Multi currency banking options for the busy globe-trotter expatriate.
Isle of Man is a popular destination for expat international non resident banking, with small deposit requirements and multi currency accounts.
- Standard Bank: minimum 5k deposit https://international.standardbank.com/
- Santander: minimum 75k GBP deposit https://www.santanderinternational.co.uk/international/
- HSBC: minimum 50k GBP deposit https://www.expat.hsbc.com/international-banking/
- Llyods: minimum 10k GBP deposit https://international.lloydsbank.com/
- Natwest: minimum 25k GBP deposit, 8£/month fee, more restrictive, accepting only residents in EU, Middle East and US. https://www.natwestinternational.com/international-banking/
- Barclays: minimum 100k GBP deposit/balance https://international.barclays.com/
If you spend a few minutes going through TrustPilot you might find that traditional banking is riddled with problems and most of these banks have a rating of < 2 stars out of 5. See HSBC where 80% reviews give it 1 star only. https://www.trustpilot.com/review/expat.hsbc.com
US can be surprisingly a good option for foreigners looking for non-resident banking with USD accounts. Other banks like Chase may also accept non residents but you’ll need to go in person and inquiry.
US is not member of CRS, and will not share your information with overseas tax authorities.
- Citibank: minimum 200k USD deposit, see Citigold International
- Charles Schawb: min 25k USD deposit, it’s actually a brokerage account which doubles as a savings account.
Singapore is an international financial hub, with excellent reputation and strong banking system. Requirements are more stringent and demanding. Expect deposit requirements ranging from 250k to 1M.
Puerto Rico, the “independent US territory”, has quite a few banking options that offer USD banking with easier access and online sign up.
- Zenus Bank: requires a 20$ monthly fee https://zenus.com/
- (transfer) Wise: one of the best options, too good to be true really, accepts residents from “all over the globe”, no monthly fees, multiple currency, (commonly) instant/fast payments, excellent FX rates.
- Xapo Bank: new crypto bank option from Gibraltar, currently they offer 4.1% interest on USD deposits and 1% for bitcoin. No minimum deposits, but anual fee of 150$, A deposit of 4k would generate enough interest revenue to cover that. https://xapo.com
Note: Currently USD deposits/withdraws are disabled (they were probably using Signature or Silvergate in US which got shutdown), but it’s currently being worked on. Probably good to follow for updates in the coming months.