How to Keep Your US Bank Account When Living Abroad (And Which Cards to Use)
Banking is one of the most practical challenges of moving abroad, and one of the easiest to solve if you prepare before you leave. Here is exactly what we did — and what we recommend — for managing money between the US and Brazil.
Keep Your US Bank Account — But Choose the Right One
You absolutely should keep a US bank account after moving abroad. You will need it to receive US income, pay US bills, file taxes, and maintain a financial footprint in the US. The key is making sure your bank does not close your account due to a foreign address — and that you are not getting crushed by international ATM fees.
The two best options for Americans living abroad are Charles Schwab Bank's High Yield Investor Checking account and Fidelity's Cash Management Account. Both reimburse all ATM fees worldwide, have no foreign transaction fees, and do not require a US address to maintain. Charles Schwab is the most popular choice among expats — open the account before you leave the US while you still have a US address.
The Best Credit Cards for Abroad
For credit cards, you want a card with no foreign transaction fees. The Chase Sapphire Preferred, Capital One Venture, and Citi Premier are all solid options. Avoid using debit cards for purchases abroad when possible — credit cards offer better fraud protection and often better exchange rates. Pay off the balance monthly to avoid interest charges.
Opening a Brazilian Bank Account
You will also want a Brazilian bank account for paying local bills, rent, and everyday expenses. The easiest option for expats is Nubank, a digital bank that requires only a CPF (Brazil's tax ID) to open. Nubank has no fees, a good exchange rate for international transfers, and an excellent app. Traditional banks like Itaú, Bradesco, and Santander Brazil are also options but typically require more documentation and in-person visits.
To get a CPF, visit a Receita Federal office or a Banco do Brasil branch with your passport. The process takes about 30 minutes and is free. Your CPF is essential for almost everything in Brazil — banking, healthcare, phone plans, and leases — so get it as soon as you arrive.
Transferring Money Between US and Brazil
For moving money between your US and Brazilian accounts, Wise (formerly TransferWise) is the gold standard. Wise uses the mid-market exchange rate with a small transparent fee — typically 0.5% to 1% — compared to banks that often charge 3% to 5% in hidden exchange rate markups. A $1,000 transfer via Wise typically costs $5 to $10 in fees. The same transfer through a traditional bank might cost $30 to $50 in fees plus a worse exchange rate.
Remitly is another good option for US-to-Brazil transfers, often with promotional rates for first-time users. Set up both Wise and Remitly before you leave the US while you still have easy access to US verification methods.
PIX: Brazil's Instant Payment System
Once you have a Brazilian bank account, you will use PIX constantly. PIX is Brazil's instant payment system — similar to Venmo or Zelle but used for everything from paying rent to splitting restaurant bills. It is free, instant (24/7 including weekends), and universally accepted. Within your first week in Brazil, you will wonder how you ever lived without it.
The Bottom Line
Set up a Charles Schwab checking account before you leave. Open a Nubank account when you arrive. Use Wise for transfers. Use a no-foreign-fee credit card for purchases. This four-step setup costs nothing to maintain and will save you hundreds of dollars per year in fees compared to using a traditional US bank abroad.