Opening a foreign currency account...

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 opening one with JP Morgan Chase since I already have my main checking account there.

ID cards and a little bit of pocket change

The whole process takes just a few seconds at an average bank, though if you're dealing with JP Morgan Chase, it might feel like an absolute eternity given how lightning-fast they move.

Even JP Morgan Chase lets you open a foreign currency account right there at the branch. If I remember correctly, the minimum initial deposit is only about $20.

Based on my own experience, it took them a solid 45 minutes just to get their act together and break out the cash, while I was stuck sitting there in the branch the entire time...

Alright... thanks for all the input!
Tomorrow I'm hitting up the bank to get this thing opened!

So, how does one actually go about opening an overseas foreign currency account?!

Melissa Wilson38 said:So, how does one actually go about opening an overseas foreign currency account?!

Look, under current federal regulations, we aren't exactly encouraged to just go opening accounts overseas... and honestly, how is a bank in, say, London or Tokyo supposed to care about our specific domestic banking rules? They won't! I have no clue how they manage it... though I know plenty of people who managed to pull it off without a single hitch just a few months back. Who knows what the landscape looks like today, but the restrictions feel like one giant headache.

Melissa Wilson38 said:So, how does one actually go about opening an overseas foreign currency account?!

Look, you just head over to a different bank and set up a non-resident account. It’s honestly that simple. And honestly? Austrian banks take privacy way more seriously than even the Swiss do.
I won't even get started on our local regulations here in the States. Just to be clear, I'm not trying to stir the pot or give out official advice—this is just me sharing what I've seen work, since people can totally do this legally under American law. I'm not going into the "how-to" details, though. If someone really needs to find a way, they'll figure it out.

Henry Parker7 said:Look, you just head over to a different bank and set up a non-resident account. It’s honestly that simple. And honestly? Austrian banks take privacy way more seriously than even the Swiss do.
I won't even get started on our local regulations here in the States. Just to be clear, I'm not trying to stir the pot or give out official advice—this is just me sharing what I've seen work, since people can totally do this legally under American law. I'm not going into the "how-to" details, though. If someone really needs to find a way, they'll figure it out.

Well, maybe that’s exactly what I need, which is why I’m asking. I don't really know much about how any of this works. Someone recently asked if I held any foreign currency accounts, and I was just like, "No, I don't." But afterwards, I started thinking... how would one even go about opening something like that?

So, would I literally have to fly over to, say, Austria, walk into a bank, and just tell them, "Hey, I want to open a foreign currency account"? Would they just give me a weird look or something?

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.

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.

Sorry, I didn't quite catch what you meant by "a"... What exactly is punishable?!

The terminology trips me up a bit—it’s all a little confusing! If I were traveling to Germany and wanted an account held in dollars, for instance, I’d be looking for a non-resident FOREIGN currency account rather than just a standard non-resident CHECKING account. Am I thinking about this correctly?

Henry Parker7, could you walk me through this? If I can only physically carry $3,000 out of California, how am I supposed to report an amount exceeding $10,000 if I can't even take it with me?😕
And honestly, why would I even need to declare it? Is there some specific USA law regarding this? Couldn't I just theoretically walk into a German bank and deposit it without raising any eyebrows?

Under current American banking laws, holding accounts outside of the US can actually land you in some hot water—it’s definitely a legal minefield. I suspect that's exactly what he was getting at!

Hey everyone, if anyone happens to have more intel on how to go about opening an OVERSEAS FOREIGN CURRENCY ACCOUNT, would you mind sharing some details with us?

Nicholas Turner said:The terminology trips me up a bit—it’s all a little confusing! If I were traveling to Germany and wanted an account held in dollars, for instance, I’d be looking for a non-resident FOREIGN currency account rather than just a standard non-resident CHECKING account. Am I thinking about this correctly?

Henry Parker7, could you walk me through this? If I can only physically carry $3,000 out of California, how am I supposed to report an amount exceeding $10,000 if I can't even take it with me?😕
And honestly, why would I even need to declare it? Is there some specific USA law regarding this? Couldn't I just theoretically walk into a German bank and deposit it without raising any eyebrows?

Seriously, how many people can you fit in one car?
Look, if it's a USA law, they’ll tell you right at the border, so don't go messing around with federal regulations.
Just go ahead and Google the latest amendments to the foreign exchange laws and chill out for the next four months.

I’m just asking purely for information—I mean, I'm way out in the Midwest! There is no way I'm chasing down banks all over Germany.🙂 At the end of the day, $10k is just twenty $500 bills. Honestly—it's easy enough to tuck that away in a million different places.

Pro tip: just head down to the Federal Reserve, grab your ID and social security number, and you can have a foreign currency account opened in about 4 minutes. It’s totally free...🙂 🙂 🙂

I'm thinking about opening a foreign currency account over at Chase, and I was wondering if anyone knows what the minimum initial deposit requirement is to get things started.

Not even close.

Hey, quick question—do I get that Visa debit card right away, or am I going to be stuck waiting for it to arrive in the mail?