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Best Expat Bank Accounts

Best Expat Bank Accounts

Last updated: 9 October 2017

Which are the best expat bank accounts?

Expat bank accounts are special accounts designed for people living an international lifestyle away from their home country. Most high street banks will offer a specific international expat bank accounts, but will often have strict requirements for opening an account as a new customers and may also be restricted depending on the country of residence.

We regularly research the market and have created a list of what we believe to be the best expat bank accounts available, which is available below. Unlike other websites, we receive no income from the products listed here helping us ensure we remain independent and unbiased.

For more information about expat bank accounts, please read our guide to expat bank accounts.

Best expat bank accounts

We have highlighted what we consider to be the best expat bank accounts below as a guide for the banks you may wish to consider if you need to open a bank account as an expat. The accounts are listed in alphabetical order to ensure neutrality.

HSBC Expat Current Account

The HSBC Expat Current account is a bank account available for existing and new customers of HSBC. For new customers, £60,000 of deposits must also be held with HSBC to be eligible and the minimum initial deposit is £5,000. The bank also provides telephone and internet banking support and offfers a VISA debit card in your choice of currency.

Perfect for people who

  • People who already bank with HSBC
  • Need 24/7 telephone banking support
  • Regularly move country
  • Live outside of the UK
  • Regularly make international payments
  • Need to save in multiple currencies

Important Facts

  • Minimum Balance
    £5,000 (plus £60,000 already saved or invested with HSBC)
  •  
  • Country restrictions
    None, providing you remain above the minimum balance
  •  
  • Fees and Charges
    No monthly or annual fee, but charges may apply with some transactions and transfers
  •  
  • Application options
    Online, Phone

Lloyds International Account

Lloyds International Bank Account is designed for moderate earners who need easy access to their money when living abroad. The accounts are domiciled in either the Isle of Mann or Gibraltar and can be held in either £GBP, €EUR or $USD. Each account comes with a monthly fee and it is possible to hold multiple currencies in the account. If you earn less than £50,000 per year, you can also open an account if you have £25,000 to invest or save with Lloyds.

Perfect for people who

  • Earn over £50,000 per year
  • No significant savings or investments
  • Need to manage multiple currencies
  • Want internet and phone banking

Important Facts

  • Minimum Requirements
    £50,000 per year salary (or £25,000 as an initial deposit)
  • Country restrictions
    Depends on local laws and regulations regarding offshore accounts
  • Fees and Charges
    £7.50 per month (or €8/$10USD)
  • Application options
    Online, Phone

NatWest Select Account

The NatWest Select account is designed for expats and foreign nationals living in the UK who are internationally mobile. Accounts can be opened in Sterling with multi-currency options available if required once a sterling account is held. NatWest also offers Telephone, Online and Mobile banking support.

Perfect for people who

  • Earn £40,000 per year or above
  • Require 24/7 online, mobile and telephone banking
  • Offshore account with no fees
  • Regularly make international payments
  • No significant savings or investments
  • Have no initial deposit

Important Facts

  • Minimum Balance
    No minimum balance. £40,000 annual income mandated to the account (and must be in the UK for a minimum of 12 months)
  • Country restrictions
    Depends on applicant
  • Fees and Charges
    No monthly or annual fee, but charges may apply with some transactions and transfers
  • Application options
    Post (phone & email support available)

Standard Bank Optimum Account

The Standard Bank Optimum Account is an international bank account designed for expats. The minimum standard deposit required to keep the account free of monthly charges is lower than normal international bank accounts at only £4,000 (or currency equivalent). Unlike many international bank accounts who focus on high net worth individuals, the Optimum Account is designed for anybody who needs access to an international bank account.

Perfect for people who

  • Have a small initial deposit
  • Need either a sterling, dollar (US and AU) or euro current account
  • Internationally regularly
  • Need of a VISA card for payments
  • Studying abroad

Important Facts

  • Minimum Balance
    £4,000 or $6,000 (USD) or $6,000 (AUD) or €6,000
  •  
  • Country restrictions
    None
  •  
  • Fees and Charges
    NA
  •  
  • Application options
    Online, Phone

Disclaimer

Please note that we are not recommending any bank accounts nor are we affiliated to any of the banks listed below. We do not receive any payments for sponsorship or advertising for the information provided and all details are maintained on a "best endeavour" basis. We cannot be held responsible for out-of-date information contained on these pages or external websites we link to.

We try to keep this page up to date, however from time to time our information may be out of date. If you spot an error, or have some feedback about the products on this page please email us at advice@expertsforexpats.com.

We've also been instructed to remove one or two major international banks from this list due to overprotective brand police. For this we apologise.

Before making any decisions about your finances, you should always seek independent advice.

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