Opening a foreign currency account...

Nathan Davis · 2007-08-15T11:12:04+00:00

I need to get a foreign currency account set up ASAP. Does anyone know what the requirements are and how long the whole process usually takes? I’m looking at o…

Keith Lopez8 Newcomer

1 message
joined May 2009

#61 · May 30, 2009

So, I need to pick something up online and I’m going to need a foreign currency account to make it happen. I don't actually have any use for one otherwise, so I'm wondering how long it takes to close one out once I'm done, and if there's some kind of fee attached to closing it. I was thinking about just opening it at Chase, if that matters.

Ronald Allen Active Member

160 messages
joined Oct 2010

#62 · May 31, 2009

Keith Lopez8 said:So, I need to pick something up online and I’m going to need a foreign currency account to make it happen. I don't actually have any use for one otherwise, so I'm wondering how long it takes to close one out once I'm done, and if there's some kind of fee attached to closing it. I was thinking about just opening it at Chase, if that matters.

Opening the account? Takes maybe 5 minutes. Getting a Visa Electron card for shopping on the NET might take a bit longer, like 10-15 days. Closing it also takes about 5 minutes, though I guess it might not even be worth the hassle to bother closing it. There's no fee to open it, but you'll deal with a $1.25 monthly maintenance fee. Plus, you're gonna need online banking and that security token Chase issues for it. Online transaction fees are 0.5%, with a minimum of $40.00 and a max of $123.
I'd have to look more into the specific fees for the online banking and the token, because I couldn't find that part.

Maybe check it out, maybe I just missed it. Chase fees

George Barrett35 Active Member

98 messages
joined Aug 2009

#63 · May 31, 2009

Ronald Allen said:Opening the account? Takes maybe 5 minutes. Getting a Visa Electron card for shopping on the NET might take a bit longer, like 10-15 days. Closing it also takes about 5 minutes, though I guess it might not even be worth the hassle to bother closing it. There's no fee to open it, but you'll deal with a $1.25 monthly maintenance fee. Plus, you're gonna need online banking and that security token Chase issues for it. Online transaction fees are 0.5%, with a minimum of $40.00 and a max of $123.
I'd have to look more into the specific fees for the online banking and the token, because I couldn't find that part.

Maybe check it out, maybe I just missed it. Chase fees

Wait, what?
You're talking about foreign currency remittance fees, which have absolutely nothing to do with online banking...

Ronald Allen Active Member

160 messages
joined Oct 2010

#64 · Jun 2, 2009

George Barrett35 said:Wait, what?
You're talking about foreign currency remittance fees, which have absolutely nothing to do with online banking...

Look, I just listed those fees based on whether he's doing a standard wire transfer or if he uses PayPal instead. It's a different thing entirely. I was basically just eyeballing it... 😁

darkmaker94 Regular

417 messages
joined Aug 2011

#65 · Jun 3, 2009

Since he isn't really using it, he might be better off opening an account at JPMorgan Chase. They don't charge monthly maintenance fees, and he'll get a Visa card for online shopping—he'd just have to cover a one-time fee for the card and PIN $6.75.

Ronald Allen Active Member

160 messages
joined Oct 2010

#66 · Jun 5, 2009

darkmaker94 said:Since he isn't really using it, he might be better off opening an account at JPMorgan Chase. They don't charge monthly maintenance fees, and he'll get a Visa card for online shopping—he'd just have to cover a one-time fee for the card and PIN $6.75.

Plus, you can use the JPMorgan Chase Maestro card for online purchases now too... 😁

Dana Clark7 Newcomer

3 messages
joined Jul 2009

#67 · Jul 11, 2009

Ronald Allen said:Plus, you can use the JPMorgan Chase Maestro card for online purchases now too... 😁

Wait, I actually have a JPMorgan Chase Maestro, and I couldn't get it to work at all.
I tried using it on eBay, but it keeps demanding a Maestro or Visa card. It claims debit cards are accepted, but I suppose I'm just being a bit slow on the uptake. 😳
I would appreciate some help if anyone has a moment. 😕

Robin Sanchez7 Newcomer

3 messages
joined Jan 2010

#68 · Jan 20, 2010

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!

Kimberly Nguyen Regular

543 messages
joined Jul 2009

#69 · Jan 20, 2010

And can I actually use it for online shopping?

Drew Reed4 Newcomer

4 messages
joined Feb 2010

#70 · Feb 18, 2010

I’m wondering if there are any fees or obligations involved when I open a foreign currency account.
My understanding is that it functions as a multi-currency account you can use globally, allowing you to hold balances in USD or other currencies like the Euro.
The banks also claim that currency conversion is free of charge.
Anyway, my main question is whether I have any specific requirements to meet, or if I can just deposit funds, spend them, and let the balance sit at zero before depositing again.
Maybe this sounds like a silly question, but I genuinely want to know.
Also, if this thread gets locked, please just send me a private message with an answer.

David Jackson4 Member

26 messages
joined Mar 2010

#71 · Feb 18, 2010

Drew Reed4 said:I’m wondering if there are any fees or obligations involved when I open a foreign currency account.
My understanding is that it functions as a multi-currency account you can use globally, allowing you to hold balances in USD or other currencies like the Euro.
The banks also claim that currency conversion is free of charge.
Anyway, my main question is whether I have any specific requirements to meet, or if I can just deposit funds, spend them, and let the balance sit at zero before depositing again.
Maybe this sounds like a silly question, but I genuinely want to know.
Also, if this thread gets locked, please just send me a private message with an answer.

Opening the account shouldn't cost you a dime. If you're looking to get a debit card to go along with it, you'll just pay the issuance fee at the bank when they hand it to you.
The whole point of the account is to hold various currencies, but the conversion isn't "free" in the way you might be thinking. When you swap one currency for another, they're still going to use the exchange rates—basically selling you one currency at the buy rate and letting you buy the other at the sell rate. Honestly, though, don't sweat it too much because you can just hold multiple currencies in the account at the same time.
I'm not totally sure what you mean by being "obligated to do something." You can only spend what's actually in there; it's not a credit account or anything where you can run a negative balance. So, I guess the short answer is: you can spend exactly what you put in.

Drew Reed4 Newcomer

4 messages
joined Feb 2010

#72 · Feb 19, 2010

David Jackson4 said:Opening the account shouldn't cost you a dime. If you're looking to get a debit card to go along with it, you'll just pay the issuance fee at the bank when they hand it to you.
The whole point of the account is to hold various currencies, but the conversion isn't "free" in the way you might be thinking. When you swap one currency for another, they're still going to use the exchange rates—basically selling you one currency at the buy rate and letting you buy the other at the sell rate. Honestly, though, don't sweat it too much because you can just hold multiple currencies in the account at the same time.
I'm not totally sure what you mean by being "obligated to do something." You can only spend what's actually in there; it's not a credit account or anything where you can run a negative balance. So, I guess the short answer is: you can spend exactly what you put in.

How much does that debit card cost?
Is it an extra service or just a standard card?

Kimberly Nguyen Regular

543 messages
joined Jul 2009

#73 · Feb 19, 2010

Foreign currency accounts (just like most other types of accounts) come with those annoying monthly maintenance fees...

You also really need to watch out for this specific headache (I'm pretty sure it applies to pretty much every major bank here, unless they've changed their fine print in the last year or so):
The base currency is always USD. People tend to assume that if they have dollars sitting in a US account, they're all set—but that’s a total misconception. The service fee actually gets converted back into USD based on the base rate, and then if you have actual dollars in there, it converts again. By the time you're done with all those conversion layers, you end up losing a ridiculous amount of money to the spread...

Adam Fox3 Member

29 messages
joined May 2010

#74 · Feb 19, 2010

Kimberly Nguyen makes a fair point, and that’s definitely how things work at ExxonMobil, but if my memory serves me right, you have more flexibility at Bank of America where you can actually pick your primary transaction currency from a choice of USD, EUR, or even CHF. Over at the Federal Reserve, though, your options are pretty much limited to just USD or EUR.

Drew Reed4 Newcomer

4 messages
joined Feb 2010

#75 · Feb 20, 2010

How much is that monthly maintenance fee
? I was thinking about opening a foreign currency account at Bank of America for Euros, since the prices on the website where I'll be making deposits are listed in Euros
. Is that monthly service fee charged as a flat rate, like $X per month, or do they just make their money on the exchange rates depending on which currency you're using to buy them???

Kimberly Nguyen Regular

543 messages
joined Jul 2009

#76 · Feb 20, 2010

Does anyone know what kind of transaction fees they're actually charging? I checked their website, but

Robin Walker Member

11 messages
joined Feb 2010

#77 · Feb 26, 2010

Hi there,

I need an account where I can receive payments in USD and foreign currencies—mostly Euros, but potentially others too. Does this mean I need to open separate checking accounts for USD and foreign currency, or can I just have one single account for everything?
Also, does anyone know which bank has the lowest fees and costs?
I saw someone mention that JPMorgan Chase doesn't charge a monthly maintenance fee. However, I couldn't find the specific service fees on their website. My main focus is online banking and making internet purchases (PayPal, Amazon, etc.). Are there extra charges when someone sends money to my account, or when I withdraw cash or pay for things online?
One more thing isn't quite clicking for me.

"When you open a checking account at JPMorgan Chase, SAVE $115 because you'll also get a Diners Club Standard credit card* with no application or annual fee for the first year."

If I don't actually need a Diners Club card, am I still forced to take it? I really don't want to pay $115 for something I won't use. I just need a debit card for online shopping and ATM withdrawals, and from what I gather, they provide those for free with the checking account.

I'm pretty new to all this, so if anyone who knows their stuff could clear this up for me, I'd appreciate it. Thanks in advance.

Drew Reed4 Newcomer

4 messages
joined Feb 2010

#78 · Mar 1, 2010

You should open a foreign currency account where you can deposit any currency, and then it just converts into USD or whatever else you pick when you set it up
If you're planning on receiving payments in dollars, I’d suggest going with USD
I believe they charge a $3.50 annual maintenance fee for those accounts, which usually hits on December 31st
I’d recommend looking into Bank of America

Adam Fox3 Member

29 messages
joined May 2010

#79 · Mar 1, 2010

I'm not entirely sure which specific account types you're looking at, but if you open a checking account with Bank of America, you'll get a standard debit card right away. They don't charge monthly maintenance fees, so it's essentially free, and they'll even email you a detailed transaction statement once a month at no extra cost. Plus, there's no fee for issuing the card or setting up your PIN.

At JPMorgan Chase, however, you'll be hit with a monthly service fee for $2.00 and an additional monthly fee for the checking account itself.

If you go with a foreign currency account at Bank of America, the annual fee is about $7.50 (they just deduct the commission semi-annually on June 30th and December 31st), and it comes with a debit card that works perfectly for all your online shopping needs.

With a foreign currency account over at Chase, the monthly fee is $1.75, but here's the kicker: if you maintain an average monthly balance of at least $1,000 (or the equivalent in other currencies), they waive the fee entirely. Just keep in mind that the debit card they provide doesn't support online transactions.

Over at JPMorgan Chase, for a foreign currency account, you'll have to cover the initial cost for $6.75 the first card and PIN setup, along with a small monthly maintenance fee for the account itself.

Robin Walker Member

11 messages
joined Feb 2010

#80 · Mar 1, 2010

Drew Reed4 said:You should open a foreign currency account where you can deposit any currency, and then it just converts into USD or whatever else you pick when you set it up
If you're planning on receiving payments in dollars, I’d suggest going with USD
I believe they charge a $3.50 annual maintenance fee for those accounts, which usually hits on December 31st
I’d recommend looking into Bank of America

So, you can deposit dollars directly into the foreign currency account, and they'll just get converted into euros? Basically, most deposits will be coming in as either dollars or euros.

I've been keeping an eye on this stock. It’s definitely one to watch. Robin Walker says:
I have no idea what kind of attachments those are.

I mostly just need it for processing reservation payments for my rental properties. It’s usually just standard USD or Euro transactions, nothing massive.

If you open a checking account at JPMorgan Chase, you get a Visa debit card right away. There are no monthly maintenance fees, which is a nice perk. You also get one free detailed transaction statement sent straight to your email every month. Plus, they don't charge you anything to issue the card or the PIN. Simple and easy.

Can I deposit foreign currencies into my checking account? Also, can I check my balance online? It’s pretty crucial for me so I can confirm bookings for people right away. And can I use that card to pay for things online?
The other day I tried to top up my balance using my checking account, but the lady at the bank told me I couldn't use that specific card for online shopping. Does the same thing apply to a JPMorgan Chase Visa, or am I good to go for online purchases? Using PayPal is my main priority here.

At Goldman Sachs, they charge you a fee just for having a checking account. $2.00 Monthly, that’s about $600 a month.

And Goldman Sachs isn't exactly right next door, either.

JPMorgan Chase offers a foreign currency account with a 7.5% annual interest rate. They deduct the fees semi-annually on June 30th and December 31st. You also get an Intel card that works perfectly for all your online shopping.

Goldman Sachs foreign currency accounts. $6.75 Setting up my first card and PIN, plus managing my foreign currency account, only costs me about $0.60 a month.

I can’t make a move until I know exactly what I’m getting. If JPMorgan Chase lets me open a checking account for free—one where I can deposit both dollars and foreign currency, check my balance online, and get a debit card for web purchases—then I'm all in. But if that’s not the deal, I think I'll just stick with a standard Goldman Sachs foreign currency account instead.

By the way, does anyone know if there's any interest paid on checking accounts? I think I read somewhere that you actually earn interest on the money you deposit.

Opening a foreign currency account...

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