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Opening a foreign currency account...

Started by Nathan Davis · · 👁 7 views · 133 replies

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Participants Nathan DavisMark Sullivan62Kimberly Gonzalez2Melissa Wilson38Kimberly NguyenHenry Parker7Nicholas Turnernorthernbear3Jesse Reed4George Barrett35darkmaker94George Phillipscasualmoose63Ronald Allenwanderingjackal88Peter Hill62gentlesurfer21Amanda Bishop7Terry Howardlonetiger52Angela Cox11Adam Fox3Bradley Parker4brightwolf63 …
Angela Cox11 Angela Cox11 Member
10 messages
joined Mar 2009
#41 ·
I need to send about $30 to a guy over in Canada—specifically to an account at the Federal Reserve Canada. The catch is I don't personally have a foreign currency account, and my main checking account isn't even with the Federal Reserve... So, am I stuck having to open a whole new foreign currency account there just to make this happen?
Adam Fox3 Adam Fox3 Member
29 messages
joined May 2010
#42 ·
If that guy keeps his foreign currency in a Chase account, you’re going to run into a wall. In the States, only the account holder or someone with official power of attorney can deposit foreign funds directly into a domestic currency account here.
If he's holding those funds in a foreign currency account at the Federal Reserve Canada, you'll need to ask him for the full wire instructions—specifically the SWIFT code, IBAN, the bank's name, the account number, and all that good stuff.
When you head down to the bank, you should probably ask them if you actually need to open a separate foreign currency account, or if they can just pull the USD from your standard checking account and convert it to Euros right then and there.
Typically, a wire transfer like that takes about two to three business days to clear.
Terry Howard Terry Howard Active Member
87 messages
joined Oct 2007
#43 ·
Adam Fox3 said:If that guy keeps his foreign currency in a Chase account, you’re going to run into a wall. In the States, only the account holder or someone with official power of attorney can deposit foreign funds directly into a domestic currency account here.
If he's holding those funds in a foreign currency account at the Federal Reserve Canada, you'll need to ask him for the full wire instructions—specifically the SWIFT code, IBAN, the bank's name, the account number, and all that good stuff.
When you head down to the bank, you should probably ask them if you actually need to open a separate foreign currency account, or if they can just pull the USD from your standard checking account and convert it to Euros right then and there.
Typically, a wire transfer like that takes about two to three business days to clear.

Actually, that might not even be the case here. If he isn't an American citizen, he'd just have a non-resident account. You could still wire him the cash, it would just be flagged as an international transfer.
Angela Cox11 Angela Cox11 Member
10 messages
joined Mar 2009
#44 ·
Adam Fox3 said:If that guy keeps his foreign currency in a Chase account, you’re going to run into a wall. In the States, only the account holder or someone with official power of attorney can deposit foreign funds directly into a domestic currency account here.
If he's holding those funds in a foreign currency account at the Federal Reserve Canada, you'll need to ask him for the full wire instructions—specifically the SWIFT code, IBAN, the bank's name, the account number, and all that good stuff.
When you head down to the bank, you should probably ask them if you actually need to open a separate foreign currency account, or if they can just pull the USD from your standard checking account and convert it to Euros right then and there.
Typically, a wire transfer like that takes about two to three business days to clear.

He actually has an account at the Federal Reserve Canada and already gave me all his details. I don't have a checking account at Chase, though... so I'm hitting the branch tomorrow to figure things out. Honestly, I was thinking I could just walk into the bank, hand them 30 Euros in cash, and have them deposit it straight into his foreign currency account... but clearly, it's not that simple.

thanks
Terry Howard Terry Howard Active Member
87 messages
joined Oct 2007
#45 ·
You’ve got an entire thread dedicated to overseas insights here
Bradley Parker4 Bradley Parker4 Newcomer
4 messages
joined May 2009
#46 ·
Hey there!

So I just set up a fixed-term savings account in USD over at JPMorgan Chase (their Smart Savings plan) and they hooked me up with a foreign currency checking account too. Quick question: can I actually deposit USD from my other checking account and have it auto-convert at the current rate, or is this account strictly for that specific savings fund?

One more thing. When I opened everything up, I got access to a multi-currency transaction account that lists an expected annual turnover of $2333. What’s the deal with that? Like, am I in trouble if I don't move that much cash through the account in a year?

Thanks.
Bradley Parker4 Bradley Parker4 Newcomer
4 messages
joined May 2009
#47 ·
Does nobody here have a clue?
Nicholas Turner Nicholas Turner Active Member
125 messages
joined Oct 2010
#48 ·
They likely set you up with a multi-currency checking account—which essentially means you can deposit just about any currency you want, whether it's a bit of USD, some Euros, or even Swiss Francs. There’s no middle-ground exchange rate applied here; if you deposit Dollars, you’re holding Dollars.

As for that form, it looks like your application for opening that specific multi-currency transactional account. Those $2333 figures are probably just their projections regarding your potential savings and the interest you'll earn.
brightwolf63 brightwolf63 Newcomer
6 messages
joined Apr 2009
#49 ·
Greetings, everyone.

So, here’s the situation: I need to open a foreign currency account, and I find myself currently caught between three different options. Specifically:

a) JPMorgan Chase

b) Wells Fargo

c) Bank of America

I would certainly appreciate any advice, recommendations, or perhaps some firsthand experiences you might be willing to share... 🤔

Many thanks. 😉

Essentially, if there are three distinct banks under consideration, then one is naturally faced with a bit of a dilemma, isn't one? 😵
darkmaker94 darkmaker94 Regular
417 messages
joined Aug 2011
#50 ·
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. 🙂
brightwolf63 brightwolf63 Newcomer
6 messages
joined Apr 2009
#51 ·
Hey there, Zorba — thanks for getting back to me so quickly... 👍
darkmaker94 darkmaker94 Regular
417 messages
joined Aug 2011
#52 ·
🤣 No worries at all. 😉
Susan Ward4 Susan Ward4 Member
40 messages
joined Oct 2010
#53 ·
Can I hold any other currencies in my JPMorgan Chase foreign currency account besides just Euros?
George Barrett35 George Barrett35 Active Member
98 messages
joined Aug 2009
#54 ·
Exactly
Susan Ward4 Susan Ward4 Member
40 messages
joined Oct 2010
#55 ·
I set up my account in dollars.
So, if I’ve got pounds sitting in there too, and let's say I need to pay for something in pounds, does the bank just pull from the pound balance automatically, or am I gonna get hit with a conversion fee to turn my dollars into pounds?
Ronald Allen Ronald Allen Active Member
160 messages
joined Oct 2010
#56 ·
Susan Ward4 said:I set up my account in dollars.
So, if I’ve got pounds sitting in there too, and let's say I need to pay for something in pounds, does the bank just pull from the pound balance automatically, or am I gonna get hit with a conversion fee to turn my dollars into pounds?

If you've got pounds, it'll take from the pounds.
Kimberly Nguyen Kimberly Nguyen Regular
543 messages
joined Jul 2009
#57 ·
Are you actually serious right now? ... Because things don't work that way in the States, which is why I'm even asking...
Susan Ward4 Susan Ward4 Member
40 messages
joined Oct 2010
#58 ·
Look, I’m with JPMorgan Chase, if that even matters to anyone.
George Barrett35 George Barrett35 Active Member
98 messages
joined Aug 2009
#59 ·
In that scenario, they’re essentially stripping away the equivalent value from the dollar..
Ronald Allen Ronald Allen Active Member
160 messages
joined Oct 2010
#60 ·
Kimberly Nguyen said:Are you actually serious right now? ... Because things don't work that way in the States, which is why I'm even asking...

It should follow the order of the currencies being pulled: USD, then EUR, then CHF, followed by GBP and whatever else is sitting in the account. I don't know for sure, though—maybe it's just happening on my end.

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