# good multi currency bank account?



## flasher702 (May 14, 2010)

I searched the forums a bit but most of what I found was specific to other places.

I need USD, EUR, CHF, GBP minimum. Preferably offshore to accommodate future moves. Preferably minimum balance <$10k USD equivalent. And if you have any advice about making it a joint account please include that also (maintaining a joint account to help demonstrate partnership status).

The UK-localized HSBC offshore multi currency account costs 25pounds/month... screw that.


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## Bevdeforges (Nov 16, 2007)

You may want to read the fine print on many of those offshore accounts - they often specifically exclude citizens or residents of the US, France and other countries. The accounts advertised as offshore accounts are very often aimed at wealthy individuals - they have charges (as you have discovered) for just about everything, and minimum balances can be quite high.

But why do you need a multi-currency account at this stage? With internet access, it's just as easy to keep a US dollar account back in the US and just open a regular UK account when you get there. When and if you move on, keep the old accounts open and just open a new account in your next country. (That's more or less what I've done.)
Cheers,
Bev


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## NickZ (Jun 26, 2009)

The nice thing about having one bank with everything is no transfer fees. Wire fees if you need to do them often can really add up. OTOH for small amounts an atm card can handle day to day stuff normally.

If you're in the US why haven't you looked at HSBC US? 

UK bank fees I think tend to be higher then US fees.


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## flasher702 (May 14, 2010)

I found this list of accounts that might be useful to someone (maybe even me!): 

Apply now
the most straight-forward website about international bank accounts i've seen so far. Also, a free offshore savings account and a fully-featured current account for £5/month. Anyone know a good reason why I shouldn't go with this?

HSBC has quite an array of offered products. None of the US-based ones appear to be what I need at all. Offshore Banking from HSBC International has a section for "savings" accounts that don't appear to have the £25/month fee I saw in a different section but they also have a lot of conflicting information about what the fees are (some places say £25, others say £20 but it's waived with £25k balance, most places say nothing...). I don't think I want to deal with a bank that can't keep their paperwork straight.


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## NickZ (Jun 26, 2009)

With HSBC if you qualify for the Premier account then it tends to be free. The thing is you can qualify in one country and get mostly free service from any of the countries HSBC serves.

OTOH you can pay to be a Premier account holder. Not sure what the point of this is since most people won't save enough to pay the fee.

Both HSBC and Barclays are large fairly safe banks. Personally I'd pick on which one had an outlet in the countries/areas you need. Obviously both should be fine in the UK but since you're asking about Euros and Francs I'm guessing you're interested in more then the UK.

HSBC owns or used to own a French bank. Barclay's has an Italian bank. I think they are both in Germany.

A lot depends on what services you need and how much human contact you need. The internet and an ATM card lets you do quite a bit.


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## Bevdeforges (Nov 16, 2007)

NickZ said:


> HSBC owns or used to own a French bank. Barclay's has an Italian bank. I think they are both in Germany.
> 
> A lot depends on what services you need and how much human contact you need. The internet and an ATM card lets you do quite a bit.


There is an HSBC bank here in France, but it's subject to French banking requirements and AFAIK it's mostly only available in Paris. I have a couple accounts with HSBC in the UK, but they don't really do me any good over here - other than being able to use my funds there to pay for online purchases from the UK. (Which is, actually, VERY convenient!)

Ask about the terms and conditions of the accounts based on precisely how it is you want to use them. The banking laws are different enough between the various countries that you may find you're paying for features you'll never use. 

I've got bank accounts in three countries, and the only bank charges I pay for any of the accounts is the annual carte bleue fee on my account here in France. Granted, I pay for wire transfers between the accounts - but that is so rare a transaction for me that I don't worry about it until the time comes. (And it appears there is always a transfer fee both to make the transfer and for the receiving bank to accept and process it.)
Cheers,
Bev


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## NickZ (Jun 26, 2009)

HSBC Canada was happy to setup an account for me with HSBC France. OTOH getting the French branch to give me simple info was worse then pulling teeth. Still if I ever decide need a French account it's sitting there waiting for me. Until I deposit some money they can't even charge me


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## DeborahBenn (May 4, 2010)

*Multi Currency Accounts*



flasher702 said:


> I searched the forums a bit but most of what I found was specific to other places.
> 
> I need USD, EUR, CHF, GBP minimum. Preferably offshore to accommodate future moves. Preferably minimum balance <$10k USD equivalent. And if you have any advice about making it a joint account please include that also (maintaining a joint account to help demonstrate partnership status).
> 
> The UK-localized HSBC offshore multi currency account costs 25pounds/month... screw that.


Lloyds TSB International in the Isle of Man offers a multi-currency account (USD Euros, GBP) called The International Account for £7.50 per month with first 3 months free. Can open with £1,500 (or currency equivalent) but also either need an annual income of £50,000 or £25,000 to deposit with Lloyds International within 3 months. These sort of stipulations are fairly common with opening new accounts these days I'm afraid. Not sure about whether it is possible to open a joint account but there is a facility to ask a question online.


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## nobanx (Feb 15, 2010)

DeborahBenn said:


> Lloyds TSB International in the Isle of Man offers a multi-currency account (USD Euros, GBP) called The International Account for £7.50 per month with first 3 months free. Can open with £1,500 (or currency equivalent) but also either need an annual income of £50,000 or £25,000 to deposit with Lloyds International within 3 months. These sort of stipulations are fairly common with opening new accounts these days I'm afraid. Not sure about whether it is possible to open a joint account but there is a facility to ask a question online.


I use NoBanx and have balances in Australia, UK and Europe as well as New Zealand. Look for yourself...


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## DeborahBenn (May 4, 2010)

nobanx said:


> I use NoBanx and have balances in Australia, UK and Europe as well as New Zealand. Look for yourself...


Completely agree. Currency exchange companies are great and cheaper than banks if you want to simply exchange currencies and send. It all depends on what you need the facility for. If you want to take advantage of other services such as mortgages, loans, overdraft facilities, joint accounts etc. then you will need a bank. Although nothing stopping you having both.


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## TJW (Feb 15, 2010)

nobanx said:


> I use NoBanx and have balances in Australia, UK and Europe as well as New Zealand. Look for yourself...


I have also used Nobanx on a number of occasions now and can't find anywhere to beat their rates.

It's a breeze for paying bills in the countries they cover and since they only deal in cleared funds, when money is paid into your account it can't be clawed back, as can happen with paypal and other credit cards.


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## flasher702 (May 14, 2010)

Well I finally got a call back from Barclays and they said I couldn't open an account unless I was moving out of the US within 2 months... that's not very helpful. Am I supposed to just tell them "yeah, I'm totally moving in one month. I just put off this whole opening an account and moving the majority of my wealth to a new bank until the last minute." I know this whole offshore banking thing is targeted at very rich people in specific situations and maybe it's not for me but it's exactly what I need and it would be nice if I could just get a straight answer instead of all this run-around. So frustrating!

I'll check out NoBanx.


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## flasher702 (May 14, 2010)

NoBanx looks like a very interesting service that I will have to keep in mind in the future. It looks like you can get a competitive exchange rate and then effectively wire money internationally (actually NoBanx is just facilitating some local interbank transfers on each end and money never moves internationally, which is very close to what large international banks do when you wire money internationally within their network) for as little as £1.60. Could someone who's done it please confirm the total amount of fees charged for a typical transaction such as exchanging GBP in an account in UK for EUR in an account in Spain? £1.60/transaction sure beats £25/month to get the same service from HSBC.

However, NoBanx currently does not operate in USA, requires users to have first register a local bank account on both ends of the transaction (unless you want a cheque mailed to you for an extra charge) so it doesn't help me (or other persons trying to prepare for international banking ahead of time), and does not currently offer any transactions in USD so it's not very useful to US Expats.

I would like to start moving my USD into european currencies NOW to hedge against possible decreases in USD over the next 6-24months while I'll still be earning a salary in USD but looking to move away. Things have been way too volatile recently and the exchange rates are pretty good right now.


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## flasher702 (May 14, 2010)

Well, I'm opening an account with Everbank in USA. Seems to be only US bank that does multi-currency at all, offers like 17 currencies, and it's free with a <1% margin on currency conversions. However, Everbank is kind of obnoxious to deal with. They have weird, cumbersome security policies and lengthy processes for opening and closing accounts. They like to have you call them and/or send stuff through the mail a lot. I've had an account with them before and I complained a lot and closed my account. Was hoping they had modernized/streamlined a bit but it doesn't look like it. I'm now waiting for them to send me a packet in the mail so we can sign stuff and mail back a check to fund the account. A paper check... so archaic.

Not quite what I wanted but at least I can start moving some money into GBP and EUR to hedge against deflation. Hope this is helpful to any others trying to leave USA.


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## US to Maidenhead (Oct 9, 2009)

*Currency Transfer Follow Up*

Hello, I've been keeping track of your posts b/c I'm getting ready to move from the US to UK and am looking for the best way to move funds as well. Could you explain more about transfers from USD to GBP and even the Euro? Such as costs, time frames/process for transfers and some of the hassles you had w/ closing the account your first time around. I'd call the company/bank themselves but they don't sound like I'd like to deal with them in these early investigative stages.

Thanks!


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## flasher702 (May 14, 2010)

I think I had to call Everbank to actually close my account (which someone had to tell me via online customer service because it isn't written anywhere) and as soon as I did that they insisted that mailing me a check is the only way to give me my remaining balance. I had to hang up, withdraw all my money and wait for it to clear, and then call them and cancel and wait for a check for the accrued interest.

As far as I can tell the exchange rates are based on whatever deal they happen to get at the time you request the exchange. If you place your order "before 9am Central time" you can get a quote before they do it.

To get the foreign currency back out without additional exchange fees I can 
1. wire it internationally (expensive) or 
2. request a check (3 checks per month should be free according to this: Terms & Conditions | EverBank) which I would then carry to the UK and use to open a local account there
I'm hoping I can access the account with a Visa debit card and use it at ATMs in UK but I wasn't entirely clear if the debit card can access the different currencies or not and was going to ask them.
Other than that I can exchange the money back into USD and put it back into a domestic checking account and then do whatever I want from there.

Hmm, buried in the fine print I found a $35/year fee despite the headline of "no monthly fees" when you sign up for the account. Perhaps I won't be opening this account afterall...

The easiest way to get your money to Europe is to use a debit card for a US-based, USD-denominated checking account and just use an ATM. Most cards have pretty reasonable fees (ATM and foreign currency transaction) and competitive exchange rates for doing this and you can shop around to get them extremely low. However, you get whatever the exchange rate of the day is and it's not exactly a good way to do large transactions. If the GBP shoots up 20% between now and then (which happened between march and june of last year, btw)... If you're going to have a GBP-denominated source of income once you get there this probably isn't as big of a concern.

Beyond that I am as much a novice as you. I'll keep you posted.


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## Bevdeforges (Nov 16, 2007)

Not sure how it works in the UK these days, but I'd be very wary of relying too long on withdrawing local currency funds on your US debit card. It works fine when you're a tourist, but there are definitely charges involved for the use of a "foreign" ATM and for the currency exchange.

On your option number 2, there are some higher than usual transaction fees involved in clearing a US check through the UK banking system. Last I knew, this was on the order of about GBP 8 or so, but it may be more for a larger check.

For a one-time transfer of funds, you should probably just talk to the banks on both ends of the transaction. Normally, they each charge a fee - one to make the transfer, the other to receive it - and the bank that is initiating the transfer normally wants your order in written form (i.e. you can't just order it up through your online service). (Often they'll let you fax your written order, as long as you follow up with a hard copy sent by post.)

Whenever I've done a bank to bank transfer, the transaction usually goes through in anywhere from three to five days. For amounts over $10,000 (may be $5,000 now due to various anti-terrorist and anti-money laundering laws), the US bank will have to report the transaction to the US Treasury and may require more information about the transfer (generally the "purpose" of transferring the money).
Cheers,
Bev


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## US to Maidenhead (Oct 9, 2009)

I just spoke to a few people at Everbank and was disappointed to hear that they do not have overseas banking institutions. I was hoping they had banks/ATMs worldwide, but that isn't the case. Only banks here in the US....if you wanted to get money out of any of your Everbank accounts it would need to be transferred from the US to your bank overseas. The search continues.


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## Bevdeforges (Nov 16, 2007)

Just as an aside here, I just received a "Visa debit card" from my US bank to replace the ATM card I used to have for this account. Normally, I could only use the ATM card in the bank's ATMs, which meant I only used the card when I was in the US - but I had heard that you could use this card in any machine that takes a Visa debit card, including machines overseas.

Someone gave me this reference for a Visa ATM locater for overseas: ATM Locator | Visa ATMs | Find Bank Cash Machines and lo and behold, I found out that the ATM machine for my local French bank also takes Visa debit cards. Not sure what kind of fees they hit you with for using the debit card outside the US, but I rarely need to tap the card over here.
Cheers,
Bev


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## flasher702 (May 14, 2010)

Update:
Everbank account is finally open and funded. It took a couple extra calls to get my online account is working (they screwed up my username somehow and then got all confused about having two names on the account but now that it's straightened out it seems to be fine). I opened a EUR account with my initial funding request and opened another GBP account a few days ago entirely from the website.

Each foreign currency account requires $2500 USD equivalent to open. You must also open a checking account with them and it requires $1500 USD to open.

Don't appear to be any minimum balance requirements and I haven't been charged any account fees yet.

They appear to be holding my money for two extra business days before putting it into my account (I could see that it had cleared on the other end with both the paper check and the ACH).

They appear to take 2-3 business days to execute a currency exchange. 

Each currency is a separate savings account with a different number.

Still haven't received any Debit cards or anything. I was supposed to get one for the checking account at least. I'll have to check on that.

Interest rates on most currencies are very low, 0% or close to it, with ~$10k USD equivalent to reach the first tier.

The bottom line: no fees, your only choice for US-based multi-currency account, slow slow slow, clunky website.


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## once a jolly swagman (Jan 3, 2008)

As indicated slightly differently elsewhere, foreign currency banks are discouraged. A usual requirement is more than $10,000 maintained. Paranoia about "terrorists" is the excuse but it's more to do with money laundering. With foreign currency accounts remember that you will be attracting attention. Voila


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## flasher702 (May 14, 2010)

Not much to update. Haven't done anything new since my last post. Euro is up 15% since I bought some. Wish I'd bought more. GBP is up 2%. If I'd bought a US-denominated FTSE tracking mutual fund instead I'd have done better but oh well, them's the breaks.

@OaJS Yeah, when I refinanced my house recently I didn't tell them I had foreign currency accounts. As long as I'm not moving money in and out it shouldn't raise any flags though. Most automated systems probably can't even tell they are foreign currency. It's so rare in USA it'll probably just look like an investment account.


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## annie laurie (Jun 4, 2011)

*NoBanx*



TJW said:


> I have also used Nobanx on a number of occasions now and can't find anywhere to beat their rates.
> 
> IHave used NoBanx for a regular transfers from NZ to Oz. Also really good for small amounts (under $20) as there is no fee charged so can send presents to nieces/nephews etc at virtually no cost. Beats having to go to bank and get Oz dollars and then send in an envelope snail mail) Maybe not use for large amounts, i.e. more than $5000 as takes a while to find a match, but if prepared to wait, still good.


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## richardbkk (Oct 21, 2011)

*Multi-Currency Accounts*

If you have mortgages or expenses to pay in the UK, you can open up a multiple currency account in the UK to reduce the fees and get your company to pay USD straight into that account. If you don't have anything to pay out in the UK, you can open an offshore multi-currency account with someone such as Lloyds, HSBC or Standard Bank in the Isle of Man for tax purposes.

For larger transactions you can use companies such as smart currency or moneycorp to get the best exchange rates. PM me for more info.


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