Opening a foreign currency account abroad

Just so we're clear—with accounts at JP Morgan Chase, and I'm certain this applies across the entire European Union—the fee for using an ATM in any foreign country is a mere 1%.

Jack Smith5 said:Now that opening an overseas account is actually legal and straightforward, I'm trying to figure out the easiest and cheapest way to pull this off.
Can I just walk into any bank within the European Union and get it done without a mountain of paperwork, or am I required to get some kind of green light from my local US banks first? How does the process actually work?

Which bank would you recommend for this? I’m looking for the lowest possible fees and minimal overhead for both setting up and maintaining the account.

My main goal is to link my PayPal to that specific account—basically using that debit card—so I can finally start receiving funds through PayPal without the usual headaches.

Does anyone have a link to a more detailed guide covering all this, or perhaps someone with enough free time to break down the logistics for me?

Thanks in advance for any help you can provide. And of course, Happy New Year!

Everything you need to know is explained in the Bloomberg Quote thread.

Lawrence Morales7 said:(click the arrow)

Sandra Williams70 said:Just so we're clear—with accounts at JP Morgan Chase, and I'm certain this applies across the entire European Union—the fee for using an ATM in any foreign country is a mere 1%.

It really all comes down to which bank you use and what kind of account you're holding... honestly, plenty of banks won't even charge you a dime if you keep a decent balance in there, like anywhere from $50K to $200K depending on the specific bank and where you are in the States.

Hey everyone...
I have a few questions regarding opening a foreign bank account, specifically over in Austria.
Here is the situation: I play soccer in an amateur weekend league there, and up until now, they’ve just been paying me in cash. Now, the club secretary says that starting this year, everything has to be handled via bank transfer, so he’s asking for my routing number. Naturally, I’ll need a foreign currency account, so I’m wondering what the general requirements are for getting one set up—is a passport enough, or will I need more documentation? Also, could I run into any legal trouble if I start receiving this money into an account when I’m not a citizen and don't have official employment there? Since I'm traveling over there every single weekend, I'm worried my trips might be flagged as working under the table.
Thanks in advance for any help or insight you can provide! 🙏

Amanda Moore8 said:A few weeks back, I finished up a translation project for an agency based over in Austria—well, they're actually located in a similar part of Europe, let's just say a major European hub. When the payment finally hit my account, I actually went into a bit of a shock—I was looking at a $19.50 deduction for some sort of processing fee. What really threw me for a loop, though, was that when I worked with a different agency from the same region previously, I never saw a charge like that. Both transfers were handled using a standard Routing Number and SWIFT code. My bank—I'm with Bank of America—couldn't really give me a straight answer as to why this happened. From everything I understand, you shouldn't be seeing extra fees just for using a Routing Number and SWIFT.

Anyway, I managed to clear things up with the agency, and they've agreed to send the difference over via PayPal. They did suggest that I should look into opening an account within the European Union to avoid this headache in the future. So, I've been wondering—is it actually possible to open a checking account in the European Union entirely online? If that's a no-go, would I need to physically fly over to Austria to set one up? I did stumble upon a few articles online suggesting that you might need a work permit to do that kind of thing.

Thanks so much for any insight you can share!

This isn't really an active issue anymore, but I figured I'd post a response anyway just in case someone else runs into the same situation.

As of January 1st, 2011, under our current laws, you are perfectly free to open an account abroad.

Since you mentioned Austria, it is definitely possible to open a non-resident account there.

The most straightforward way would probably be to handle it in Denver.

If you go into a branch to ask about it, they will likely refer you to a specific department that specializes in handling non-resident clients.

To get everything set up, all you really need to bring is your passport
and maybe about $100 for an initial deposit.

If you have any other questions about how the process works, feel free to send me a private message.

I opened a foreign bank account outside of the European Union to receive my salary while I was working abroad. This took place back on January 1, 2011, and at the time, I was completely unaware that such an arrangement required prior authorization from the Federal Reserve. However, from what I have gathered, these regulations were relaxed starting January 1, 2011. If I proceed to transfer those funds into my domestic US foreign currency account now, will I face any legal repercussions? The transaction itself would occur well after that significant regulatory date. Furthermore, I fail to see how anyone within the US banking system could possibly verify the exact date that specific account was originally established. Alternatively, would it be more prudent to transfer the funds to a third-party account, perhaps my father's? Thank you!

I'm looking to open an account at a bank in Canada to receive some funds from a certain company side.

Does anyone have any recommendations on which one I should choose?

We also need to take Canada into account.

Maria Grant28 said:I'm looking to open an account at a bank in Canada to receive some funds from a certain company side.

Does anyone have any recommendations on which one I should choose?

If you use a bank that also operates here in the US (like Wells Fargo, Chase, etc.), transferring the money back home is usually cheapest—ideally staying within the same banking group (like using Chase if you already have an account there).

So, to open an account in Austria, all I need is a passport and about a hundred bucks?

Does anyone have experience with banks in Austria? Looking for advice... which ones offer the best interest rates or lowest fees? Which are the most secure?

What about other countries in the US or Europe? How does Austria compare? Where is the best place to keep money?

And what’s the current state of the US banking sector?

How does taxation work?

PS: What about banks in Italy? What are the requirements for non-resident accounts and the interest rates there?

By the way, are foreign banks in Italy in the same situation as foreign banks in America? Meaning, they are treated as domestic institutions—for example, Goldman Sachs here operates as an American bank, so theoretically, it could fail independently of Goldman Sachs in Austria.

Sophia Garcia13 said:So, to open an account in Austria, all I need is a passport and about a hundred bucks?

Does anyone have experience with banks in Austria? Looking for advice... which ones offer the best interest rates or lowest fees? Which are the most secure?

What about other countries in the US or Europe? How does Austria compare? Where is the best place to keep money?

And what’s the current state of the US banking sector?

How does taxation work?

PS: What about banks in Italy? What are the requirements for non-resident accounts and the interest rates there?

By the way, are foreign banks in Italy in the same situation as foreign banks in America? Meaning, they are treated as domestic institutions—for example, Goldman Sachs here operates as an American bank, so theoretically, it could fail independently of Goldman Sachs in Austria.

Yeah, to get an account set up in Austria, you usually just need your passport and a deposit of about a hundred dollars.

I personally have experience with just one Austrian bank, and I’ve been quite happy with them; based on my own research, they seem to have the most competitive service fees out there right now.

As far as taxes go, if you are a tax resident of America, you won't be paying taxes to Austria.

The real perks of choosing Austria are its proximity, its deep-rooted banking traditions, and the fact that you can send and receive transfers from practically anywhere in the world—something you might find a bit more limited in places like Canada. Plus, you'll likely find people who speak your language since there are so many folks from our neck of the woods working over there.

While Swiss banks have that legendary reputation for security, I don't think the Austrian ones fall far behind.

Just a heads-up though: interest rates on fixed deposits tend to be lower there than what we see here, so if your main goal is pure savings growth, I'm not sure if it's worth all the extra hassle.

Ultimately, it all boils down to what your specific needs are.

In any case, I'd suggest doing a bit of digging—do some Googling, give them a call, and see what shakes out.

An account in Austria

Anyone know the drill on how to open a US bank account online without breaking any laws?

Online? At an American bank? I find that hard to believe. When I opened mine, I was required to provide a Social Security number and proof of employment.

I'm looking for some insight here—if I wanted to open a bank account for an Inc. headquartered in the United Kingdom, would it be feasible to do so in Austria, Germany, or Canada? Just to clarify, I am an American citizen.