Best & WORST "big" U.S. banks for American citizens that are expats out of USA? (For business checking, credit card churning, etc. NOT asking about Schwab)

Posted by SettingIntentions@reddit | expats | View on Reddit | 20 comments

Obviously Charles Schwab is a must. What I'd like to know though are what banks have others had problems with, and what banks have been good to work with (U.S./USD based)?

For context I have American citizenship, but based in Thailand. I have an American-based LLC though and work for American clients, so I need American banking. I visit USA once every year or two.

So far I have had 0 issues with CapitalOne's personal credit cards for some reason, so I can share this as being a great data point. Schwab has been great over the years also including when my debit card was skimmed.

My chase credit cards have not been as smooth, along with other smaller banking institutions. I've never had issues (I think) with Discover, but it's not commonly accepted abroad.

Chase overall has been pissing me off for business checking. Multiple times I have had to call in due to my online account being shut down, getting locked out of it, etc. it's really driving me up the wall and inspiring this post. I can't stand the constant needing to call in for identity verification because my IP changed countries.

My new personal Wells Fargo checking account also just got shut down since coming back to Thailand (i was visiting USA), so I'll also go through their bullshit on the phone too.

I'm thinking to move my business checking account over to CapitalOne, but thought I'd ping here first if anyone has any data points. I am so done with Chase's bullshit. I'm thinking to switch to CapitalOne but curious if anyone else has had any issues?

I got the Wells Fargo card to build up some banking rapport for the Wells Fargo Autograph which seems like the perfect "expat's card," even better than the CapitalOne Savor. Open to other options too.

I've never had any business credit cards but had applied in America for the Chase one but that still hasn't gone through as approved or not so not sure what's taking that so long but again I'm just done with it and hence thinking CapitalOne business checking then later credit card...

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Several_Crow4181@reddit

The only card that has never given me an issue is Capitol One. Mine is still a Visa, though and I've headed the new Discover network could mess us up.

I got the Wells Fargo autograph preemptively, but I haven't used it outside the US yet (thanks, conflict evacuation craziness).

The BoA Air France card doesn't always work overseas and neither does the Navy Federal. Oh, the irony.

SettingIntentions@reddit (OP)

I saw another poster say that their credit cards are staying on Mastercard / Visa though so that’s good.

That would be amazing. That card has never failed me!

revelo@reddit

Wells Fargo!!!!! Are you out of your mind?!!! Anyone can create a great looking program but its the implementation that matters. Wells Fargo is an absolutely horrible bank to work with.

Get as many banks as possible if you are running a business. They each have their AI-crappified AML systems and you are sure to run afoul of one of them eventually and have your account frozen or canceled, so you need backups (including a plan to seamlessly shift to an alternative when the freeze occurs).

deadineaststlouis@reddit

I use Amex, Capital One, and BoA. No issues even after a decade abroad. I do have a virtual mailbox and phone number, but you basically always need that I think.

Artichoke-Rhinoceros@reddit

Would you be willing to share what company you use for virtual mailbox and phone? Any issues in your decade abroad?

The phone stuff failed once and I needed to switch. I originally did Anveo (which I kept for other accounts because I’m lazy) but now use Hushed. I knows Capital one is hushed, I think BoA is too but might still be on Anveo. I generally find one or the other will work.

Anytime mailbox (Nevada address). Had to move once because the provider shutdown, but no other issues.

dmada88@reddit

HSBC is great if you qualify for premier service. It has helped me all over the world. I qualify by having some etfs in its brokerage

apc961@reddit

Amex Green (if you don't mind the annual fee) and Chase credit cards are great, had zero issues. The problem with Amex is that it is basically useless in certain countries, luckily it's accepted everywhere where I live.

Wells Fargo cards should be avoided as they are extremely prone to fraud and replacement is a pain for expats. Haven't had any issues with their checking account though.

Wells Fargo cards should be avoided as they are extremely prone to fraud

Why are they extremely prone to fraud???

Wish I knew, but it lives in my drawer now and is disabled in the app after multiple fraud attempts. I had to have the card reissued at least 5 times. I have also read lots of posts about fraud charges hitting newly reissued WF cards before the card is even activated...

Canceling would be problematic since it's my oldest cc by far, don't want a big hit on my credit score.

MrJim911@reddit

Wells Fargo is rated as one of the worst banks in existence. They should be avoided like the plague.

CraigInCambodia@reddit

Aside from 'credit card churning', credit unions seem to be easier. SDFCU is very expat-friendly. Opening new accounts is easier with existing credit and account history pointing to the same place (address, phone, etc).

Vaultleap@reddit

That's frustrating but you're not alone, this has been happening a lot lately. It's usually their partner bank's compliance rules, not anything wrong with your business.

Options that are actually approving people right now: Relay is probably the fastest (1-3 days). Brex works if you have some revenue. Wise Business handles payments well but isn't FDIC insured. VaultLeap does virtual accounts in USD/EUR/MXN without geographic restrictions if that matters for your setup.

What country are you based in? That changes which ones will actually work for you.

ponpiriri@reddit

I didn't have an issue with Chase when I was living in France for years.

Great_Ad8813@reddit

I just opened a betterment debit card. Was able to withdraw at about 0.5% off the market USD to JPY rate in Japan. int’l fee and atm fee both refunded on OUS atm withdrawals. I heard they don’t want to give it to expats though but hoping if we use it in the US every 6 mo we’ll be ok.