​​Every Expat Needs These 4 Bank Account Features

In over a decade of living abroad, I've learned a lot about managing my finances from another country. The right bank can save you both hassle and money, freeing you up to enjoy some of the many delights of international life.

If you're planning a move to another country, it's much easier to open an account while you're still in the U.S. Have a look for top checking accounts with the following features before you set out.

1. Online banking and 24/7 customer support

Most major banks offer online banking these days, but some are more geared up to managing money on the go than others. You'll need an easy-to-use mobile banking app as well as round-the-clock customer support.

Let's say you're living in Australia and need help making a payment or suspect you've been the victim of fraud. You need to know you can call your bank and speak to a human being, no matter what time it is in the U.S. Chase has a reputation for excellent customer service and is a great option for people living abroad.

Look for banks with a toll-free international number and try contacting the support line to see how quickly you get a response. It's also good to search online to learn about other people's experiences. Spending hours on hold or getting trapped in a cycle of robot messages is frustrating at the best of times -- even more so when you're trying to sort out a money problem from another country.

Many online banks have high-yield savings accounts that pay attractive returns right now. While that's not essential, it's nice to have. In case you're wondering, U.S. citizens living in another country can benefit from FDIC insurance if they deposit funds with an insured bank in America.

2. No foreign transaction fees and fee-free ATM withdrawals

Foreign transaction fees can add up. Many banks will charge a fee of 2% or 3% on all international transactions. Let's say you spend $2,000 a month and pay a 3% fee every time. That's $60 down the drain.

Transaction fees

Travel credit cards often boast fee-free international transactions. But if you're living in another country, it is also handy to have a debit card that won't charge you for swiping abroad. The Capital One 360 Checking account is a great example -- there are no monthly account fees, and you won't pay for foreign transactions.

ATM fees

ATM fees come in various forms -- you may pay a foreign transaction fee, an out-of-network fee, and a fee for the ATM provider itself. Look for a bank that has an international ATM network or will reimburse fees on at least some of your international withdrawals. As an example, the Schwab Bank High Yield Investor Checking account has unlimited ATM fee rebates on worldwide withdrawals.

Don't use dynamic currency conversion

If you use a credit or debit card internationally, watch out for something called dynamic currency conversion (DCC). Sometimes when you make a card payment or ATM withdrawal, you'll get offered a price in dollars and the machine will ask if you accept the conversion. Always say no. Saying yes can result in a poor exchange rate and an extra fee. I once paid an extra $50 for a transaction in Mexico because I accepted the DCC rate.

3. Global ACH transfers

"ACH" stands for "Automated Clearing House," and using this kind of transfer often costs a lot less than a wire transfer. The ability to make international ACH transfers is an extremely valuable feature that is not offered by all American banks. They can take a few days and won't work in every country. However, as U.S. Bank points out, a wire transfer could cost between $15 and $50, while an international ACH transfer will set you back less than $5. 

In addition to ACH transfer availability, look at the international transfer fees and ask how the bank sets its foreign exchange rates. Poor exchange rates -- as well as currency conversion fees -- can push up the cost of moving money internationally. Check out apps like Wise and Revolut, as they often offer better rates and lower-fee overseas money transfers.

4. Multiple currency support

I live in Colombia, bank in the U.K., and do a lot of work for U.S. companies. At one point, I was paying 7% to receive my U.S. earnings in the U.K. and another 3% to move money to Colombia. That's a lot of money to lose before it even reaches my wallet.

Having a checking account that supports multiple currencies has saved me a fortune. I keep my U.S. earnings in dollars using HSBC's global money account. I can then move the dollars into my Colombian bank account and keep my U.K. money in pounds.

Key takeaway

International living can be an incredible way to explore new cultures, experience new things, and meet new people. If you plan to be in one country for a long time, you will probably need to open a local bank account alongside your U.S. one. Even so, having an expat-friendly U.S. account before you set out will save you money and ease your transition to your new country.