Opening a foreign currency account...

Steven Reed said:The bank won't just give you a call if they can't make sense of your transfer reason—they’ll demand a signed statement confirming the source of funds. And no, this isn't some arbitrary rule cooked up by the branch; it’s straight out of the federal banking regulations 😉

Now that you all seem to have sorted things out, I'll weigh in 🤣

Do you mean the "reason" or the "purpose"? Purpose would be more like: hair removal, makeup, a new car, grabbing coffee with friends, etc.—if we're talking about a sailor's wife 😉

I still think people are really just asking whether they'll get taxed... looks like he dodged the actual question entirely 😂

Steven Reed said:The bank won't just give you a call if they can't make sense of your transfer reason—they’ll demand a signed statement confirming the source of funds. And no, this isn't some arbitrary rule cooked up by the branch; it’s straight out of the federal banking regulations 😉

Now that you all seem to have sorted things out, I'll weigh in 🤣

Alright, so we've established that banks want to follow the rules, and the rules basically say they can squeeze people at every turn.
What I really want to know is: am I going to run into trouble if someone sends me money and claims it's for something I sold them online (or anything else that isn't taxable), and then I confirm that when the bank calls? Anyone? 😁

Bryan Scott6 said:Do you mean the "reason" or the "purpose"? Purpose would be more like: hair removal, makeup, a new car, grabbing coffee with friends, etc.—if we're talking about a sailor's wife 😉

I still think people are really just asking whether they'll get taxed... looks like he dodged the actual question entirely 😂

I'd rather trust people's word and pay my taxes than deal with reservation fees. 😉 I wasn't born yesterday. 😁

Robin Walker said:Alright, so we've established that banks want to follow the rules, and the rules basically say they can squeeze people at every turn.
What I really want to know is: am I going to run into trouble if someone sends me money and claims it's for something I sold them online (or anything else that isn't taxable), and then I confirm that when the bank calls? Anyone? 😁

I'd rather trust people's word and pay my taxes than deal with reservation fees. 😉 I wasn't born yesterday. 😁

I mean, you shouldn't really have any issues. It’s not really on you to justify the transaction; it's more on him since he's the one who bought something from you through some site and just sent the payment. As long as you can show there was a sale involved—which I'm guessing won't be massive amounts anyway—you should be totally fine.

God, I just love people who mistake following the law for some grand heist. The law was passed by the US Congress—and you voted for the same people I did, so don't act surprised 😉
And no, banks aren't going to come knocking just because someone writes that they're paying you for something you sold them. In that case, you probably won't even get a phone call. They’ll actually bother calling you if a legal entity—like a corporation—makes a transfer and either writes something ridiculous in the memo or leaves it blank 🤷

Hey there!

I’m looking to open a foreign currency account over at JP Morgan Chase. I spent some time digging through their website, but honestly, those different service packages are making my head spin—nothing is clear. All I really need is a basic account paired with a debit card.🙄

Thanks in advance,🙂

Hey guys, how long does it actually take for the physical card to show up after you open an account and get that temporary paper one? Does it get mailed straight to my house, or am I going to have to trek down to a branch to pick it up? Basically, the lady at the bank told me I could start shopping online right away—which is what I actually need to do—but it’s not working. I can't even set up my PayPal (I know I don't strictly need it, but still) because they keep asking for the expiration date and all those other details I just don't have yet. So, figured I'd ask here before I waste another trip to the bank...

I’m curious about the specific procedure for non-residents looking to take foreign currency out of the US. If I happen to be carrying a bit more cash on me than usual, am I going to run into issues at customs, and is there a formal requirement to declare it?

I'm looking to open a foreign currency checking account, but I'm stuck choosing between Chase or Bank of America. On the Bank of America website, they only list foreign currency savings accounts and checking accounts—but wait, is there actually a distinction? Is a savings account basically just a checking account in disguise here?

What’s your take on which one is better? Specifically, which bank offers a more reliable debit card for sending money internationally and receiving wire transfers?

Are there any hurdles that might stop someone from opening a foreign currency account? Like, could being unemployed or having an inconsistent balance be an issue?

There’s no such thing as a "foreign currency checking account"—it’s either a foreign currency savings account or just a standard foreign currency account.
Technically, there aren't any restrictions on these, despite all the nonsense you see floating around online. If you're working with Chase, you won't have to worry about running into any issues.

I just caught this thread now that the admin moved me over here 🙂
Alright, I see people mentioning that banks usually call you to ask about the purpose of a wire transfer once foreign funds hit your account. If I list the purpose as capital gains from Forex, I should be fine, right? I mean, they surely know this has been perfectly legal since 2010? Are they going to be nitpicky about it at Chase? 🙂

That’s a different story altogether. I think we touched on this before—it probably ought to go straight into a foreign currency account.

Not really, because checking accounts are taxable, whereas capital gains still aren't subject to tax.

Well, go right ahead then. I honestly don't see why you're even bothering to ask 🙂

If I recall correctly, someone on this board mentioned receiving an international wire transfer—I can't remember if it was from Forex or something else—and the bank just called them up to say they’d be moving it straight into their US checking account.

I have a US dollar account open at JPMorgan Chase.

I deposited 200 EUR into the account, but when I checked the ATM a few days later, it showed a balance of just a few dollars (which are actually there) but didn't show the euros.
Question: when I'm checking my balance or making payments, does everything automatically convert into the currency the account is held in?

Because if this thing is showing me a combined total of all currencies, then I've got a massive problem. 😢

It’s just showing you the balance for your primary currency, which is the dollar in your case. If you tried to swipe your card or hit an ATM right now, it wouldn't work because you've got euros in there instead of dollars. That's the catch. Just swap them over to dollars and you'll be good to go.

darkmaker94, thanks for the reply. I'm feeling a lot more at ease now 🙂 Heading to JPMorgan Chase tomorrow morning.

How long does it usually take them to get a Visa debit card issued? A week, two weeks, maybe three?

Mine arrived at my place in two weeks, while a friend of mine waited three.

If I’m using my foreign currency card to pay online in dollars, but my actual account is held in euros, does the bank just convert the euros into dollars for me?

Hey there, so I went ahead and set up a foreign currency account at Bank of America today, specifically in Euros. My main goal here is just to handle some online payments using my debit card, but I have a few lingering questions about how this all works.

First off, if I were to deposit, say, $5 into the account, am I going to get hit with some sort of transaction fee just for making that deposit?

Also, if I happen to deposit funds in U.S. dollars, does the system just automatically convert those over to Euros, and if so, what kind of conversion fees should I be expecting to see?

I was also wondering about the easiest way to check my balance—is there a specific fee for checking it, and can I just manage everything through their online banking portal?

Lastly, could someone clarify what the annual maintenance fees look like for holding an account like this?