinCEN website for up-to-date rules and thresholds.

Large transfers and reporting: There is no legal cap on the value of funds you may transfer internationally from a US bank account. However, under the Bank Secrecy Act, banks and money transfer providers are obliged to report individual transactions exceeding $10,000 to the relevant financial authorities. This is a routine compliance measure rather than a restriction on legitimate activity — large transfers are processed regularly without complication, though having proper documentation on hand is advisable.

Frequently Asked Questions

Can a non-resident open a bank account in the United States?

Foreign nationals are able to open a US bank account provided they satisfy the institution’s criteria, which typically include proof of address and an ITIN. Some banks are more accommodating than others — Bank of America, Chase, and HSBC are frequently recommended as accessible starting points for recent arrivals. Because requirements vary from one institution to the next, it is worthwhile contacting prospective banks directly before beginning an application.

Do I need a Social Security Number (SSN) to open a US bank account?

Many banks require a Social Security Number (SSN) to process a bank account, while others accept alternatives such as the ITIN or a passport. If you are ineligible for an SSN, obtaining an ITIN through the IRS is a practical route that meets the identification requirements of most major US banks. Current guidance on applying for an ITIN is available at irs.gov.

Are deposits in US banks protected?

The standard insured amount is $250,000 per depositor, per FDIC-insured bank, per ownership category (as of 2025). FDIC protection is triggered automatically when you open a qualifying deposit account at an insured institution — no application or additional steps are required. Confirm that any bank you are considering holds FDIC-insured status using the FDIC’s BankFind tool.

Can I open a US bank account before I arrive in the country?

Certain banks — notably HSBC through its international banking programme — allow prospective customers to open an account prior to leaving their home country, as well as after arrival in the US. Some institutions permit foreign nationals to complete the full account-opening process while still outside the United States. Digital banks and fintech providers such as Wise also support fully online applications that can be completed before you relocate. Check individual bank websites for current pre-arrival account opening options.

What is FBAR and does it apply to me?

The Bank Secrecy Act requires that US persons disclose certain overseas financial accounts — including bank accounts, brokerage accounts, and mutual funds — to the Treasury Department by filing FinCEN Form 114, known as the Report of Foreign Bank and Financial Accounts (FBAR). The obligation applies to US citizens, Green Card holders, resident aliens, and dual nationals if the combined balance across all foreign accounts exceeded $10,000 at any point during the calendar year, regardless of whether the individual is based in the US or abroad (as of 2025). A qualified tax adviser and the IRS website are the best sources for current obligations.

Is digital banking reliable in the United States?

Yes — digital banking infrastructure in the United States is highly developed and dependable. Every major bank provides a fully featured mobile application supporting account management, bill payment, mobile cheque deposit, and instant fund transfers. Zelle for domestic peer-to-peer payments is built directly into the apps of most major banks and is used by tens of millions of Americans. Broadband and mobile internet coverage is excellent across urban and suburban areas, supporting consistent and reliable digital banking experiences.

What is the best way to send money internationally from the US?

Many expats use a specialist currency broker or fintech transfer platform alongside their bank account, since these services focus specifically on international transfers and typically deliver more favourable exchange rates and lower fees than conventional banks. Wise, Revolut, and Currencies Direct are among the most widely used options for this purpose. If you choose to transfer through your bank, always compare the exchange rate being offered against the mid-market rate, as the margin applied can amount to a significant hidden cost on larger sums.

Do US banks charge fees for international ATM withdrawals?

Fees depend entirely on your specific account. Certain accounts — Charles Schwab’s checking account being the most prominent example — charge no foreign transaction fees and reimburse ATM surcharges levied at machines anywhere in the world, without any cap. Most standard checking accounts at large US banks, however, do impose foreign transaction fees, typically in the range of 1%–3%, along with operator surcharges on overseas ATM withdrawals. Review your account’s fee schedule carefully, and if you travel frequently or make regular international transactions, consider switching to an account designed with that usage in mind.