How to open a foreign currency account in the US

If you're a regular traveler, draw an income in a currency other than USD, or freelance with clients all over the world, you might benefit from a foreign currency account or a multi-currency account.

It can help you avoid expensive currency conversion fees, protect yourself from exchange rate fluctuations, and get paid by international clients without losing money on transfers.

If you want to open a foreign currency account in the US, you have a few different options. However, not all high street banks offer a foreign or multi-currency product — and some only offer accounts that come with strict eligibility criteria and a high minimum balance. Here's everything you need to know.

What is a foreign or multi-currency account?

Both types of accounts help you manage foreign currencies, but they work in slightly different ways and serve different needs.

A foreign currency account lets you hold and manage money in a single foreign currency, like EUR or GBP. It's ideal if you regularly deal with just one foreign currency — maybe you have family in Europe sending you money, or you're saving up for a long stay in Japan.

A multi-currency account goes a step further. It lets you hold, send, and receive multiple currencies all in one account. You basically have several bank accounts in different currencies under one "umbrella" account.

With a multi-currency account, you can accept payments from clients worldwide in their local currency and easily switch between currencies when you need to. This account can be useful for freelancers working with international clients or people who split their time between different countries.

Pros and cons of foreign currency accounts

Foreign and multi-currency accounts can be handy tools for international banking, but they're not the right choice for everyone.

Here are the main benefits:

• Protection from exchange rate fluctuations: You can hold foreign currency and convert it back to USD when rates are in your favor, potentially saving money over time

• Easier international transactions: Send and receive foreign currencies without going through multiple currency conversions, which helps avoid extra fees

• Convenient for regular travelers or those living abroad: You can keep money in the local currency of countries you often visit

• Better for international business: Accept payments from foreign clients in their local currency and pay international suppliers without currency conversion hassles

But you should also consider these important disadvantages:

• High minimum balance requirements with most banks
• Monthly maintenance fees just to keep the account open
• Many banks charge for incoming wire transfers, outgoing payments, and currency conversions so you lose money on transaction fees
• Limited availability – few major US banks even offer foreign currency accounts. And major banks that do, like offshore or international subsidiaries of HSBC and Citibank, often come with a price

Newer financial technology companies are starting to offer more accessible alternatives to traditional foreign currency accounts, often with lower fees and minimum balances. More on this later.

Everywhere money. Meet Wise: the world's most international account

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached debit card — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked debit cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%. Easy.

This way to easy
international payments

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

What do I need to open a foreign currency account?

Opening a foreign currency account is similar to opening a standard checking account, but you may need to jump through a few extra hoops.

The biggest challenge is actually finding a bank that offers these accounts. Most major US banks don't offer foreign currency accounts to personal customers – they typically reserve these services for business clients or high-net-worth individuals.

You'll usually need to already have an account with the bank to access their foreign currency services. For example, Citibank UAE has a Global Wallet option, but you need an existing Citigold or a Citigold Private Client account.¹

At the very least, most banks will ask for:

• A valid government-issued photo ID (like a passport or driver's license)
• Proof of address (such as a utility bill or lease agreement)
• Social Security number or Tax ID
• Initial deposit
• Proof of income or bank statements from your existing accounts

If you're opening the account for business purposes, you'll also need business formation documents and an EIN (Employer Identification Number).

How to open a foreign currency account in the US: step-by-step

Here's how you can open a foreign currency account in the US.

Step 1. Research your options

Look into both US banks and financial service providers like Wise to compare fees, minimum balance requirements, and available currencies.

Step 2. Check eligibility criteria

Make sure you can meet the minimum balance requirements before applying, they can be quite high for banks.

Step 3. Gather required documents

Collect all necessary identification and financial documents. You may also need to apply for a standard checking/savings account first.

Step 4. Submit your application

This can usually be done online or in person at a bank branch.

Step 5. Get approved

Make your initial deposit once approved and start using your account.

Depending on the financial institution, getting approved can take you just a few days or multiple weeks.

What are the best foreign currency accounts in the US?

Unfortunately for those who want them, few US banks offer personal foreign currency or multi-currency accounts. Bank of America, Wells Fargo, and Chase, for example, don’t have multi-currency products available for regular personal banking customers.

But there is a Wells Fargo multi-currency account available for business clients.²

And though neither HSBC USA nor Citibank US offer foreign currency accounts themselves, as large international institutions, they do have specialist offshore operations that may be of service.

Here’s a brief summary of the main features of the multi-currency accounts available to US citizens and residents, from the following providers:

If you’re a US citizen or resident, the choice of foreign currency accounts from traditional banks is pretty limited. However, there are a couple of other options including an offshore account.

Whichever you choose, it’s important to read all the small print, and make sure you’re getting a fair deal on fees — and won’t be stung by steep service fees if your account balance dips.