The best banks for international business should allow you to send payments overseas to numerous countries in multiple currencies for a reasonable fee. They should support your business when local or traveling abroad. Some of them will also allow you to send currencies in as little as one business day, while others will open foreign accounts in local currencies to save you time and money when conducting international business.
Here are the eight best banks for international business, with links directly to the provider websites:
- Bank of America Member Federal Deposit Insurance Corp. (FDIC) Best overall for overseas payments and international currency orders
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best business checking account for earning interest on deposits with no monthly fees
- Chase Member FDIC : Best for small business banking tools and premium checking
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for international ATM fee reimbursement and rapid access to funds
- Relay Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Evolve Bank & Trust and Thread Bank. : Best for businesses that need multiple accounts and debit cards
- Wise Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with JP Morgan Chase. Funds held outside of the United States may not necessarily be insured against loss. See the provider's website for more information. : Best low-cost international transfers via local accounts
- Revolut Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnerships with Metropolitan Commercial Bank and Sutton Bank. Funds held outside of the US may not necessarily be insured against loss. See the provider's website for more information. : Best for spending funds in multiple currencies
- Rho Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Webster Bank. : Best for companies with $1 million in revenue or raised venture capital
The available countries for international payments can change due to business or geopolitical policy changes. Always check with the provider directly to see if it allows you to send payments to your needed destination.
Earn up to 4.25% with Bluevine Business Checking |
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Best Banks for International Business At a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Number of Countries to Send Money | Number of Currencies | |
---|---|---|---|---|---|
Business Advantage Fundamentals Banking | $16; waivable | 200 | 233 | 150 | |
Standard Business Checking | None | No limit | 32 | 15 | |
Business Complete Banking | $15; waivable | 20 | More than 160 | More than 120 | |
Business Checking | None | No limit | More than 150 | 50 | |
Relay Standard | None | No limit | More than 180 | 32 | |
Business Checking | None; $31 fee to open account | No limit | 80 | Add money: 20 Hold and convert: 51 | |
Free Business Checking | None | No limit | Unspecified | 30 | |
Commercial Banking | None | No limit | More than 140 | 36 | |
Bank of America: Best Overall for Overseas Payments & International Currency Orders
What We Like
- Payments to 233 countries in 150 currencies available
- Foreign currencies ordered by 2 p.m. local can ship the same day
- 200 free transactions per month
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or social media messages
- Other products include business savings, merchant services, certificates of deposit (CDs), lending products, and financial analysis through Merrill financial advisor
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $45 |
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
Bank of America allows you to send payments to 233 countries in 150 currencies. For complete details on sending funds, see Bank of America’s International Wire Information, and search for the country where you plan to send money.
In addition, you can order foreign currency directly from the bank. If the order is placed by 2 p.m. local time, it will ship same day. Fees and details are as follows:
- Standard delivery (one to three business days): $7.50 (standard delivery is free for orders $1,000 and up)
- Overnight delivery (order by 2 p.m.): $20
- Because it does not stock inventories of foreign currency at financial centers, delivery charges apply to orders picked up at a financial center as well as to orders―under 1,000 United States dollars (USD)―sent to your account address.
Your order must be picked up at a financial center if:
- It is $1,000 or more in USD
- You are a new customer (less than 30 days)
- Your address changed in the last 30 days
When To Choose Bank of America
- You need to send payments around the world in multiple currencies: With the ability to send payments to more than 230 countries in 150 currencies, Bank of America is our choice for the best bank for international business. In addition, if you order foreign currency from the bank prior to 2 p.m. local time, it will ship same day. Overnight deliveries cost $20, while standard delivery is $7.50 and will have currency delivered in one to three business days.
- You want a business bank account with outstanding ongoing rewards: With its Preferred Rewards for Business program, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts. Bank of America also offers signup bonuses ranging from $100 to $500 if qualifications are met. For specific qualifications, see our guide to the best business bank account promos.
- For businesses that might need to access funds via an ATM during overseas travel: Bank of America’s partner banks will allow you to avoid the $5 out-of-network international ATM fee. It’s one of the reasons why Bank of America is one of our best small business checking accounts.
Bluevine: Best Business Checking Account for Earning Interest on Deposits With No Monthly Fees
What We Like
- Interest-earning checking on balances of $250,000 or less
- Ability to send payments to 32 countries in 15 currencies
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit and credit card product
- Automatic transfers with sub-accounts
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: N/A Outgoing: $25 (USD); $25 plus 1.5% (foreign currency) |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
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APY | 2.0% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. |
Country | Currency |
---|---|
United Kingdom | GBP - British pound; USD |
China | CHY - Chinese Yuan, USD |
Mexico | MXN - Mexican peso; USD |
Canada | CAD - Canadian dollar; USD |
India | INR - Indian rupee; USD |
Israel | ILS - Israel new shekel; USD |
Japan | JPY - Yen; USD |
Switzerland | CHF - Swiss franc; USD |
Philippines | PHP - Philippine peso; USD |
Australia | AUD - Australian dollar; USD |
Denmark | DKK - Danish krone; USD |
Thailand | THB - Thai baht; USD |
Sweden | SEK - Swedish krona; USD |
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain | EUR - euro; USD |
When To Choose Bluevine
- You want an online interest-earning business checking account with international payment support: With interest-bearing checking and the ability for customers to send international payments, Bluevine is a great choice for international business customers. You can earn 2.0% APY with Bluevine Standard checking on qualifying deposits. In addition, Bluevine allows you to send international payments for your business. You can send payments directly to 32 countries in 15 currencies from your Bluevine dashboard.
- You need those international payments received in as little as 24 hours: Payments are sent out between 8 a.m. and 5 p.m. Eastern time and can be received in as fast as 24 hours. Payments sent in USD cost $25 per payment, while payments sent in other currencies cost $25 plus 1.5% of the payment amount.
- You want the option of a premium account with higher interest earning: Bluevine recently released its Premier checking account option, which offers a 4.25% APY on all balances. It charges a monthly fee of $95; however, this fee can be waived by having a minimum balance of $100,000 and spending $5,000 via your Bluevine debit card. Premier account status also provides reduced fees for same-day ACH and domestic and international wire transfers.
Chase: Best for Small Business Banking Tools & Premium Checking
What We Like
- Send payments to over 160 countries in more than 120 currencies
- No fee on consumer online foreign currency international wire of greater than $5,000
- $300 bonus when you open an account
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Some wires have much higher fees and exchange rate may not be favorable on free wires
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs, depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services, and collection services
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction value for same-day ACH or real-time payments |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
Chase, through JP Morgan, allows you to send payments to more than 160 countries in over 120 currencies. For complete details on sending funds, see JP Morgan’s Global Payments Guide, and search for the country where you plan to send money.
- Online wires sent to a bank outside the US in foreign currency have no Chase wire fee for amounts $5,000 or more. Only a $5 Chase wire fee when less than $5,000.
- Wire funds on the go using the Chase Mobile® app or chase.com
- Send from your Chase checking account
- Access up to 13 months of outgoing wire transfer history
- Save details of frequent payees for future transfers
- Send transfer requests anytime
- Transfer requests that are initiated by 4 p.m. Eastern time for Personal accounts and 5 p.m. ET for Business accounts begin processing the same business day
When To Choose Chase
- You need to send international payments to more than 160 countries: Chase is another great option for international business thanks to the ability to send money to more than 160 countries in more than 120 currencies. Chase offers slightly fewer options than Bank of America, which is why Bank of America edges Chase for international businesses.
- You want free online wires for transactions over $5,000: Chase online wires sent to a bank outside the US in a foreign currency have no Chase wire fees for amounts of $5,000 or more. If the amount of the wire is less than $5,000, a $5 Chase fee applies. Traditional wires are more expensive, so consider an online wire when sending money overseas.
- You want three great business checking options: The bank has three excellent business checking products, all with a waivable monthly fee if specific criteria are met: Business Complete Banking, Performance Business Checking, and Platinum Business Checking. You can read our comparison of Chase’s business checking accounts to see which best suits your needs.
Novo: Best Digital-only Bank for International ATM Fee Reimbursement & Rapid Access to Funds
What We Like
- Zero maintenance fees
- Refunds up to $7 in ATM fees monthly, both domestic and international
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Conflicting information about how many countries and currencies are available for international payments
Features
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | $0 for regular ACH; 1.5% of the transaction amount for Express ACH |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | None to receive, Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 refunded each month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. |
Novo partnered with Wise for international wire transfers. See our section on Wise for details.
In addition, Novo refunds up to $7 in ATM fees each month, including international ATM fees.
When To Choose Novo
- You withdraw funds from ATMs frequently, including internationally: While Novo’s biggest selling point is the ability to send and receive payments faster than most providers, a bonus of the digital-only neobank is ATM fee reimbursement. It refunds up to $7 in ATM fees each month, including international ATM fees. For businesses that need to withdraw funds abroad, this should reduce the amount of ATM fees you encounter each month.
- You need to send international payments: For businesses sending international wires, Novo has a partnership with Wise for low-fee transfers overseas. You can read more about Wise in its section, which comes later in this buyer’s guide. Novo claims that you can send money to over 150 countries in 50 currencies. However, Wise allows its customers to send payments to 80 countries, so this may be the same for Novo.
- You want to send and receive funds faster than with other providers: It offers two outstanding services to help you get paid and make payments faster. Novo Boost allows you to accept payments from popular online payment processors and receive payments faster than other fintechs on this list, whereas Novo’s Express ACH enables you to accept or send same-day ACH payments.
Relay: Best for Businesses That Need Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | Accepted at Allpoint ATMs |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust and Thread Bank. |
When To Choose Relay
- You need to send international wires and seek transparency about what countries are available: Relay offers you the ability to send funds in 32 currencies to more than 180 countries overseas. It also keeps an updated list of countries where you cannot send wires, which are linked in our rubric box above.
- You want to upgrade to a premium service for free international wires: Relay Pro starts at $30 a month. However, if you send international wires frequently, it may be worth it. Relay normally charges $10 per outgoing international wires, but those are free with Relay Pro. In addition, it provides faster ACH transfers, auto-imported bills from QuickBooks Online or Xero, and other advanced payment dashboard features.
- You seek free checking with multiple accounts and debit cards: Thanks to no monthly account fees, up to 20 checking accounts, and 50 Mastercard debit cards, Relay is a great choice for companies looking to categorize their funds in multiple accounts and track company spending easily. Its basic checking, Relay Standard, is free. It has no minimum balance or opening deposit requirements and has no overdraft or bounced check fees.
Wise: Best Low-cost International Transfers Via Local Accounts
What We Like
- Hold and convert money in 51 different currencies
- Send money to up to 80 countries
- Interest-earning account available for US-based businesses
Drawbacks
- Costs $31 to open an account
- ATM fees after $100 or 2 transactions in a month
- Funds outside of US, the United Kingdom and European Economic Area (EEA) accounts may not be insured
Features
- Wise debit card allows you access to more than 50 currencies in more than 170 countries with no foreign transaction fees
- Integrations with Xero, QuickBooks, Sage, FreshBooks, Wave, Oracle NetSuite, and more
- Use Bespoke to set access and permissions to account
- Send money to up to 80 countries
- Hold and convert money in 51 different currencies
- Interest-earning account available with solid APY for US-based businesses
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | $4.14 for incoming |
International Wire Transfer Fees | Incoming in USD: $4.14 Outgoing: Fees vary depending on exchange rate |
ATM Fees | First $100 or 2 transactions free per month; 2% fees plus $1.50 per additional withdrawal |
Cash Deposited | Cash deposits not accepted |
APY | N/A, Interest-earning savings available for U.S. businesses |
Note that Wise is a business fintech platform backed by FDIC-insured JP Morgan Chase. |
When To Choose Wise
- You need to send, receive, and hold international payments: Not only is Wise an excellent choice for businesses that want to send international payments, but it also supports other online-only banks, like Novo, with their overseas transactions. Wise allows you to access funds in more than 170 countries in more than 50 local currencies with no foreign transaction fees. You can send funds to 80 countries and hold money in 51 currencies.
- You want to add money to your account in multiple currencies: You can add money to your Wise account in up to 20 currencies, although some of those currencies are limited to foreign-organized businesses only. By setting up local account details in any one of 10 currencies, overseas customers can pay you as if your account was held in a bank local to them. You can also receive non-wire money for free in any one of these nine currencies (see abbreviation information in the rubric above): AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, and USD.
- You want an interest-bearing savings account with your checking: Wise has an interest-earning savings account for US-based businesses. While there are no monthly fees for Wise accounts, it costs $31 to open.
If you check Wise’s calculator on its website, you’ll be able to estimate the cost of sending money in both different currencies (exchange) and the same currency. Wise offers some of the lowest-cost international transfers of any provider.
Revolut: Best for Spending Funds in Multiple Currencies
What We Like
- Hold and exchange 30 currencies
- Spend in up to 150 local currencies
- Multiple tiers to fit your business needs
Drawbacks
- Funds held outside of US-based account may be uninsured
- Some features only in paid plans
- Customer support only through online chat
Features
- Up to 3 physical and 200 virtual cards; first plastic card ships free; delivery fees for each additional card apply
- Four different company accounts and three freelancer accounts.
- Local accounts opened up in USD, EUR, and GBP
- Can create multiple accounts in over 25 currencies to hold, exchange, and transfer money
- Savings vault available in some paid plans with solid APY
- Perks for paid plans include metal cards, better exchange rates, and cash back bonuses
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Transfer Fees |
|
Monthly Fees | None |
Domestic Wire Transfer Fees | Outgoing: $10 |
International Wire Transfer Fees |
|
ATM Fees | Up to 2% of the amount withdrawn, plus third-party ATM fees |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Note that Revolut is a business fintech platform backed by FDIC-insured Metropolitan Commercial Bank (account) and Sutton Bank (savings vault). |
When To Choose Revolut
- You need multiple currency accounts: Revolut is an interesting product but a very solid choice for businesses that need to send payments internationally in multiple currencies. When you open an account, you receive three local accounts: one in USD, another in GBP, and the other in EUR. Those allow you to send payments locally in those currencies. In addition, you can exchange up to 30 currencies with Revolut. You can also spend more than 150 currencies locally out of your accounts.
- You seek multiple account options: There are seven different accounts with Revolut, including four business accounts and three freelancer accounts. The free business account has no opening deposit or minimum balance requirements. However, some of the best exchange rates and perks are only available in the three paid business accounts, which range in cost from $30 monthly for Grow, $119 a month for Scale, to a custom price for Enterprise. Meanwhile, The freelance accounts include a free product, a Professional product for $7 a month, and an Ultimate product for $30 monthly.
- You want to use free transfers to keep funds insured: One major potential drawback of Revolut is that funds held overseas may not be insured if the local accounts fail. Since transfers between Revolut accounts are free, it’s best to keep funds in your US-based account, which is backed by FDIC-insured banks.
As of Oct. 3, 2023, US customers will no longer be allowed to buy, sell, or hold cryptocurrency with Revolut. However, overseas customers can continue to use Revolut for those purposes. In addition, Revolut still offers business accounts domestically, just without the ability to buy, sell, or hold crypto. See Revolut’s website for more information.
Rho: Best for Companies With $1 Million in Revenue or Raised Venture Capital
What We Like
- Unlimited transactions
- Fee-free wire transfers, ACH, and bill pay
- Up to 1.75% cash back on corporate cards
Drawbacks
- Only available to businesses with $1 million in revenue or raised venture capital
- Low 0.01% APY
- No direct cash deposits
Features
- Customizable account permissions
- Integrations with NetSuite, QuickBooks, Sage, and Wave
- Streamlined accounts payable (A/P)
- Cost-saving global payments
- Discounts on business software, such as Google Cloud, QuickBooks, Slack, Salesforce, and Stripe
Required Opening Deposit | None |
Required Balance Minimum |
|
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free |
International Wire Transfer Fees | Free; 1% FX payments for global currencies |
ATM Fees | Unavailable |
Cash Deposited | Cash deposits not accepted |
APY | 0.01% |
Note that Rho is a business fintech platform backed by FDIC-insured Webster Bank. |
When To Choose Rho
- You have a large amount of revenue or raised capital: For large companies that either have revenue or raised venture capital in excess of $1 million, Rho is a great option for international business. In addition, domestic companies must either keep a balance of $50,000 or have a $5,000 per month spend on corporate cards. Meanwhile, international companies must keep a balance of $100,000.
- You want free domestic wires and ACH payments: For companies that can meet Rho’s requirements, you get the benefit of free domestic wires and ACH payments.
- You seek great rates on international payments: You can send unlimited SWIFT wires to over 140 countries with an exchange rate of just 1%, the best rate in this buyer’s guide. Rho allows you to send funds to over 140 countries, including 67 countries that can be sent on a regular time schedule. While Rho doesn’t charge for international wires, there may be fees involved with using the SWIFT network in addition to intermediary and receiving bank fees. But those fees will be consistent with any international provider you use.
How We Evaluated the Best International Business Bank Accounts
We considered hundreds of domestic and international bank and neobank products when compiling this buyer’s guide. When we evaluated the best international business bank accounts, we considered:
- Number of countries and currencies funds could be sent in a wire or transfer
- Fees for international wires and transfers
- Fees for currency exchange and purchase
- International in-network ATM availability and fees
- International acceptance for a domestic bank account
- Multi-currency options
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
What To Know About Doing Business Internationally
In addition to finding the right bank account for international business, there are some other things you may want to consider if you plan on having customers overseas. Here are some guides compiled by other experts here at Fit Small Business that can help your company thrive in business abroad.
- Payroll: Check out our article on how to pay international employees for a complete guide on how to set up your overseas payroll. And check out our buyer’s guide to the best international payroll services to choose the right provider.
- Contractors: If you plan to have contractors working for you abroad, see our guide on how to pay international contractors to avoid any potential issues.
- Merchant services: When doing business overseas, it’s important to have a provider that can help you sell your products and services to an international audience. See our list of the leading international merchant accounts.
- Hiring: It’s essential to hire the right people when conducting business overseas. See our guides on how to hire international employees and how to hire international contractors for assistance.
- Shipping: Once you’ve sold your product overseas, you must ship it to the customer. That can present its own challenges. See our article on international fulfillment and cross-border shipping for assistance.
- Credit Cards: Besides a great bank account for international business, it helps to have a credit card with no foreign transaction fees. See our top-recommended no foreign transaction fee credit cards.
What You Need To Open a Business Bank Account
Though each provider on this list may require different documents to open a business bank account, here is a general list of what you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Additional documentation may be required for international businesses looking to open an account in the US or for US-based businesses looking to do business overseas. For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
Frequently Asked Questions (FAQs)
While you might not need a bank for international business that is separate from your regular business bank provider, if your business plans to do business overseas, your bank must be able to support you. You want a bank that allows you to send and receive payments from international customers, contractors, and employees. If your regular business bank doesn’t provide those services, you will need a specific bank for international business.
According to the website USBankLocations, Citibank has the most branches outside the US at 283. Meanwhile, Bank of America has 229 and Chase has 198.
Most large, traditional banks offer international accounts, including Bank of America and Chase, from this list. In addition, many fintechs, such as Wise and Revolut, offer international accounts. Others may allow you to, such as business abroad from traditional business bank accounts, without explicitly calling them international accounts.
Bottom Line
If your business is global, your business bank account needs to be able to support the demands of international banking. The providers on this list offer international transfers to and from customers, clients, and employees outside the US. Each offers different lists of countries and currencies, different products and services, and varying fees for those services. Compare each provider and choose the one that best aligns with the international business needs of your company.