How to Open a Bank Account Abroad as a US Citizen

Opening a bank account abroad should be simple: walk into a bank, show your ID, fill out some forms, done. And for citizens of most countries, it is that simple. But if you hold a US passport, you've entered a different game entirely.

Thanks to FATCA (the Foreign Account Tax Compliance Act), many foreign banks see American customers as a regulatory headache — and some simply refuse to serve them. But it's far from impossible. Here's how to navigate it.

Why It's Hard: The FATCA Problem

In 2010, the US passed FATCA, which requires foreign financial institutions to report the accounts of US persons to the IRS. Banks that fail to comply face a 30% withholding tax on their US-sourced payments. The result: many smaller banks, particularly in Europe and Asia, decided it was easier to refuse American customers than to deal with the reporting burden.

This doesn't mean you can't open a bank account abroad. It means you need to know which banks are willing to work with you and come prepared with the right documents.

Which Countries Are Easiest?

Not all countries treat American account holders the same. Here's a rough ranking based on our experience and expat community reports:

Easy

• Mexico: Major banks like BBVA, Banorte, and Santander regularly open accounts for Americans with temporary or permanent residency. The process takes 1-2 hours at a branch.
• United Kingdom: Banks like HSBC and Monzo accept US citizens. The process can be done online in some cases.
• Singapore: DBS, OCBC, and UOB are FATCA-compliant and relatively welcoming to Americans, though minimum deposits may apply.

Moderate

• Portugal: Banks like ActivoBank and Millennium BCP will open accounts for US citizens, but expect extra paperwork and sometimes confusion at the branch level. Having a NIF (Portuguese tax number) is required.
• Spain: Possible with a NIE (foreigner identification number) and residency, but some branches may be unfamiliar with serving Americans.
• Germany: N26 used to be popular but stopped accepting US tax residents. Deutsche Bank and Commerzbank can work with proper residency documents.
• Thailand: Bangkok Bank and Kasikornbank will open accounts for Americans, but you typically need a work permit or long-term visa.

Difficult

• France: Most banks are reluctant. BNP Paribas is one of the more willing options.
• Switzerland: Very few banks accept Americans below significant deposit thresholds.
• Austria and Netherlands: Limited options; expect rejections before finding a willing bank.

Documents You'll Typically Need

Requirements vary by country and bank, but you should be prepared with all of the following:

• Valid US passport
• Local residence visa or permit (tourist status usually won't work)
• Proof of local address (utility bill, rental contract, or a letter from your landlord)
• Local tax identification number (NIF in Portugal, RFC in Mexico, NIE in Spain, etc.)
• Proof of income or employment (some banks require this)
• US Social Security Number (needed for FATCA reporting)
• W-9 form (the bank may provide this or ask you to fill one out for FATCA compliance)

Pro tip: Bring physical copies of everything. Foreign banks are often less digitized than you'd expect, and having a printed rental contract or utility bill can save you a second trip.

The Recommended Strategy: Three Accounts

Most experienced expats end up with a three-account system. It sounds like overkill, but it solves real problems:

1. Keep Your US Bank Account

Do not close your US account. You'll need it for:

• Filing and paying US taxes
• Receiving any US-source income
• Maintaining your US credit history
• Emergency access to funds if your foreign accounts have issues
• Online purchases from US-based businesses

If your current bank charges fees for low balances or has poor international ATM access, consider switching to Charles Schwab (reimburses all ATM fees worldwide) or a credit union that offers free checking.

2. Open a Local Bank Account

A local account in your country of residence gives you:

• The ability to pay rent, utilities, and local bills
• A local debit card for daily purchases
• Access to local payment systems (Bizum in Spain, MB Way in Portugal, etc.)
• Credibility when applying for housing — landlords prefer tenants with local bank accounts

Try to open this account within your first few weeks. The longer you wait, the more inconvenient it becomes to rely on your US card for everything.

3. Use Wise as Your Bridge

This is the piece that ties everything together. Wise (formerly TransferWise) lets you:

• Hold and convert 40+ currencies at the real mid-market exchange rate
• Transfer money between your US account and local account with low, transparent fees
• Get local bank details in multiple countries (a US routing number, a European IBAN, etc.)
• Use a Wise debit card that automatically converts currencies at the best rate

The Wise debit card alone is worth it. While you're waiting for your local bank account to open (which can take weeks in some countries), the Wise card works at any ATM and any store worldwide.

Sign up for Wise →

Country-Specific Tips

Portugal

Get your NIF (tax number) first — you can't do anything financial without it. ActivoBank is the most digital-friendly option and has no monthly fees. Millennium BCP is the most common bank and widely accepted. Expect the process to take 1-2 weeks from application to having a working account.

Mexico

BBVA Mexico is the most expat-friendly bank. You'll need your temporary or permanent resident card — they won't open accounts on tourist status. The CURP (population registry number) is also required; you can get this at a government office. Once you have the right documents, the account can be opened the same day.

Spain

Get your NIE first. Sabadell and CaixaBank are generally the most willing to work with Americans. Some branches may turn you away; if so, try another branch of the same bank. Online banks like Openbank (owned by Santander) can be an alternative.

Thailand

Bangkok Bank is the go-to for Americans. You'll need your passport, a valid visa (tourist visas sometimes work here, surprisingly), and a Thai phone number. Some branches are more helpful than others — Silom and Sukhumvit branches in Bangkok are used to handling foreigner accounts.

What About Digital Banks?

Digital banks like Revolut, N26, and Monzo are popular in Europe, but their stance on US citizens varies:

• Revolut: Does not currently accept US tax residents for EU accounts. They have a separate US product, but it's limited.
• N26: No longer accepts US tax residents for European accounts.
• Monzo: UK-based; may accept US citizens with UK residency.

For now, traditional banks remain the most reliable option for Americans abroad. Wise fills the digital banking gap nicely.

FBAR Reminder

Once you have foreign accounts with a combined value exceeding $10,000 at any point during the year, you must file an FBAR (FinCEN Report 114). This is a reporting requirement, not an additional tax. See our FEIE and tax guide for details.

Summary

Opening a bank account abroad as an American is more annoying than it should be, but it's entirely doable. The key is coming prepared with the right documents, choosing a bank that works with US citizens, and being patient when the process takes longer than expected.

The three-account system — US bank + local bank + Wise — is the setup that works best for almost every expat. Set it up early, and you'll have a financial foundation that works seamlessly across borders.