3 posts shown.
George Barrett35 said:Johnny, that regulation was scrapped too; Americans can open bank accounts abroad without any restrictions whatsoever.
Can you actually send me a link to the specific law where I can check that out?
darkmaker94 said:If you need a Microsoft card to shop online, go with JPMorgan Chase or Wells Fargo; the Federal Reserve doesn't handle that stuff. If you don't need it, then it honestly doesn't matter. I know JPMorgan Chase doesn't charge for account maintenance, but I'm not sure about the other two. 🙂
That's just not true, you can definitely get a Visa through the Federal Reserve!
I’ve been scrolling through every single thread on this forum about foreign currency accounts, but I can’t seem to find an answer to my specific headache. Here’s the deal: I’m heading abroad for a while starting in February. Once I actually get my hands on cash over there, where am I supposed to stash it? I swung by Chase today and the teller basically told me that even if I open a foreign currency account here right now, I'll just get hit with massive transaction fees every time I try to withdraw money while I'm away. So, logically, wouldn't it be smarter to just open an account locally once I arrive so I can withdraw funds fee-free, just like I do back home? But then I start reading all these legal updates about how the Federal Reserve isn't allowing certain types of foreign currency accounts to be opened, and apparently, that stays in effect until January 1st. What happens after that? Is the door actually opening up?
Any advice or info you guys have would be huge... thanks!