Using Banks and Bank Accounts/Multicurrency account
I don't know if you would be able to help me but thought I would give it a try. I'm wondering if it's possible to open a multicurrency account in the USA starting with a foriegn currency. Ex. I have Euro to open a multicurrency in the USA bank. Is this possible or will I need to do something else before I can make a deposit like that? Thanks for any help you may give.
ANSWER: Yes and No. Yes you can make a deposit of Euros into a US bank account. No you cannot have a multi-currency account in the USA.
What happens when you deposit foreign funds into the US bank account is that the bank automatically converts it to US dollars. So there is no problem in making such a deposit, but the funds will then be in US dollars not Euros.
Having money go out in Euros is not problem either. The bank simply converts the funds into Euros and then sends them.
If you would like more information on setting up US banking, the following links might help:
(this is more for personal access, but will work for moderate business activity)
(this is for more complex business needs)
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Wow! Thanks for that information. Have more questions. You stated "No you cannot have a multi-currency account in the USA." How does those accounts work are you stating those account are only good for those who do banking outside the USA? When I get back to the USA I would like to have access to the Euros and convert them to USD when I need to if need to purchase anything in the USA and when I get over to Europe I can do the same with the USD to convert to Euro all within an account.
So a foreign currency account isn't available to be used inside the USA is what your stating?
What it sounds like in order for me to keep the actually value of my Euro deposit I would need to deposit that currency in Foreign currency account in another country like Europe, Canada, etc (not USA banks). I travel a lot and I do use other currencies and would like to have accounts in that currency not having to exchanging to USD then back to other currency depending on what country I am in.
Again thanks for the banking lesson!!
Unfortunately, that is the case. Your account in the USA is going to be held in US dollars. You can receive funds in Euros (or other) and you can send funds in Euros (or other), but you cannot hold funds in Euro (or other).
The reason for this has to do with old banking regulations that argue that multi-currency accounts encourage speculation by the client, and US banks are not allowed to get involved in any financial speculation... I know crazy.
Let me know if I can ever help you.