Best US Business Account for International Payments

International business banking is a massive industry. According to the most recent data, the cross-border payments market alone is valued at $194.6 trillion, and it’s expected to reach $320 trillion by 2032. That’s a compound annual growth rate (CAGR) of 5.3%.¹

Unfortunately, many cross-border banking institutions charge high fees. You may find providers that offer poor exchange rates and have lengthy processing times. This article compares the more cost-effective options.

Looking for a smarter way to handle international payments? Discover how Wise can save your business time and money on global transactions.
Find out more about Wise Business

Key Takeaways:

• Some banks charge 3-5% in hidden fees for international transfers. This can significantly impact your bottom line
• Digital solutions like Wise can reduce international payment costs
• The best international business accounts offer multi-currency holding and competitive exchange rates.

What is the Best Choice for International Business Accounts? Quick Overview

Provider	Best For	International Transfer Fees	Exchange Rate Markup
Wise	International businesses that need multi-currency management	from 0.57% (shown upfront before sending payment)	Mid-market rate (the exchange rate you'll find on Google)
Chase Business	Large enterprises with existing relationships	$15-50 + 3-4% markup	3-4% above mid-market
Bank of America	Companies requiring branch access	$45 + 3-4% markup	3-4% above mid-market
Wells Fargo	Businesses needing comprehensive services	$25 fee for digital wires and a $40 fee for branch wires	3-4% above mid-market
HSBC Business	Companies with a UK/Europe focus	No fee + 2-3% markup	2-3% above mid-market

Top Business Accounts for International Payments

Wise Business Account

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in multiple currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

Features and Benefits:

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Wise Multi-Currency card for business and team expense cards, to make global spending easy Access to BatchTransfer. Fast payment of up to 1,000 people.

Comparison of Fees and Exchange Rates:

Wise charges from 0.57% for sending international transfers.² They also use the mid-market rate for currency exchanges, with no markups. For a $10,000 transfer to Europe, you might pay around $60 in fees with Wise versus $350-450 with a bank. This and other fees are listed on the pricing page of Wise’s website.

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

Standout Features:

Having access to cutting-edge technology makes payments with Wise Business efficient. Once you open an account, you get access to a host of free tools and features. For example, Wise’s invoicing tool and currency alerts. The invoicing tool allows businesses to bill in their preferred currency and create professional invoices with ease. Currency alerts keep your business updated on current exchange rates, helping you save money by exchanging when the rate is favourable.

Chase Business Complete Banking

Chase is one of the bigger names in the banking business, but size isn’t necessarily a benefit in a business account comparison. Chase might be a good solution for enterprise customers, but smaller companies could find it to be too complex and expensive for their needs. On the other hand, Chase’s convenience could outweigh the costs, depending on your situation.

Features and Benefits:

• Access to over 16,000 ATMs and 4,700 branches nationwide
• Wire transfer services to over 200 countries
• Dedicated business relationship managers for larger accounts
• Integration with Chase's comprehensive business services ecosystem

Comparison of Fees and Exchange Rates:

International wire transfers cost $15 to $50, depending on the method. Additionally, Chase applies a 3-4% markup on exchange rates.³ Monthly maintenance fees range from $15 to $95. This is based on your account balance and activity. Chase also offers an in-person option for those who want to visit a brick-and-mortar location to send wire transfers.

Standout Features:

Chase QuickPay allows for faster domestic transfers. Its mobile app provides robust account management capabilities for businesses on the go. These are standout features, but they don’t make Chase a unique solution.

Read the full Chase Business account review

Bank of America Business Advantage

Some businesses need access to more traditional banking services that they can access at a local branch office. Bank of America has a few thousand of those to choose from. They also have preferred rewards programs that can enhance corporate savings programs. It's a cash management solution for businesses of all sizes, from startups to large enterprises.

Features and Benefits:

• Access to 3,900+ branches and 16,000+ ATMs
• Preferred Rewards for Business program offering fee waivers
• Comprehensive cash management solutions
• 24/7 customer support

Comparison of Fees and Exchange Rates:

International wires typically cost $45 plus a 3-4% exchange rate markup.⁴ Monthly maintenance fees start at $16.95. However, these can be waived with minimum balance requirements. There are “no fees” on international foreign currency transfers, but Bank of America does charge a currency conversion fee that could be above market rates.

Standout Features:

The CashPro platform offers advanced treasury management for larger businesses. This includes automated clearing house (ACH) services and detailed reporting capabilities. Aside from that, Bank of America’s best feature is probably its 3900 branches you can visit in person. This hands-on approach is often the most appealing aspect of doing business with them.

Read the full Bank of America Business account review

Wells Fargo Business Choice Checking

Wells Fargo provides international banking services with a focus on relationship banking and personalized service. It’s one of the largest and oldest banks in the United States.

Features and Benefits:

• Access to over 12,000 ATMs and 5,200 branches
• International trade services, including letters of credit
• Foreign exchange risk management tools
• Dedicated international banking specialists

Comparison of Fees and Exchange Rates:

Wells Fargo charges a $25 fee for digital wires and a $40 fee for branch wires.⁵ They also charge an exchange rate that is a markup from the standard rate. Wells Fargo clearly states that this is how they “make money” on your wire transfer. Consumer accounts are not charged a fee when a wire is sent in a foreign currency using Wells Fargo Digital Wires.

Standout Features:

Wells Fargo's Express Send service offers same-day international transfers to select countries for a fee. That and the convenience of over 12,000 ATMs make them a sensible choice for domestic businesses. However, it can be an expensive option for small firms doing frequent international wire transfers and currency exchanges.

Read the full Wells Fargo Business Checking review

HSBC Business Direct

HSBC leverages its global presence to offer specialized international banking services, particularly strong for UK and European transactions.

Features and Benefits:

• Global network spanning 64 countries and territories
• Multi-currency accounts allow you to hold various currencies
• International trade finance solutions
• Relationship managers with international expertise

Comparison of Fees and Exchange Rates:

There are no fees for a wire transfer if you have an HBSC account, but they do charge an exchange rate markup, typically 2-3% above mid-market rates. Monthly fees range from $25-75, depending on account type.

Standout Features:

HSBC's Global View platform allows you to manage accounts across multiple countries from a single dashboard, ideal for truly global businesses.

🔍 Read more:
How to Choose the Best International Account for Your Business What Are the Fees for International Business Accounts? The Easy Way to Manage Business Finances in Multiple Currencies

How to Choose the Best International Account for Your Business

Evaluate Your Business Needs

Your business’s international payment needs and patterns will dictate which global payment solutions provider you choose. Cost is certainly one of the variables in that decision, but exchange rates fluctuate frequently. You might want to look closely at those, particularly the ones that affect your preferred currencies.

For businesses making occasional international payments, a traditional bank might suffice. Some companies regularly pay overseas suppliers and receive payments from international customers. They might also manage multiple currency exposures. Those are the businesses that will benefit the most from the specialized solutions profiled here.

Consider the Costs & Fees

Learn to look beyond the posted fees. We had to dig down several layers when compiling this report. You’ll want to know exact fees, current exchange rates, and how they interact with one another. You can calculate the cost by considering the following:

• Wire transfer or payment fees
• Exchange rate markups
• Monthly maintenance fees
• Receiving fees for incoming payments
• Currency conversion fees

Check Customer Support and Services

International banking issues can be complex and time-sensitive. Evaluate the quality and availability of customer support, particularly for international issues. Can you speak with specialists who understand international trade and currency markets? You’ll want to do that and check for additional services that can make your company more efficient.

What Are the Fees for International Business Accounts?

Understanding fee structures is crucial for making informed decisions about international business banking. Here's what you typically encounter:

• Wire Transfer Fees: Traditional banks charge $15-50 for outgoing international wires, plus $10-20 for incoming wires. Some banks waive these fees for high-balance accounts or premium business relationships.
• Exchange Rate Markups: This is often a hidden cost. Banks may add 2-4% to exchange rates, meaning you pay more than the mid-market rate (the one you'll see on Google). For large transactions, this can amount to thousands of dollars.
• Monthly Maintenance Fees: Business accounts typically charge $15-95 monthly. However, these can often be waived with minimum balance requirements.
• Currency Conversion Fees: Some banks charge additional fees (0.5-2%) when converting currencies. This can happen even within your account.
• Receiving Fees: Many banks charge $10-25 for incoming international wires. This is regardless of the amount received.

The Easy Way to Manage Business Finances in Multiple Currencies

Wise Business represents a shift in how companies approach international banking. Rather than adapting domestic banking solutions for international use, Wise built its platform specifically for global businesses.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in multiple currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

Register with Wise Business 🚀

Wise knows that opening a business already involves enough administrative work. Because of this, they've streamlined account registration to take just minutes online. No appointments, no waiting in lines—just efficient banking designed for the modern global business.

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Wise Multi-Currency card for business and team expense cards, to make global spending easy Access to BatchTransfer. Fast payment of up to 1,000 people.

Read the guide on how to open a Wise Business account

Editor & Business Expert:
Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

Author:
Kevin D. Flynn is a retired financial professional, business coach, and financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

Sources:

1. www.scalefocus.com
2. Wise Pricing: https://payout-surge.live/us/pricing/%3C/a%3E%3C/li%3E
3. www.chase.com
4. info.bankofamerica.com
5. www.wellsfargo.com
6. www.us.hsbc.com