Guide to Opening an International Business Bank Account

Opening an international business bank account enables seamless global transactions and currency diversification. For easy applications and the most benefit, you should not only consider the countries you do business, but also the cost, fees, and benefits of the bank account.
September 23, 2023
Guide to Opening an International Business Bank Account

In today's interconnected global economy, businesses—especially those in the software, consulting, financial, and service-based sectors—are increasingly exploring the advantages of opening international business bank accounts.

These accounts not only facilitate cross-border transactions but also offer various benefits tailored to the needs of modern, tech-savvy entrepreneurs. In this 101 guide, we’ll cover all the essentials you need to know to open an international business bank account.

What is an International Business Bank Account?

The best way to think of an international business bank account is as a financial tool designed for companies to streamline and facilitate international transactions.

Unlike regular bank accounts, it allows businesses to transact in multiple currencies, typically with lower fees, less red tape, and faster processing times.

Why Open International Business Bank Account?

In this section, we'll delve into the compelling reasons why businesses, particularly in the software and service-based industry, should consider opening an International Business Bank Account.

Global Expansion

For companies looking to expand their reach globally, an International Business Bank Account simplifies cross-border transactions, allowing for seamless entry into new markets and the receipt of payments in local currencies.

Currency Diversification

It serves as a tool for businesses to diversify their holdings across multiple currencies, reducing exposure to currency risk and protecting against fluctuations in exchange rates. With direct control over currency-specific bank accounts, it’s less risky than forex trading and there are fewer delays.

Cost-Efficient International Payments

Businesses involved in outsourcing or employing contractors worldwide can benefit from cost-efficient international payments, streamlining payroll processes, and reducing transaction fees. So, you get to keep more of the money you make from doing global business.

Reduces Friction and Increases Conversions for E-commerce Sales

E-commerce businesses can optimize their international sales by accepting payments in various currencies. It’s easier to convert customers if they can pay in currencies they are familiar and comfortable with.

While many assume that everyone accepts USD as the default global currency, 92% of online shoppers prefer to buy in their own currency, with 33% likely to abandon purchases if pricing is in USD only.

What Types of Businesses Should Open an International Business Bank Account?

Any organization with interests in multiple countries or with global ambitions can consider an international business bank account. However, typically most often used by, and even advisable for, the following businesses:

  • Software Development Firms: These businesses often have a global clientele and need to receive payments in various currencies while managing expenses in their base currency.
  • Consulting Agencies: For consultancy firms with international clients or contractors, it greatly simplifies cross-border invoicing and payments.
  • E-commerce Stores: Online retailers benefit from offering customers the ability to pay in their preferred currencies.
  • Tech Startups: Startups with global aspirations can use these accounts to attract international investors and smoothly handle cross-border transactions.
  • Remote Work-Focused Companies: Businesses managing remote teams worldwide can optimize payroll processes and currency conversions.
  • Import/Export Enterprises: Companies involved in international trade require international business bank accounts to manage transactions and reduce currency conversion costs.

Where Can I Open an International Business Bank Account?

Location matters when it comes to opening an international business bank account online (as well as incorporating an online business). Different countries have varying regulations, benefits, and processes.

Understanding these differences will help you decide the best host country for your international business bank account and streamline the application process.

The US

As the world’s largest economy with some of the most prominent international business hubs, many companies naturally gravitate towards doing business in the US. Opening an international business bank account in the US is strategic for a number of reasons:

  • Access to the US Market: Aside from accessing the vast US market, it enables businesses to accept payments and transact in US dollars.
  • Global Banking Services: US banks offer a wide range of global banking services, including multi-currency accounts, trade finance, and international payment options.
  • Investor Attraction: US-based accounts can be attractive to international investors, making it easier to raise capital for growth.
  • Legal and Financial Stability: The US is known for its strong legal and financial systems, providing a secure environment for business operations.

Other Countries

The following countries also often attract globally-minded businesses for a number of reasons:

  • Singapore: As a global financial hub known for its efficiency and business-friendly environment, it offers businesses access to the thriving Asian market, a well-established financial sector, and a range of international banking services.
  • United Kingdom (UK): Despite Brexit, the UK still acts as an accessible gateway to the EU market, thanks to English being the primary language, its strategic location, and a strong business ecosystem.
  • United Arab Emirates (UAE): Dubai, in particular, attracts businesses due to its strategic location, financial services, and access to the Middle East and African markets. It also offers some of the most accommodating and welcoming environments for international businesses to establish a presence, especially in its Economic Free Zones.
  • Hong Kong: Offers a strategic gateway to the Asia-Pacific region, and China in particular, with a business-friendly environment, a well-established financial sector, and familiar Western business practices.
  • Switzerland: Renowned for its financial stability, Switzerland is attractive to businesses looking for a safe haven for funds and international financial services.
  • India: Its growing economy and business-friendly reforms make it an emerging destination for international business banking.

How Much Does it Typically Cost?

The cost of opening and maintaining an international business bank account can vary depending on several factors, including the country in which the account is opened, the type of account, the financial institution, and the services required.

For the United States (US):

  • Account Opening Fees: Many US banks charge an initial account opening fee, which can range from $100 to $1,000 or more.
  • Monthly Maintenance Fees: These fees can range from $10 to $50 per month, like Bank of America and Chase, e.g. Some banks may waive these fees if you maintain a minimum account balance or meet other criteria.
  • Transaction Fees: International businesses may encounter transaction fees for incoming and outgoing wire transfers, foreign currency exchanges, and international check processing. Transaction fees may be either a percentage (typically 3%) or a flat rate, with some banks offering no foreign transaction fees.
  • Additional Services: Some banks offer additional services such as multicurrency accounts, cash management solutions, and trade finance. These services may come with associated fees, which can vary widely based on the complexity of the services.
  • Minimum Account Balances: Minimum balance requirements can range from $1,000 to $15,000 or more, depending on the bank and the type of account.
  • Other Fees: Depending on the bank, you may encounter fees for overdrafts, returned checks, or stop-payment requests.

For Other Countries

Depending on the country, your account may be subject to the same costs and fees as a US account, but with widely varying amounts.

Some international remittance services, like Wise, offer similar banking services (although it’s not an actual bank account), typically with very low opening, monthly/yearly, and transaction fees.

Types of Business Bank Accounts:

To give you an idea to start your search, here are some of the best bank accounts for international business available today:

Name Price/Fees Benefits Pros Cons
Chase Business Total - Opening fee: $100-$500 (varies)
- Account fee: $15-$30/month (waived with a minimum balance)
- Foreign transaction fee: 3% of each transaction in USD equivalent
- Incoming wire transfers: None
- Outgoing wire transfers: $5 to $50 (free if over $5000)
- Access to a vast network of branches and ATMs
- Online and mobile banking
- Business credit card options
- Discounts on various business services
- Established bank with a strong presence
- Wide range of business services
- Accessible customer support
- Monthly account fees if minimum balance not maintained
- Foreign transaction fees can add up for international businesses
Bank of America Business Advantage - Opening fee: Varies
- Account fee: $16-$29.95/month (waived with a minimum balance)
- Foreign transaction fee: 3% of each transaction in USD equivalent
- Incoming wire transfers: $15
- Outgoing wire transfers: $0 to $40
- Wide range of business banking products
- Access to cash management tools
- Business credit card options
- Extensive branch and ATM network
- Relationship rewards program
- Online and mobile banking
- Monthly fees if minimum balance not met
- Foreign transaction fees can impact international transactions
Payoneer - Opening fee: Free in most countries
- Annual fee: $39.95
- Incoming payments/transfers: Free - 3%
- Outgoing payments/transfers: Free - 3%
- Low-cost international transfers
- Multi-currency accounts
- Real exchange rate with transparent fees
- Transparent pricing
- Easy online account setup
- Relatively high card withdrawal fees
- Foreign transaction fees may apply to international transactions
Citibank Business Checking - Opening fee: Varies
- Account fee: $15-$30/month (waived with a minimum balance)
- Foreign transaction fee: 2.8% of each transaction in USD equivalent
- Incoming wire transfer: $15
- Outgoing wire transfer: $16 to $65
- International banking services
- Access to foreign exchange services
- Business credit card options
- Global presence and international support
- Online and mobile banking
- Multi-currency capabilities
- Monthly fees if minimum balance not met
- Limited physical presence and customer support
- High wire transfer fees
Wise Business - Opening fee: $31
- Account fee: No monthly fees
- Foreign transaction fee: Varies by currency pair, typically lower than traditional banks
- Low-cost international transfers
- Multi-currency accounts
- Real exchange rate with transparent fees
- Transparent pricing
- Integration with accounting software
- Easy online account setup
- Limited physical presence
- May not offer all traditional banking services
- Not suitable for businesses with extensive cash needs
HSBC Business Banking (UK) - Opening fee: Varies
- Account fee: £6.50-£12.95/month (waived with a minimum balance)
- Foreign transaction fee: Varies based on the specific account
- Incoming/outgoing wire transfers: Mostly free
- International business support
- Access to global markets
- Business lending and financing options
- Strong global presence
- Diverse range of business services
- Online banking capabilities
- Monthly fees if minimum balance not met
- Foreign transaction fees can apply
- Primarily suitable for businesses operating in the UK and internationally

How to Apply for an International Business Banking Account

When applying for an international business bank account, you'll need to meet specific criteria and provide the necessary documentation.

The good news is that many banks today allow you to open an international business bank account online.

Minimum Deposits

In the US, minimum deposit requirements for international business accounts can vary. Typical initial deposits range from $25 to $1,000, depending on the chosen bank and account type. But, there may be incentives for maintaining a higher account balance.

For international banks, minimum deposit requirements can also vary widely based on location and institution, often ranging from a few hundred to a few thousand dollars or more.


For US banks, requirements include a legally registered business entity, an Employer Identification Number (EIN) or Social Security Number (SSN), business documentation, personal identification, and a physical business address (in the US).

For international banks, requirements may include proof of business activities, reference letters, compliance with local regulations, meetings with bank representatives, and residency or presence obligations.

As always, the specifics depend on the country and financial institution.


Opening an international business bank account offers a gateway to global opportunities and financial flexibility. However, with requirements and costs varying based on your choice of bank and location, it’s important to do your due diligence.

Whether you opt for a US-based institution or venture into international markets, careful research and compliance with specific criteria will pave the way for smoother international business operations.

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Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, a website and newsletter on building wealth for global professionals. Over the last 10 years, he's been a product leader, product manager, consultant and coach at companies like Dropbox, Xendit, and growth-stage startups across the US, Asia Pacific, and Latin America. His work has been featured in global publications like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

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