Relocating to the United States brings exciting opportunities — but also a new financial landscape. Whether you’ve moved for work, lifestyle, or retirement, one of the first practical steps you’ll need to take is opening a savings account that suits your needs as an expatriate.
Banking as an Expat
The U.S. has one of the most diverse banking systems in the world, but navigating it as a non-citizen can be complex. Expats may face extra identification requirements, minimum deposit levels, or restrictions depending on visa or residency status.
To open an account, most banks require:
- A passport and valid visa or proof of residence.
- A Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Proof of address, such as a lease or utility bill.
Many international banks — including HSBC, Citibank, and Chase — cater to expats, offering global accounts, international transfers, and multi-currency options.
Choosing the Right Savings Account
When selecting a savings account, consider:
- Interest rates and minimum balance requirements.
- Accessibility, including online and mobile banking.
- Foreign transaction fees and international transfer charges.
- Whether you need a dollar-denominated account, or one that allows easy transfers to your home country.
Some expats prefer to maintain both a U.S. and a home-country account, allowing flexibility for international income, investments, or family commitments.
Making Your Money Work for You
Once your everyday banking is in place, consider expat-focused savings and investment options that align with your long-term goals. From retirement planning and education savings to offshore investment structures, professional advice can help ensure your wealth grows tax-efficiently across borders.
At Blacktower Financial Management, our advisers specialise in international financial planning for expats in the United States — helping you navigate local banking, cross-border tax rules, and investment opportunities with confidence.
📞 Book your complimentary consultation today to make your money work harder while you settle into life in the U.S.