It is possible to open euro account for US citizens or US residents to open a euro account in the US. However, only a limited number of major banks offer euro accounts with quite restrictive eligibility criteria. Fortunately, opening a euro bank account in the US is not restricted to major banks.
To qualify to open an account in euros in US, you generally have to pay high monthly fees or deposit significant amounts with these banks. Fortunately, you can also open a euro account with online banks such as Revolut and Wise, which usually have much lower fees and lower minimum balance requirements.
Foreign currency accounts are a good way to manage your money and limit the costs of currency exchange if you shop with international retailers frequently, get your income from abroad, or if you travel frequently.
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How to Open a Euro Bank Account in US
If you have to make or receive payments in euros, a euro denominated bank account in the USA will be ideal. You can choose to open your euro account with a traditional bank or with non-banking institutions.
Open a Euro Bank Account using Traditional Banks
Only a few major banks in the US offer euro accounts. However, they come with high monthly fees, have restrictive eligibility criteria, or have a high significant amount deposited or invested to qualify for an account. The following are some of the major US banks that offer euro accounts:
Citibank Euro Account in US
Citibank USA offers Euro accounts through their offshore banking arm, Citi International. You can open a euro account with Citi International and then transfer funds into it from your Citibank USA account. Citibank requires a minimum maintaining balance of $200,000 or its currency equivalent. Small businesses or individuals may not be able to meet that requirement. Once your account is functional, you can hold and spend euros using your linked card. Your account comes with perks such as access to business lounges in airports.
Credit Suisse Bank in the US has stopped offering private banking service. However, you can open a euro account via Credit Suisse for non residents accounts.
East West Bank Euro Account in US
The East West Bank offers the Foreign Currency Demand Account and Foreign Currency Certificates of Deposits that enable you to make and receive payments in commonly traded foreign currencies, including the euro. These accounts are insured by the FDIC, they have no minimum balance, they have same day internal transfers, and they reduce the costs associated with foreign exchange transactions.
TIAA Bank Euro Account in US
TIAA Bank offers the WorldCurrency Access Deposit Account to investors and world travelers. With TIAA multicurrency account, you can access and manage your currency of choice (the euro)at any time. To qualify for the Everbank WorldCurrency Access Deposit Account, you must have $2, 500 or commit to a $100/month purchase plan.
HSBC Expat Euro Account and HSBC Global
HSBC Bank in the US does not offer foreign currency accounts but you can use their banking for expats service to open an account for euros. You can open a HSBC euro bank account in the US online, on the telephone, or by visiting your local HSBC branch in person. However, you must have an account with HSBC before you can open a euro account.
If you have a US business that pays and collects money from Europe, then the HSBC Global Money account will be a good option for your business. HSBC Global account in the US allows you to make payments in 19 different currencies including EUR, GBP, CAD, SGD, HKD, AUD, JPY, CNY, and CHF.
Open a Euro Bank Account Online in US
Getting a euro bank account with a traditional bank in the US exposes you to high fees and minimum balance restrictions. To avoid these fees, you can open a multi-currency account with electronic money institutions online and for free. Some of the best virtual electronic money institutions that allow you to send, hold and receive money in different currencies including euros include the following:
Wise Euro Account in US (Formerly Transferwise Euro Account)
Wise is a great modern alternative for opening a euro account in the US. The Wise euro bank account in the US, formerly TransferWise euro account, is flexible as you can use it to also hold dozens of different currencies (also called a multi-currency account). The euro account in the US gives you European bank details and Wise debit card.
It is free to set up a Wise euro account in US and there are no minimum monthly balance, no monthly service fees, and currency conversion is done using the mid-market exchange rate.
How to Open Euro Bank Account Online with Wise
To open a euro account with Wise in the United States, you will first need to open a Wise account or log in if you have an existing Wise account. Next, click on “Balances” and then “Get started”. Complete your profile and upload the required documents to verify your account. Activate euros in your account and order your debit card. You will get your own European bank account details in the US which you can use to receive and make transfers in euros.
Revolut US
Revolut is an online bank in the US that allows you to receive, hold, exchange and send money in over 30 currencies, which include euro. You can easily create an account for your chosen currency in seconds. You can also open a euro business account in the US with Revolut business account. Revolut is a crypto friendly bank, which means you can move from cash to crypto instantly.
Other benefits of Revolut account is the ability to engage in stock and crypto trading, receive payment online with Revolut crypto payment gateway, and FDIC insurance up to $250,000.
How to Open Euro Bank Account Online with Revolut
To open your Revolut account, you need to download the Revolut app for Android or iOS. Simply, provide your number of Revolut website then you will receive a message with a download link. You will then need to provide basic personal details such as your name, birth date, address, and email. You will have to make an initial deposit via a bank transfer or card. For verification, you need to provide a selfie and a picture of your passport.
Airwallex Euro Account in US
Airwallex services are available for businesses registered in the US to open business bank account.
How to Open Euro Bank Account Online with Airwallex
The Airwallex euro account set up is instant. You will go to their website and click the “Get Started” button and follow the account opening steps. With the Airwallex euro account, your business can invoice and accept payments in euros. Airwallex has no registration fee and no monthly fee. Airwallex’s foreign exchange margin is between 0.4% – 1% above the interbank rate.
Payoneer Euro Account in US
To use Payoneer money transfer services, you will need to create a Payoneer account. With Payoneer, you can get paid by marketplaces and international clients by simply having local euro receiving account details. For payments in euros, share your Bank code (SWIFT/BIC) and IBAN as if you have a bank account in Europe.
Documents Needed to Open a Euro Account in the United Sates
You will be required to provide some documents when opening a Euro account in the US. Each bank has its own requirements for opening this account. However, for most banks you will be required to submit an application form, proof of ID (such as a valid passport or driving license), and proof of address such as a utility bill or bank statement showing your US address. You must also have a dollar bank account with that particular bank before you can open a euro account.
Final Thoughts on Euro Account in USA
Can you open an account in euros in the US? The answer is yes. A euro account in USA makes it easier for you you handle international transactions such as paying European suppliers, or if you are a frequent traveler to EU. Opening a euro account in the US will help you save on costs, effort, and time when handling euro transactions.
