American banks in India: branches and more

Spending time in India for work, study, or an extended stay means you'll need a way to handle everyday expenses. For most people, this means a bank.

You might wonder whether familiar American banks operate in India and if you can simply walk into a branch like you would back home.

Unfortunately, American banks in India exclusively serve corporations and institutional clients, not regular consumers. For a checking account or a debit card, you'll need to either open a local account with an Indian bank or use a smart alternative. Here’s what to know.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Which US banks have branches in India?

There are a few American banks in India, but their branches are different from what you're used to in the US. Their services target large corporations, financial institutions, and investment clients.

For you, as a regular person, this means that you won't be able to use these branches for personal banking, such as opening a savings account or cashing a check.

Even if you already have an account with, let's say, Bank of America in the US, you won't be able to use their Indian branch.

That said, you may still want to know where these American banks in India are located:

Wells Fargo also operates in Mumbai, though they don't publicly list a branch address for customer visits.⁴

If you're only visiting India for a short trip, you can just withdraw rupees from ATMs or use your US card. This often comes with hefty fees, so you may want to look into the best banks for international travel and open an account there before you leave.

However, for longer stays and relocation, you'll need a local Indian account to handle day-to-day expenses. Constantly transferring money from your US bank to India will quickly become unsustainable because of fees and the general complexity of the process.

Or, you can choose a smarter alternative: Wise.

Wise: a low-cost, flexible international bank alternative

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

Can Americans open a bank account in India?

So, now you're probably wondering: "Can a US citizen open a bank account in India?" The answer is yes, but don't expect it to be the easiest process.

If you qualify as a Non-Resident Indian (NRI), Person of Indian Origin (PIO), or Overseas Citizen of India (OCI), you can open non-resident accounts even before arriving in India.

However, most Americans don't fall into these categories, which means you'll need to be physically present in India as a resident before opening an account.

If you're living in India on a long-term visa (for example, for your job), you'll often be able to open an account with proper documentation from the Foreigners Registration Office (FRO).

Tourists can open a Non-Resident Ordinary (NRO) account for up to 6 months during their stay.⁵

For Non-Resident Ordinary (NRO) accounts for tourists, you won't need any of the paperwork that has to do with a long-term visa.

Which bank in India is best for Americans?

A lot of the time, the best bank in India for Americans depends on your personal preferences and where you're able to open an account. Here are some options:

• HDFC Bank
• ICICI Bank
• State Bank of India (SBI)
• Kotak Mahindra Bank
• Axis Bank

Typically, you'll need to visit a branch in person to open a bank account. Bank staff will likely speak English, but you may want to have your translation app open just in case.

Tips on banking in India

Banking in India will likely feel different from banking in the US. Here are a few things to keep in mind:

• Expect many requirements: The account opening process can take quite a long time because of the extensive due diligence process

• Currency conversion fees add up quickly: When transferring money between India and the US, Indian banks typically charge processing fees and foreign exchange markups

• Digital banking varies by institution: Larger banks usually offer mobile apps and online banking, but smaller banks may not have these options

As a US citizen with an Indian bank account, you're required to report to the IRS if the total value of all your foreign accounts exceeds 10,000 USD at any point during the year. You'll need to file an FBAR (Report of Foreign Bank Accounts) annually.⁶

Overall, the important thing to know is that US banks in India don't provide consumer banking services to regular customers.

If you're going to be in India long-term, you'll need to open a local bank account to handle everyday needs like receiving your salary payments and paying bills.

Opening a local Indian account is possible, but it can be tricky. Plus, the currency exchange markups on international transfers can be quite high, so you'll lose money when sending funds from the US to India (or vice versa).

There's an easier solution.

*Eligibility is subject to verification of customers' identity.

🚀 Get started with Wise

Sources

1. Bank of America - Bank of America India
2. J.P.Morgan - J.P. Morgan in India
3. Citi - India
4. Wells Fargo - International Locations
5. India Filings - Indian Bank Account for Foreigners
6. IRS - Report of Foreign Bank and Financial Accounts (FBAR)