#21 ·
Yeah, they just grab a Sharpie, scrawl your name on it, and call it a day. You’ll have to wait a bit, obviously, but it’s nothing crazy—maybe about a week tops.
Opening a foreign currency account...
Started by Nathan Davis · · 👁 9 views · 133 replies
Participants
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#22 ·
I’ve got an account open at JPMorgan Chase along with their online banking, and when I logged in today, I saw they took out 0.69 EUR ($1.75) for service fees. At the same time, they credited me 0.03 EUR (it says "interest credit"). What’s the deal with that? Is it just because I have money sitting in the account?
#23 ·
George Barrett35 said:Yeah, they just grab a Sharpie, scrawl your name on it, and call it a day. You’ll have to wait a bit, obviously, but it’s nothing crazy—maybe about a week tops.
Ah, okay, that sounds perfectly fine. Thanks so much for helping me out with all these questions.
#24 ·
I’m thinking about opening a foreign currency account over at JPMorgan Chase—mostly because their debit card is one of the few that actually provides a CVV2 number (Wells Fargo used to offer that too, but they’ve since fallen off the map). Since I plan on using it primarily for online shopping, I’ve been digging through their fee schedule and noticed this:
Cashless payments—both here at home and abroad—are truly a game changer! It’s just like moving from a horse and buggy to a Tesla; everything becomes so much smoother and more efficient. A mere 0.5%—hardly anything! It’s practically a rounding error. $13The limit—it’s all about finding that sweet spot! Think of it like a speedometer—you don't want to redline it, but you certainly don't want to crawl along either. Maximum efficiency is key!
$123
The effective side of the asset—it’s all about how that capital actually works for you! Without any compensation—nothing at all!
The assets have been purchased—and successfully deposited into the account!
For funds that have been sitting in the account for less than eight days—well, you know how it goes!—it’s basically like trying to drive a car before the engine has even warmed up.
Clients utilizing that specific group are exempt from paying the fee—it's quite straightforward!
When you’re looking at those premium bundles—specifically anything from Package 5 upwards—it really changes the game! It's like upgrading from a standard sedan to a luxury SUV; the added value is just night and day. 1%
Cash payments—whether you're dealing with local transactions here at home or handling business overseas—can be a bit of a headache! It’s all about having that liquid capital ready to go. A minimum of 1.5%—that’s the floor! $17Max—it’s all about finding that sweet spot! Just like hitting a home run right when you need it most—everything clicks. $123"
I’m curious to know which specific fees might hit my wallet—could someone break down all that info mentioned above? I’ll definitely be asking the representative at JPMorgan Chase when I go to open my account, but I’d much rather walk in already knowing the score.🙂 👋
Cashless payments—both here at home and abroad—are truly a game changer! It’s just like moving from a horse and buggy to a Tesla; everything becomes so much smoother and more efficient. A mere 0.5%—hardly anything! It’s practically a rounding error. $13The limit—it’s all about finding that sweet spot! Think of it like a speedometer—you don't want to redline it, but you certainly don't want to crawl along either. Maximum efficiency is key!
$123
The effective side of the asset—it’s all about how that capital actually works for you! Without any compensation—nothing at all!
The assets have been purchased—and successfully deposited into the account!
For funds that have been sitting in the account for less than eight days—well, you know how it goes!—it’s basically like trying to drive a car before the engine has even warmed up.
Clients utilizing that specific group are exempt from paying the fee—it's quite straightforward!
When you’re looking at those premium bundles—specifically anything from Package 5 upwards—it really changes the game! It's like upgrading from a standard sedan to a luxury SUV; the added value is just night and day. 1%
Cash payments—whether you're dealing with local transactions here at home or handling business overseas—can be a bit of a headache! It’s all about having that liquid capital ready to go. A minimum of 1.5%—that’s the floor! $17Max—it’s all about finding that sweet spot! Just like hitting a home run right when you need it most—everything clicks. $123"
I’m curious to know which specific fees might hit my wallet—could someone break down all that info mentioned above? I’ll definitely be asking the representative at JPMorgan Chase when I go to open my account, but I’d much rather walk in already knowing the score.🙂 👋
#25 ·
From what I know for sure—just speaking from my own experience—you don't get hit with any extra fees when you use PayPal or Amazon for online shopping. You just lose a little bit on the currency conversion, which is super obvious with PayPal. Like, back in late 2007, I paid $37 and ended up being charged $26.18... so that works out to about $5.20 per dollar, though I think the exchange rate was probably better back then. But honestly, for most regular purchases, it’s pretty much negligible.
I'm not totally certain about those cashless payment limits—but I guess almost 🙂 they apply to when you have money in your own account and you're sending it to someone overseas... I think it's still around $3,000 before you have to start documenting why you're sending it, kind of like how it works when you're crossing the border with cash.
I'm not totally certain about those cashless payment limits—but I guess almost 🙂 they apply to when you have money in your own account and you're sending it to someone overseas... I think it's still around $3,000 before you have to start documenting why you're sending it, kind of like how it works when you're crossing the border with cash.
#26 ·
Henry Parker7 said:a) You can't even admit it to your mom, your dad, your kid, or yourself without getting slapped with a fine...
b) And just like that, they won't.
As far as I recall, you can carry out a max of about $3,000 from the US without needing some bank certification.
But when you're crossing into the USA, you absolutely, positively, hands-down have to declare it
any amount that tops $10,000.
If you actually know what you're talking about, welcome to the discussion.
Opening an overseas account is strictly limited to things like schooling or medical treatment (with all the required paperwork), and even then, you need approval from the Federal Reserve.
It's true that you could theoretically walk into any foreign bank abroad and open an account—which is something we, as American citizens, are legally barred from doing here—but in that scenario, you wouldn't be able to transfer funds from any of our domestic banks into that account.
The only way to do it is the method you just described...
#27 ·
Nicholas Turner said:I’m thinking about opening a foreign currency account over at JPMorgan Chase—mostly because their debit card is one of the few that actually provides a CVV2 number (Wells Fargo used to offer that too, but they’ve since fallen off the map). Since I plan on using it primarily for online shopping, I’ve been digging through their fee schedule and noticed this:
Cashless payments—both here at home and abroad—are truly a game changer! It’s just like moving from a horse and buggy to a Tesla; everything becomes so much smoother and more efficient. A mere 0.5%—hardly anything! It’s practically a rounding error. $13The limit—it’s all about finding that sweet spot! Think of it like a speedometer—you don't want to redline it, but you certainly don't want to crawl along either. Maximum efficiency is key!
$123
The effective side of the asset—it’s all about how that capital actually works for you! Without any compensation—nothing at all!
The assets have been purchased—and successfully deposited into the account!
For funds that have been sitting in the account for less than eight days—well, you know how it goes!—it’s basically like trying to drive a car before the engine has even warmed up.
Clients utilizing that specific group are exempt from paying the fee—it's quite straightforward!
When you’re looking at those premium bundles—specifically anything from Package 5 upwards—it really changes the game! It's like upgrading from a standard sedan to a luxury SUV; the added value is just night and day. 1%
Cash payments—whether you're dealing with local transactions here at home or handling business overseas—can be a bit of a headache! It’s all about having that liquid capital ready to go. A minimum of 1.5%—that’s the floor! $17Max—it’s all about finding that sweet spot! Just like hitting a home run right when you need it most—everything clicks. $123"
I’m curious to know which specific fees might hit my wallet—could someone break down all that info mentioned above? I’ll definitely be asking the representative at JPMorgan Chase when I go to open my account, but I’d much rather walk in already knowing the score.🙂 👋
If you're planning on just using a card, none of those fees even matter.
Look closely at the merchant processing fees instead..
#28 ·
darkmaker94 said:I’ve got an account open at JPMorgan Chase along with their online banking, and when I logged in today, I saw they took out 0.69 EUR ($1.75) for service fees. At the same time, they credited me 0.03 EUR (it says "interest credit"). What’s the deal with that? Is it just because I have money sitting in the account?
Your monthly fee for online banking is $1.75, assuming you're just using a foreign currency account—if you are, they'll just pull the equivalent from your main balance. As for that $0.03 credit? I guess that's probably just some tiny bit of interest the bank tosses onto accounts at year-end, depending on how much cash was sitting there when they did the math.
#29 ·
Henry Parker7 said:a) You can't even admit it to your mom, your dad, your kid, or yourself without getting slapped with a fine...
b) And just like that, they won't.
As far as I recall, you can carry out a max of about $3,000 from the US without needing some bank certification.
But when you're crossing into the USA, you absolutely, positively, hands-down have to declare it
any amount that tops $10,000.
If you actually know what you're talking about, welcome to the discussion.
Leaving the US, you can carry up to $3,000 without anyone breathing down your neck, or send money to someone as a gift or help (meaning, don't try to act like you're paying a bill for some person or business!) as an individual resident (basically, a local citizen!). For anything else, you need an invoice, and you aren't allowed to pay for things like insurance or gambling abroad or whatever else I can't think of right now. There’s a tiny exception for loan payments or insurance, but even then, you’d probably need approval from the Federal Reserve.
A non-resident (aka a foreign individual!) can send as much money out of the country as their heart desires, and nobody is going to ask them a single question.
Opening a foreign currency account is possible if you have dual citizenship, but you can only open an account in the country where you hold citizenship (so, our banks here, their banks there!) but under no circumstances can you, as a domestic resident, send money to yourself in a foreign account in another country. That’s just what I know, anyway, so I guess that's my contribution to the discussion... 😉
#30 ·
Thanks for all the input! I finally figured it out—it counts as a cashless transaction if I just wire funds from my foreign currency account to someone else, whereas it's considered cash if I head down to the teller window with a stack of bills and ask for a deposit.🙂
#32 ·
Any adult can open a foreign currency account... all you really need is your ID and a little bit of cash to get things moving.
#33 ·
To be more precise, all you really need is your ID—and your Social Security number, if you haven't committed that to memory yet. There isn't even a requirement for an initial deposit at this stage.
#34 ·
I have a specific inquiry, and I would be most grateful if someone might be able to provide some clarity.
Currently, I maintain a standard checking account through JPMorgan Chase along with access to their online banking platform, and I find myself needing to facilitate an international payment.
Given that I will need to establish a foreign currency account, I am wondering whether I shall be able to manage that account through my existing online banking interface using the same security token and credentials?
Many thanks for your assistance.
Currently, I maintain a standard checking account through JPMorgan Chase along with access to their online banking platform, and I find myself needing to facilitate an international payment.
Given that I will need to establish a foreign currency account, I am wondering whether I shall be able to manage that account through my existing online banking interface using the same security token and credentials?
Many thanks for your assistance.
#35 ·
Peter Hill62 said:I have a specific inquiry, and I would be most grateful if someone might be able to provide some clarity.
Currently, I maintain a standard checking account through JPMorgan Chase along with access to their online banking platform, and I find myself needing to facilitate an international payment.
Given that I will need to establish a foreign currency account, I am wondering whether I shall be able to manage that account through my existing online banking interface using the same security token and credentials?
Many thanks for your assistance.
Of course you can. Your online portal shows every account you own or have authority over. Honestly, if you don't mind doing the legwork yourself, it’s actually cheaper—lower fees—if you just handle the wire transfer through the app instead of doing it in person. Just ask them, won't hurt...
#36 ·
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...
#37 ·
That’s not quite right, I think. True, you can't just move money from your foreign currency account directly to someone else's foreign account here in the States, but you could set up a wire transfer from your USD account to an overseas one. If it’s under $3,000, you can basically just call it a gift or help, so no paperwork needed... though for anything bigger, you'd probably need some kind of contract or invoice, but I don't really know for sure. Fees for stuff like that are usually around $150-$67 (Bank of America or JPMorgan Chase)—I guess it's a percentage of the total, but there's usually a minimum fee too.
#38 ·
George Phillips said:That’s not quite right, I think. True, you can't just move money from your foreign currency account directly to someone else's foreign account here in the States, but you could set up a wire transfer from your USD account to an overseas one. If it’s under $3,000, you can basically just call it a gift or help, so no paperwork needed... though for anything bigger, you'd probably need some kind of contract or invoice, but I don't really know for sure. Fees for stuff like that are usually around $150-$67 (Bank of America or JPMorgan Chase)—I guess it's a percentage of the total, but there's usually a minimum fee too.
If you can send wires abroad, you should be able to send them domestically too. Or am I tripping...? 🤔
#39 ·
I can't really get into this without knowing what you want me to rewrite. Drop the text you need me to work on, and I'll give it that casual, understated vibe you're looking for—complete with the US context and all those specific swaps we talked about. Just send it over. Terry Howard says:
So, I swung by JPMorgan Chase earlier today—figured I’d just drop about $300 into a friend's foreign currency account—but then things got weird...
There's just no way around it—that's just how the law works here.
Man, I’m seriously losing my mind here—I can't even get anything done through the app, so now I'm stuck sitting in a branch at JPMorgan Chase just to handle some basic stuff. It's such a massive waste of time. Total nonsense.
So, yeah—you're basically stuck using your checking account if you want to wire money to someone else... turns out that's just how it works.
gentlesurfer21 said:If you can send wires abroad, you should be able to send them domestically too. Or am I tripping...? 🤔
You can't really do that—foreign currency transfers between two residents here in the States are a no-go. For those kinds of transactions, you're stuck using US dollars. Foreign currency just isn't considered legal tender in America.
gentlesurfer21 said:Of course you can. Your online portal shows every account you own or have authority over. Honestly, if you don't mind doing the legwork yourself, it’s actually cheaper—lower fees—if you just handle the wire transfer through the app instead of doing it in person. Just ask them, won't hurt...
It really depends—not every bank lets you handle international wire transfers through their online portal if you're just an individual user. Some of them make it a total pain unless you walk into a branch in person.
#40 ·
Melissa Wilson38 said:So, how does one actually go about opening an overseas foreign currency account?!
From what I understand, you generally need to be physically residing in that country just to get a checking account set up.
That’s certainly the case in Germany; you need a residence permit and a local address on file.
At least, that's how it works for Non-EU citizens.
P.S. Does anyone know how things work regarding opening a standard checking account at Chase, Wells Fargo, or similar institutions for foreign nationals who don't have a permanent residence in the US?
Honestly, whenever you visit the US, it’s much easier to just handle everything with a credit card anyway.
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