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Alternatively you could open a futures account with a brokerage company and from there convert into dollars and transfer to a dollar bank account.
The US banking system is totally retarded when it comes to serving small foreign exchange transactions, meaning small exporters and service providers.
One more reason why the country has a, what, $700 billion annual trade deficit.
Oh yeah, the US banking system has been totally retarded when it comes to issuing mortgages and consumer loans.
One more reason why the country needed a $700 billion bail out.
In short, unless you are a corporation with multi-million dollar transactions, the US banking system will treat you like a retard.
However, there are some new products on the market if you are adept at fx trading, and I'm not sure I can mention them directly on the forum. PM me for specifics.
Everbank seems to have some interesting products, particular the world currencies money market account.
On the whole, though, I agree. I'm not very pleased with any of the banking services in this country. When I lived in Russia, I was able to have three bank accounts (EUR, USD and RUB) tied to one ATM card. Very convenient.
Why can't I get that here?
I don't need an account for performing foreign currency exchanges; I simply need it to accept Euros from a client (contract is in Euros) and make payments to contractors on the project (many of whom live in Europe and obviously want paid in Euros).
Like I said, because the politicians and bankers want to treat you like a retard, to "protect you" from yourself. The most recent excuse is the patriot act.
Quote:
Originally Posted by StoneOne
I don't need an account for performing foreign currency exchanges; I simply need it to accept Euros from a client (contract is in Euros) and make payments to contractors on the project (many of whom live in Europe and obviously want paid in Euros).
You are better off with an account in Europe with an IBAN. You can even open one in the UK, just need to explain why and bring whatever ID they require, maybe even a copy of the contract.
In the US, unless you are an elite client of a bank/brokerage, they will eat anywhere from 10% to 20% of your revenues in fees and mile-wide spreads ... and that's after you get a headache trying to fine a half-knowledgeable person to talk to.
Were you able to open a Euro account for your US based business ?? I'm in the same situation and I'm not finding any viable solutions ... Any recommendations would be great !
Were you able to open a Euro account for your US based business ?? I'm in the same situation and I'm not finding any viable solutions ... Any recommendations would be great !
No, I called EverBank, and they only do investment products, not current accounts. At this point, the project is small enough that it's not worth my while to open an offshore account in the islands or even in Europe, although if it grows, I will certainly look into doing that.
There's a solution to your problem. I am also a business owner and I have been accepting foreign wires denominated in Euros for years. Wells Fargo FX Dept provides FX accounts in most of the world currencies, you can wire money in and out with a click of a button.
To contribute a little more than that, google the term "non-resident account"...
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