Banking for Expats
How banking works across borders, and what affects your options.
What you'll learn on this page
- • How residency status affects which accounts you can open
- • The difference between local banks and multi-currency accounts
- • Common documentation requirements and rejection reasons
- • How banking connects to visas and cost of living
Banking abroad is harder than people expect. Opening an account often involves documentation you don't have yet, residency requirements that vary by bank, and rejection reasons that aren't always explained. What worked for someone else may not work for you, even at the same institution.
A few variables shape most outcomes: whether you have local residency, what documentation you can provide, and how banks in your destination country treat foreign applicants. These factors interact differently depending on where you're going and what status you hold.
This page explains patterns and pathways — how banking systems tend to work for expats, where applications tend to break down, and what questions matter most as you research your specific situation.
How Banking Works Across Borders
Most people need some combination of three things: a way to receive money, a way to spend money locally, and a way to move money between currencies. How you solve each depends on your situation — whether you're earning locally or abroad, how long you're staying, and what residency status you hold.
Local bank accounts remain important for many things: receiving salary, paying rent, setting up direct debits. But they're not always accessible to newcomers. Some banks require residency permits. Others want proof of address you can't get until you have a rental contract. The sequencing creates friction that takes time to resolve.
Multi-currency accounts and digital banks fill gaps that traditional banks leave open. They're often easier to open, work across borders, and handle currency exchange transparently. But they have limitations too — limited cash deposit options, less recognition for official purposes, and varying availability by country.
Understanding what each type of account does well — and where it falls short — helps with building a setup that actually works for your situation.
Common Questions
These guides cover the foundational questions people ask early in their research: how bank accounts work abroad, what affects transfer costs, and what options exist when you don't have local residency. If you're still building a mental model of how expat banking functions, start here.
Why it's harder than expected and how to navigate the process
Understanding fees, exchange rates, and transfer options
Holding and managing multiple currencies in one account
Options when you don't have local residency
Choosing cards that work well across borders
Strategies for handling money in different currencies
Deep Dives
Once you understand the basics, the operational details start to matter. These guides explore where banking tends to break down: why banks reject foreign applications, where transfers fail, and the documentation issues that stall account openings.
IBAN vs Routing Number: What Matters
How account numbering systems differ and when it matters
Why Banks Reject Foreign Applications
Common rejection reasons and what triggers extra scrutiny
International Transfers: What Breaks Most
Where transfers fail and how to avoid common problems
Resident vs Non-Resident Accounts
How residency status affects your banking options
What Banks Mean by Source of Funds
Why banks ask about income and what documentation works
Debit vs Credit Cards Abroad
How cards behave differently when used internationally
Proof of Address: What Banks Accept
Documentation requirements and what typically works
Explore Options
These overviews describe banking services that expats commonly encounter. They're not recommendations — just context for understanding what different providers offer and how they position themselves. Features, availability, and pricing vary significantly by country and situation.
Country Banking Guides
Each country has its own banking requirements, documentation expectations, and common friction points. These guides explain how banking works in specific destinations — what ID you need, what banks expect, and where the process typically gets stuck.
Opening a Bank Account in Spain
NIE requirements, bank types, and the documentation process
Opening a Bank Account in Portugal
NIF requirements, resident vs non-resident options
Opening a Bank Account in Italy
Codice fiscale, bank types, and common friction points
Opening a Bank Account in France
Documentation challenges, RIB, and droit au compte
Opening a Bank Account in Mexico
RFC requirements, residency gate, and bank options
Banking Comparisons by Country
Each country has different banking options—traditional banks, digital alternatives, and hybrid approaches. These guides compare what's available in specific countries, including which digital banks work, when you need a local account, and how to navigate documentation requirements.
Digital vs traditional, NIE requirements
NIF, Activobank, D7 considerations
Codice fiscale, N26 Italian IBAN
Droit au compte, French online banks
USD/MXN, BBVA, cash considerations
Digital bank comparison
Transfer service vs digital bank
How People Typically Build a Working Setup
Most people don't have their banking fully sorted before they arrive — and that's normal. Banking is one of those things that settles into place over the first few months, often after some trial and error with what works and what doesn't.
The common pattern: start with what's accessible (multi-currency accounts, cards that work internationally), then add local banking once you have the documentation to qualify. Some people find they need both long-term; others consolidate once they're established.
Country-specific guides become useful once you've narrowed down where you're going. The general patterns on this page provide orientation; the destination-specific pages explain how those patterns play out in particular places.
How Banking Connects to Other Decisions
Banking doesn't exist in isolation — it's entangled with visa requirements, residency status, and proof of income. Many visas require showing bank statements or minimum balances. Opening a local account often depends on having residency documentation. These dependencies create sequencing challenges that affect when you can actually get things done.
Visa type affects banking access directly. Some banks require specific residency permits. Others accept certain visa types but not others. Understanding your visa situation helps with understanding what banking options are realistically available.
Cost of living planning involves banking decisions — transfer fees, exchange rate exposure, and whether you're earning in one currency and spending in another all affect real spending. Someone managing money across multiple currencies faces different considerations than someone earning and spending locally.
Related Country Guides
Banking requirements and options differ significantly by country. What documentation banks accept, whether non-residents can open accounts, and how the process typically works — these vary by destination and sometimes by region within the same country.
These guides cover how banking works in specific destinations, including typical documentation requirements, common friction points, and what people usually need to sort out after arrival.