Opening a foreign currency account...
in Banking, Insurance & Loans ·
If you're looking to send money abroad, you won't actually need a foreign currency account—since you can only transfer funds from one directly to your own checking account...
It’s been the law since 2003, stating that you can't just move money from your own foreign currency account to someone else's foreign currency account at a different bank...
I was over at JPMorgan Chase earlier today trying to deposit about $300 into a friend's foreign currency account, but...
they told me it's simply not allowed under current regulations...
I mean, sure, maybe it's difficult via online banking, but being told "no" right there in the branch? It feels like such unnecessary red tape!
So, you really have to use your standard checking account if you want to make transfers to other people's accounts...
It’s been the law since 2003, stating that you can't just move money from your own foreign currency account to someone else's foreign currency account at a different bank...
I was over at JPMorgan Chase earlier today trying to deposit about $300 into a friend's foreign currency account, but...
they told me it's simply not allowed under current regulations...
I mean, sure, maybe it's difficult via online banking, but being told "no" right there in the branch? It feels like such unnecessary red tape!
So, you really have to use your standard checking account if you want to make transfers to other people's accounts...