Best USA-based "digital" bank for expats?

Business Money
1

I currently use HSBC since they are both in USA and Taiwan.

However, the USA account seems to be “migrating us to a different institution” with some vague wording about “moving forward”: This is worrisome.

I’ve recently been looking into this “digital-only” accounts that seem neat and expat-friendly. My requirements are pretty low:

  1. Debit card must have a VISA or MASTERCARD debit card logo with contactless payment option.
  2. Allow international wire transfers (<=$35)
  3. Must have 0 foreign transaction fees. ATM fees are fine.

I don’t care about interest - I don’t really see banks as an investment platform in this generation (even safe stocks yield way more, but I digress).

Any ideas?

2

How about Wise?

3

Ha I do have an account with them and forgot. I think I previously only used it for transfers (HIGHLY recommended for international transfers!); the bank thing seems new. I’ll investigate :slight_smile:

4

Ok, so “Wise” initial research:

  • They DO have contactless debit cards (Mastercard)
  • Their international transfers are better than wires - like $5 instead of $35.
  • 0 international fees, real exchange rates (unlike the bs that’s often like 23% instead of 27%ish)
  • BUT… there’s a catch: No NTD (yet). Then I have a USD account in Taiwan HSBC I could transfer to, but … you can’t transfer same currency [UNLESS THIS CHANGED RECENTLY! I recall this from 2y ago] USD<>USD is no go, and USD<>TWD is no go. I’d have to open a Euros account in HSBC TW in order to internationally transfer … but I’d only have like a $5 fee each time instead of $35+. Online transfer from EUR to TWD is instant, at least.

Not 100% ideal til they support NTD transfers, but it’s close. Maybe the closest I’ll get.

5

No news so far …

6

I was deceived.

1 Like
7

I use the same. Do you know if this is change is for everyone?

8

Not unless you got an email. If you did, let me know for curiosities sake. I feel in the dark. I’m worried if we may not be able to transfer to HSBC Taiwan for no fee and instantly anymore from the USA account.

9

Check Charles Schwab. Last i heard they were the best for having no atm withdrawal fees (including internationally) and no currency exchange fees.

Its kind of a brokerage account but functions perfectly fine as an international nomad online checking account with very low fees.

1 Like
10

Schwab is awesome, but no international wire transfers.

11

I ended up saying screw digital banks for now since I forgot I still need to show USA residency and not Taiwan (no one wants Americans abroad to deal with the extra burdons, not even American banks). So! I found this:

https://www.americansabroad.org/aca-membership/

If you become a member for like $70/yr, you get access to not only a bank, but a non profit credit union that has all the standard features and allows you to use your Taiwan address. And even allow a Taiwan non-American spouse to access the account officially. That bank is also free. No foreign transaction fees.

But… They have a weird “visa imposed” 1 percent fee on everything, including online transactions. Visa-imposed my ass though, I’ve never seen this before for any debit card. That’s the only red flag. Which is fine I guess, I usually spend with a credit card and auto pay it off each month that generally has perks.

12

I just got a Brex business account. I haven’t used it yet, but I’ll report back on my experience getting money to my tw business account.

13

Doesn’t come with Bill Pay unless you pay $50/mo? Oof. Bill Pay is standard in even cheapo accounts, so this is painful to see.