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. It is possible for US citizens or residents to open a euro account in the US. However, only a limited number of major banks offer these accounts with quite restrictive eligibility criteria. To qualify for an account, you will have to pay high monthly fees or deposit significant amounts with these banks. Opening a euro account in the US is not restricted to major banks. You can also open a euro account with online alternatives which usually have lower fees.
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How to Open a Euro Bank Account in the U.S
If you have to make or receive payments in euros, a euro bank account in the U.S 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
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 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
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
TIAA Bank offers the WorldCurrency Access Deposit Account to investors and world travelers. With this 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
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. The HSBC Global Money account allows you to make payments in 19 different currencies. HSBC current accounts are aimed at high net-worth individuals who will need to hold a balance equivalent to GBP 50, 000 or have a salary of GBP 100, 000 or more.
Open a Euro Bank Account using Fintechs and Electronic Money Institutions
Getting a euro bank account with a traditional bank in the US exposes you to high fees. 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
Wise is a great modern alternative for opening a euro account in the US. The Wise euro account in the US 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 debit card.
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. It is free to set up a Wise euro account and there are no minimum monthly balance, no monthly service fees, and currency conversion is done using the mid-market exchange rate.
Airwallex
Airwallex services are available for businesses registered in the US to open business bank account. 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
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
A euro account in the US 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 the euro transactions.