Banking & Money for US Expats (2026)
Most American expats run two accounts: a multi-currency account like Wise to receive and convert US dollars cheaply, plus a local bank for daily life — while keeping their US bank account alive for refunds, Social Security and credit history. You'll also often need a VPN to reach US bank and brokerage logins from abroad. This hub covers all of it.
Do you need a local bank account abroad?
Not legally — EU SEPA rules mean a Wise, Revolut or N26 euro IBAN must be accepted for euro payments. In practice a local account (such as ActivoBank in Portugal) still smooths tax refunds, direct debits and rent, so most expats keep both.
What's the cheapest way to move dollars to euros?
Wise (real mid-market rate plus a small fee) or Revolut (interbank rate, free up to about $1,000/month on weekdays). A traditional bank's currency exchange is the most expensive option.
- Receive USD and convert at the mid-market rate with Wise.
- Spend locally on a euro card from Wise or Revolut.
- Keep a local account for rent, direct debits and tax refunds.
- File an FBAR once foreign balances top $10,000.
How should an American set up money abroad?
Most expats run a multi-currency account plus a local bank. How the main options compare:
| Tool | Best for | Watch out |
|---|---|---|
| Wise | Receiving USD, cheap USD→EUR, euro IBAN | Small per-transfer fee |
| Revolut | Free FX to ~$1,000/mo, cards | Weekday-only interbank rate |
| Local bank | Direct debits, rent, tax refunds | Worst exchange rates |
Whatever you choose, foreign accounts over $10,000 combined trigger a US FBAR filing — see the IRS FBAR rules.
Our money guides
Keep your US bank & brokerage reachable abroad
US banks and brokerages (Chase, Fidelity, Vanguard) often block or flag foreign logins. A VPN with US servers lets you connect from a US IP — NordVPN is our tested pick. Full comparison in our VPN guide.
Check NordVPN →Disclosure: affiliate link — we may earn a commission at no extra cost to you. See our affiliate disclosure.