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The top banks for international business should enable you to send payments overseas to numerous countries in various currencies at a reasonable fee. They should support your business whether you’re local or traveling abroad.
Some banks allow you to send currencies in as little as one business day, while others offer the option to open foreign accounts in local currencies, saving you time and money when conducting international business.
This review highlights the ten best banks for international business, each with beneficial features.
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10 Best Banks for International Payments
- Bluevine: Best Overall for Overseas Payments and International Currency Orders
- Novo: Best Digital-Only Bank for International ATM Fee Reimbursement and Rapid Access to Funds
- Chase: Best for Small Business Banking Tools and Premium Checking
- Bank of America: Best Business Checking Account for Earning Interest on Deposits With No Monthly Fees
- Capital One: Best Business Banking for Cash Backs & Travel Rewards
- Relay: Best for Businesses That Need Multiple Accounts and Debit Cards
- Wise: Best Low-Cost International Transfers via Local Accounts
- Revolut: Best for Spending Funds in Multiple Currencies
- SoFi Checking and Savings: Best All-in-One Account for Travel
- Rho: Best for Companies With $1 Million in Revenue or Raised Venture Capital
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Bluevine is an excellent option for international business customers with its interest-bearing checking and ability to send international payments. With Bluevine Standard checking, you can earn 2.0% APY on qualifying deposits and send payments directly to 32 countries in 15 currencies from your Bluevine dashboard.
Bluevine has also introduced a Premier checking account, offering a 4.25% APY on all balances. This account comes with a $95 monthly fee, which can be waived by maintaining a minimum balance of $100,000 and spending $5,000 with your Bluevine debit card.
Premier account holders also enjoy reduced fees for same-day ACH and domestic and international wire transfers.
Features
- No monthly maintenance fees
- No minimum balance requirements
- Compatible with QuickBooks and Xero
- Includes a free debit card and two complimentary checkbook orders annually
- Connects with various business payment solutions like Stripe, PayPal, and Expensify
- Earns interest on checking account balances up to $250,000
- Supports payments to 32 countries in 15 currencies
- Offers an outstanding line of credit product
- Lacks savings, money market, and CD accounts
- Doesn’t have physical branch locations
- Charges a fee for cash deposits
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While Novo’s standout feature is its ability to send and receive payments faster than most providers, it also offers a bonus: ATM fee reimbursement. Novo refunds up to $7 in ATM fees each month, including international ATM fees, which benefits businesses needing to withdraw funds abroad.
For international wire transfers, Novo partners with Wise to provide low-fee overseas transfers. According to Novo, you can send money to over 150 countries in 50 currencies, though Wise currently supports sending payments to 80 countries, so this may also apply to Novo. More details about Wise can be found later in this buyer’s guide.
Features
- Compatible with various business tools, including QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Allows aside funds for taxes and other significant business expenses with Novo Reserves
- Enables check deposits directly via the mobile app
- Online banking features include unlimited invoicing and bill payment options
- No maintenance fees
- Reimburses up to $7 in ATM fees monthly, both domestically and internationally
- Novo Boost and Express ACH enhance fund accessibility
- Cash deposits aren’t supported
- No savings accounts or lending products are available
- Inconsistencies in available countries and currencies for international payments
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Chase is another excellent option for international business, allowing you to send money to over 160 countries in more than 120 currencies. Though Bank of America offers a few more options, making it slightly better for international business, Chase remains a strong contender.
Chase charges no fees for online wires sent to a foreign bank in a foreign currency if the amount is $5,000 or more. For amounts under $5,000, a $5 Chase fee applies. Traditional wires are more costly, so opting for online wires when sending money overseas is advisable.
Chase also offers three outstanding business checking products, all with waivable monthly fees if specific criteria are met: Business Complete Banking, Performance Business Checking, and Platinum Business Checking.
Features
- Allows management of debit, deposit, and ATM card settings for individual employees
- Enables depositing checks, viewing account balances, paying bills, and making transfers through the mobile app
- Integrates with QuickBooks and other prominent accounting software
- Provides a free debit card, mailed within 10 business days of application approval
- Costs for physical checks vary depending on the type of order
- Enables payments to over 160 countries in more than 120 currencies
- No fee on consumer online foreign currency international wires over $5,000
- Offers a $300 bonus for opening an account
- Don’t reimburse ATM fees
- Offers a limited number of free transactions
- Some wires incur higher fees, and the exchange rates may not be favorable for free wires
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Bank of America is a reliable choice for international business, enabling you to send payments to over 230 countries in 150 currencies. If you order foreign currency before 2 p.m. local time, it ships the same day. Overnight delivery costs $20, while standard delivery costs $7.50. Currency arrives in one to three business days.
With its Preferred Rewards for Business program, you can earn 25% to 75% bonus rewards on credit cards and receive a 5% to 20% higher interest rate on Business Advantage savings accounts.
Additionally, Bank of America offers signup bonuses ranging from $100 to $500 if you meet certain qualifications. Partner banks help you avoid the $5 out-of-network international ATM fee.
Features
- Offers the ability to deposit checks, view account balances, make transfers, and pay bills via the mobile app
- Provides credit card processing and payroll services through ADP
- Features Cash Flow Monitor®, a cash management tool that integrates with accounting, analytics, and payroll apps to aid business decision-making
- Provides 200 free transactions per month
- Allows payments to 233 countries in 150 currencies
- Orders for foreign currencies placed by 2 p.m. local time can be shipped the same day
- Charges fees for cash deposits over the monthly allowance of $100
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
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Capital One Bank offers international wire transfers through the SWIFT payment network, providing a reliable way for businesses to send and receive funds globally. Read the complete Capital One review.
With a focus on security and efficiency, Capital One’s international payment services address various business needs, ensuring safe and timely transactions. The bank provides multiple channels for initiating transfers, including online, mobile app, and in-branch visits for higher-value transactions.
Although the fees are higher than some specialized money transfer services, Capital One’s extensive banking network and additional business tools make it a valuable option for businesses engaged in international trade.
Benefits include cash back, travel rewards, and bonus points on eligible accounts. Customers earn bonus rewards ranging from 25% to 75%.
Features
- Exchange rates for transactions may incorporate a markup
- International transfers are usually completed within three to five business days
- Allows initiating transfers through the mobile app or online banking; however, large transfers might necessitate a branch visit
- Enables international payments to numerous countries via the SWIFT network
- Employs a robust security framework for safe and secure transactions
- Capital One supports high-value transfers with no specific limits, pending verification and security checks
- Charges higher fees for outgoing international transfers compared to other financial institutions and money transfer services
- Exchange rates may include less favorable markups
- Large international transfers may require a branch visit, which can be inconvenient for some customers
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Relay offers a strong banking solution for businesses with its extensive international wire capabilities, free checking accounts, and a premium service for frequent international transactions.
With the ability to send funds in 32 currencies to over 180 countries, Relay ensures transparency and provides an updated list of restricted destinations.
For businesses that frequently send international wires, upgrading to Relay Pro at $30 a month can be advantageous. This premium service offers free international wires, faster ACH transfers, and advanced payment features.
Relay Standard, however, provides free checking with no monthly fees, up to 20 checking accounts, and 50 Mastercard debit cards, making it ideal for companies seeking efficient fund management and categorization.
Features
- Provides a fee-free online banking and money management platform
- Allows opening up to 20 individual business checking accounts
- Permits issuing up to 50 Visa debit cards
- Supports sending and receiving ACH transfers, checks, and wires
- Enables collection of payments from PayPal, Stripe, Square, and others
- Relay Pro account includes same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service is available via email, mail, web contact form, and the app
- No minimum balance or opening deposit is required
- Wire transfers are very inexpensive and free with Relay Pro
- No ATM fees are charged by Relay, although third-party fees may apply for out-of-network use
- Lacks physical locations
- No lending products are available
- Doesn’t offer interest-bearing checking accounts
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Wise is an ideal solution for businesses needing to send, receive, and hold international payments. It supports transactions in over 170 countries and 50 local currencies without foreign transaction fees, allowing you to send money to 80 countries and hold funds in 51 currencies.
You can add money to your Wise account in up to 20 currencies, with local account details available in 10 currencies, making it easy for overseas customers to pay you.
Additionally, you can receive non-wire payments for free in nine major currencies, including USD, EUR, and GBP. For US-based businesses, Wise offers an interest-bearing savings account with no monthly fees, though there’s a $31 account opening cost.
Features
- Wise debit cards provide access to over 50 currencies in more than 170 countries without foreign transaction fees
- Integrates with Xero, QuickBooks, Sage, FreshBooks, Wave, Oracle NetSuite, and more
- Use Bespoke to customize access and permissions for the account
- Ability to send money to up to 80 countries
- Allows holding and converting money in 51 currencies
- Offers an interest-earning account with a competitive APY for US-based businesses
- Supports holding and converting money in 51 different currencies
- Enables sending money to up to 80 countries
- Offers interest-earning accounts for US-based businesses
- Charges $31 to open an account
- Imposes ATM fees after $100 or 2 transactions per month
- Funds held outside of the US, the United Kingdom, and the European Economic Area (EEA) may not be insured
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Revolut is a strong choice for businesses needing multi-currency accounts. It offers local accounts in USD, GBP, and EUR for seamless local payments. With the ability to exchange up to 30 currencies and spend in over 150 currencies, Revolut provides extensive international capabilities.
Businesses can choose from seven different account types, including four business accounts and three freelancer accounts. The free business account has no opening deposit or minimum balance requirements.
However, the best exchange rates and perks come with the paid accounts, which range from $30 to a custom monthly price. Freelancers can opt for a free account or upgrade to paid plans for additional features.
To ensure funds are insured, it’s advisable to transfer and keep funds in a US-based Revolut account, which is backed by FDIC-insured banks, as international accounts may lack this protection.
Features
- It provides up to 3 physical and 200 virtual cards; the first plastic card is free, and delivery fees are charged for additional cards
- Includes four different company accounts and three freelancer accounts
- Offers local accounts in USD, EUR, and GBP
- Enables the creation of multiple accounts in over 25 currencies for holding, exchanging, and transferring money
- Features a savings vault in some paid plans with competitive APY
- Paid plans offer perks such as metal cards, improved exchange rates, and cash-back bonuses
- Allows holding and exchanging 30 currencies
- Enables spending in up to 150 local currencies
- Offers multiple tiers to suit different business needs
- Certain features are restricted to paid plans
- Customer support is available only through online chat
- Funds held outside of US-based accounts may be uninsured
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SoFi Checking and Savings offers the best of both worlds with a hybrid savings/checking account with a competitive interest rate and a MasterCard debit card for easy access to your cash.
As part of the Allpoint ATM network, SoFi provides free access to 50,000 ATMs worldwide and doesn’t charge a foreign transaction fee when using your debit card abroad. Being completely online, SoFi requires you to call customer service for assistance rather than visiting a physical branch.
While SoFi doesn’t charge foreign transaction fees for international cash withdrawals, MasterCard imposes a 0.20% fee, which SoFi doesn’t reimburse.
Features
- No minimum balance requirement
- Features a hybrid savings and checking account
- Includes a MasterCard debit card for convenient cash access
- User-friendly mobile app for efficient account management
- Allows free domestic ATM withdrawals within the Allpoint network
- No monthly fees
- Offers a competitive interest rate
- No foreign transaction fees on international purchases
- Provides free access to 50,000 ATMs worldwide via the Allpoint network
- Customer service is available only by phone
- Entirely online, with no physical branch locations
- MasterCard imposes a 0.20% fee on foreign ATM withdrawals, not reimbursed by SoFi
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For large companies with revenue or venture capital exceeding $1 million, Rho is an excellent international business option. Domestic companies must maintain a balance of $50,000 or spend $5,000 monthly on corporate cards, while international companies must keep a balance of $100,000.
Rho offers free domestic wires and ACH payments for qualifying companies and provides competitive rates on international payments. It allows unlimited SWIFT wires to over 140 countries at an exchange rate of just 1%.
While Rho doesn’t charge for international wires, standard SWIFT network, intermediary, and receiving bank fees may apply, similar to other international providers.
Features
- Customizable account permissions for different users
- Integrates with NetSuite, QuickBooks, Sage, and Wave for streamlined financial management
- Offers streamlined accounts payable (A/P) processes
- Enables cost-saving global payments
- Provides discounts on business software, including Google Cloud, QuickBooks, Slack, Salesforce, and Stripe
- Unlimited transactions
- No fees for wire transfers, ACH, and bill pay
- Offers up to 1.75% cash back on corporate card purchases
- Offers a low interest rate of 0.01% APY
- Doesn’t accept direct cash deposits
- Only available to businesses with at least $1 million in revenue or those that have raised venture capital
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How We Evaluated the Best International Business Bank Accounts
When evaluating the best international business bank accounts for this buyer’s guide, several critical factors were considered to ensure comprehensive coverage of domestic and international bank and neobank offerings. These criteria included:
- A 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
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Best Banks for International Payments – Buyer’s Guide
What Is an International Bank Account?
Today’s fintech apps have redefined banking. So, what is an international bank account in this context? It includes any traditional bank or banking app that lets you hold, transfer, and receive funds across borders.
These accounts are often easy to manage remotely, catering to business owners who may have their companies registered in a country where they don’t reside full-time. The best international business bank accounts not only offer remote management but also support multiple currencies and cross-border transactions.
How to Choose the Best International Business Bank Account
With so many options available, how do you choose the best one for your business? Consider these factors when making your comparison:
- International fees
- Currency exchange rates
- Residency requirements
- App and website integrations
- Multi-currency accounts
Factors to Consider When Researching the Best International Bank Accounts
Currency Exchange Rates and Fees
Currency exchange rates and fees should be a top priority when searching for the ideal international business bank account. Currency exchange rates indicate the value at which one currency can be traded for another.
When transferring funds between different currencies, banks convert the money using a specific exchange rate. However, these rates can vary significantly between banks, and some may add extra fees for currency conversion.
It’s crucial to compare different banks’ offerings to find the most favorable currency exchange rates and fees. Be aware that the rates shown on a bank’s website might not be the exact rate you receive during a transfer, as banks could impose additional fees and charges.
Transparency of a bank’s fees is also important. Watch out for hidden fees and charges, such as markups on exchange rates, which can increase the overall cost of your international transactions. Carefully review the bank’s fee schedule and read the fine print to avoid any unexpected surprises.
The more you understand about currency exchange rates and fees, the better equipped you’ll be to make an informed decision for your international business banking needs.
International Transaction Fees
Remember to examine international transaction fees closely. Banks charge these fees when funds are transferred across borders, and they can vary significantly between institutions.
International transaction fees can be a fixed amount or a percentage of the transfer. Moreover, some banks may charge extra services such as SWIFT transfers or intermediary bank fees.
Customer Support
Customer support quality can differ greatly among banks. Some offer 24/7 support via phone, email, or chat, while others have limited hours or only provide support during business hours in specific time zones.
To find the best customer support, consider your business’s needs and the level of assistance you require. If you frequently make international transactions or operate across multiple time zones, a bank with 24/7 support may be crucial.
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What You Need To Open a Business Bank Account
When preparing to open a business bank account, various documents are typically required to verify the identity and legality of the business. Here’s a general list of documents you might need, although specific requirements can vary depending on the bank:
- 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
Best Banks for International Payments – FAQs
Conclusion – Best Business Bank Account for International Payments
If your business is global, your business bank account must 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, products and services, and varying fees. Compare each provider and choose the one that best aligns with your company’s international business needs.
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Patrick is a financial expert with deep knowledge in trading, technical analysis, and market structure. His analytical skills and ability to simplify complex topics have made him a trusted advisor for firms looking to navigate the financial markets effectively. Recognized for his insightful reports and strategic market analysis, Patrick has earned high praise from industry professionals. He is also the host of a widely-followed podcast, where he delves into market trends, options trading, and value investing, providing actionable insights for investors and professionals alike.
