Everything you need to know about foreign currency accounts in the US

If you plan to live and work abroad, if you travel often, or if you want to invest or save in foreign currencies, you may be wondering about how to open a foreign currency account in the US.

This guide covers all you need to know about US foreign currency accounts, including options from local banks, international banking services, and non-bank alternatives like Wise. We’ll look at which US banks offer foreign currency accounts, and what fees and features are available.

What is a foreign currency account?

A foreign currency account is any account you use to hold one or more currencies other than USD.

Some foreign currency accounts support only one currency, while others have broad international features including the option to hold and exchange dozens of currencies.

US foreign currency accounts are offered by US banks, international and expat banking divisions of global brands, and non-bank specialist providers. The purpose, features and fees of these accounts can vary widely — which we’ll look at next.

How does a foreign currency account work?

Because foreign currency accounts are useful in a few different scenarios, there are some quite different account types out there. Some accounts are designed for easy day to day use, with a payment card and intuitive mobile access.

Others are more about investing and saving, and may have high minimum balance requirements but personal service on offer. Accounts may be available to both individual and business customers, or only one or other customer type.

Whichever type of account you pick, you’ll be able to use your account to hold one or more foreign currency, either for everyday use, saving or investment.

Can you hold foreign currency in a US bank account?

Standard US bank accounts, like checking or saving accounts, are usually only able to hold USD. However, some US banks do offer alternative account products which can hold foreign currencies, too.

There are also non-bank specialist providers which have flexible account products which can hold and exchange many currencies all in one place.

We’ll look at some options you might want to look into, in just a moment.

Can you open a foreign currency account in the US?

Yes. You can open a foreign currency account in the US with select banks or with a non-bank alternative provider.

Different banks have their own eligibility requirements, and not all global banks accept applications from US persons or non-resident customers.

You’ll need to shop around to find the right account for your specific needs — we’ve got some options coming up to start your research.

Best multi-currency accounts in the US

Provider	Availability	Fees	# currencies	Card available?
Wise Get started	Personal and business customers, in the US and a broad selection of other countries	No fee to open personal account, no ongoing fees Currency conversion with mid-market rate, conversion fees from 0.43%¹	40+ currencies for holding, 9 for receiving with local account details	Debit card available
OFX®	Business customers, in the US and a broad selection of other countries	No fee to open, no ongoing fees Currency conversion includes a markup	Hold and receive 7 currencies, send to 50 currencies	No
Revolut®	Personal and business customers, in the US and select other countries	Monthly fees 0 USD — 16.99 USD Currency conversion at mid-market rate to plan limit, 0.5% fair usage after that. 1% out of hours or exotic currency fee may apply	Hold and exchange 25 currencies	Debit card available
HSBC international®	Personal and business customers, in the US and a broad selection of other countries	Fees vary based on account type — minimum deposit of 50,000 GBP or your preferred currency equivalent required Currency conversion includes a markup	Current accounts in GBP, EUR and USD; savings accounts in most major currencies	Debit card available
TIAA®	Personal customers in the US	Fees — including monthly charges — vary based on account type — minimum deposit of 2,500 USD, or a monthly deposit of 100 USD or more required Currency conversion includes a markup of up to 1%	Selection of major and emerging currencies, depending on account type	No
EastWest®	Personal customers in the US	Varied fees depending on account type Currency conversion includes a markup	14 currencies, varied by account type	No
Payoneer®	Business customers, in the US and a broad selection of other countries	Fees apply to receive customer payments, depending on preferred payment method; withdrawal fees may apply; 29.95 USD annual fee (based on account usage) Currency conversion includes a 0.5% markup	Local receiving account details for 9 currencies	Debit card available
Citi®	Personal high wealth customers in select countries only	Fees apply depending on the products and services you select — minimum balance of 200,000 USD required to open any account	Offshore accounting in 21 currencies;	Debit card available
Wells Fargo®	Business, corporate and enterprise customers in the US	Contact Wells Fargo to learn more	Contact Wells Fargo to learn more	Not applicable;

Note: details correct at time of writing, 14th July 2023

Wise

Wise offers digital accounts for personal and business customers which can be used to hold and exchange 40+ currencies with the mid-market exchange rate.

Accounts have local bank details to get paid conveniently from 9 currencies, as well as options to send money to over 70 countries and spend with a linked debit card in 150+ countries.

• Key fees: No ongoing charges; international transfers and currency conversion from 0.43%¹
• Exchange rate: Mid-market rate
• Features: Hold 40+ currencies, local bank details for 9 currencies, send to 70 countries, spend with linked debit card in 150+ countries
• Availability: Personal and business customers in the US and most countries worldwide

Get a Wise Account

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

OFX

OFX is a currency specialist which offers multi-currency accounts to business customers and online sellers, as well as more complex currency products like risk management solutions.

You can receive and hold 7 currencies with your OFX Global Currency Account², and send money to 50 different currencies with preferential exchange rates. There’s no fee to open or maintain an account, but exchange rates will include a markup

• Key fees: No opening or maintenance fee; no transfer fee³
• Exchange rate: Exchange rate markups apply
• Features: Hold and receive 7 currencies and send payments to 50 currencies
• Availability: Business customers in the US and a selection of other supported currencies

Revolut

Revolut⁴ has a selection of different account types from Standard plans with no monthly fee to Metal plans which cost 16.99 USD a month.

All accounts have some fee free currency conversion, with fair usage fees after the plan limits exhaust — higher tier account types have more features and higher fee free transaction limits. Hold 25 currencies and spend with your Revolut card in 150+ countries.

• Key fees: Monthly fees 0 USD — 16.99 USD; international payment fees up to 10 USD depending on value⁵
• Exchange rate: Currency conversion at mid market rate to plan limit, 0.5% fair usage after that. 1% out of hours or exotic currency fee may apply
• Features: Selection of account tiers, hold 25 currencies, spend with your card in 150+ countries
• Availability: Personal and business customers, in the US and select other countries

HSBC

Global banking brand HSBC⁶ has multi-currency accounts available for US citizens and residents through its international and expat banking division.

Everyday current accounts are available in 3 currencies, digital Global Money accounts cover 19 currencies and saving accounts are available in most major currencies.

Fees vary based on the account you have but there’s a high minimum deposit of 50,000 GBP or the currency equivalent in all cases.

• Key fees: Fees vary based on account type — minimum deposit of 50,000 GBP or your preferred currency equivalent required
• Exchange rate: Exchange rates include a variable markup
• Features: Current accounts in GBP, EUR and USD; savings accounts in most major currencies, and digital only accounts in 19 currencies
• Availability: Personal and business customers, in the US and a broad selection of other countries

TIAA

TIAA⁷ has FDIC insured access accounts, single currency CDs and CD baskets which include several currencies. Interest varies by account product and currency, and monthly fees may apply.

There’s a good selection of supported currencies including some emerging currencies which are not always available in bank foreign currency accounts.

• Key fees: Fees — including monthly charges — vary based on account type — minimum deposit of 2,500 USD, or a monthly deposit of 100 USD or more required
• Exchange rate: Exchange rates include a variable markup of up to 1%
• Features: Access and saving accounts, across a selection of major and emerging currencies
• Availability: US customers, personal and business accounts available, although terms vary

EastWest

EastWest⁸ has foreign currency demand accounts and foreign currency certificates of deposit which are all US domiciled and so eligible for FDIC deposit insurance.

Accounts are more designed for saving and investing and so come with ways to pay in and out, but no linked debit card for easy day to day access.

• Key fees: Fees vary based on the account type you choose
• Exchange rate: Exchange rates include a variable markup
• Features: 14 supported currencies depending on the account type
• Availability: Personal customers in the US (different services available to business customers)

Payoneer

Payoneer⁹ offers digital accounts to business customers, which come with local account details for 9 currencies you can use to get paid by customers, marketplaces and PSPs.

Various fees apply when receiving and withdrawing payments, but there’s no ongoing charge if you use your account frequently.

• Key fees: Fees apply to receive customer payments, depending on preferred payment method; withdrawal fees may apply; 29.95 USD annual fee (based on account usage)¹⁰
• Exchange rate: Exchange rates include a 0.5% markup
• Features: Local receiving account details for 9 currencies, options to pay people in a range of countries
• Availability: Business customers in the US and a selection of other countries

Citi

Citi International¹¹ has multi-currency accounts which are offered through offshore bases in Jersey in 21 currencies. Eligibility rules apply, including holding a minimum balance of 200,000 USD to get started.

Not all country residents are able to have accounts with Citi’s international arm so you’ll need to start the application process and check you’re able to apply based on where in the world you are.

• Key fees: Fees apply depending on the products and services you select — minimum balance of 200,000 USD required to open any account
• Exchange rate: Exchange rates include a variable markup
• Features: Offshore accounting in 21 currencies
• Availability: Personal high wealth customers in select countries only

Wells Fargo

Wells Fargo¹² doesn’t have a standard foreign currency account for personal customers, but does offer some international treasury management services for its corporate, business and enterprise clients.

• Key fees: Check with Wells Fargo — services are tailored to enterprise client needs
• Exchange rate: Exchange rates include a variable markup
• Features: Business treasury management services available
• Availability: US business and enterprise customers only

Opening a foreign currency account in the US: step by step

The process you follow to get your US foreign currency account will depend on the bank or provider you select. Here’s an outline of how to get started if you’re working with a US bank:

Step 1. Research thoroughly and choose the bank and account that suits you

Step 2. Check your eligibility and gather the documents you need to apply

Step 3. Head to the bank’s desktop site and select ‘Apply now’, or visit a branch in person

Step 4. Apply online if available, or you may need to register and await a call back from the bank, ro visit a branch to continue

Step 5. You’ll be mailed any paperwork or card once your account is verified and you can start transacting

Opening a foreign currency account online: step by step

If you prefer to open an account with a digital provider — including non-bank services like Wise or Revolut — you’ll find there’s an easy and intuitive online account application, verification and onboarding process.

Here’s how to open an account with Wise as an example:
Download the Wise app or open the desktop site Click Sign up, and enter your email, Facebook, Google or Apple ID Follow the prompts to enter your personal and contact information; Upload an image of proof of ID and address¹⁴ You can start to transact once your account is verified

Choosing the right multi-currency account for your needs

As we’ve seen, foreign currency accounts in the US tend to be offered through banks — or the international arm of a major bank — or else via non-bank specialist services.

While each bank or provider has its own features, pros and cons, there are some similarities which may help you decide which is the right multi-currency account for your needs. Here’s a quick summary.

Multi-currency accounts from banks	Multi-currency accounts from non-bank specialist services
Physical branch network available if you want face to face service High minimum balance may apply Usually more for investing and saving rather than daily use Expat accounts have premium benefits like wealth advice and personal services	Accounts can often hold dozens of currencies Digital account application and management Low fees and, often, mid-market exchange rates Debit cards for day to day access and spending;

Aspects to consider

Here are a few things to weigh up when choosing a multi-currency account.

Is there a minimum balance to be eligible? What transaction fees apply? What exchange rate is available when paying in and withdrawing? Are all important features, like debit cards or checking services, available? Will you earn interest?

Final thoughts on US foreign currency accounts

US customers have a few options for foreign currency and multi-currency accounts, from both banks and non-bank digital specialist services. These products tend to address different customer needs, so you might find one type suits you more than another.

If you want to invest in foreign currencies and you have a high balance amount to deposit, a bank foreign currency account may be a good option. If you’d prefer a flexible, low fee account you can use to hold, send, spend and receive dozens of currencies using just your phone, check out non-bank providers like Wise instead.

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Foreign currency accounts in the US FAQs

Is your money safe in a US foreign currency account?

You’ll need to do your own due diligence checks to make sure your funds are adequately protected. Some US foreign currency accounts benefit from FDIC insurance, but accounts based offshore may not have this available, for example.

What are the risks of a foreign currency account in the US?

There are risks if your deposit isn’t FDIC insured, or if it exceeds the FDIC insurance maximum. You may also find the value of your funds decreases over time thanks to changes in the exchange rate, taxes or fees.

Weigh up all the costs and benefits before you open an account.

Can you convert foreign currency back to USD within your account?

Whether or not you can convert foreign currencies to USD in your account depends on the specific bank or provider.

If you hold funds in an account that supports USD alongside other currencies — like the Wise Account — you can switch freely. Otherwise you may need to withdraw funds to a USD account, and pay any relevant fees.

Can you transfer money abroad from a foreign currency account?

It’s usually possible to transfer money overseas from a foreign currency account, although you’ll need to double check the terms and conditions of your preferred accounts to be sure.

How are interest rates determined for US foreign currency accounts?

Banks set their own interest rates across different currencies, based on market conditions and the bank’s own policy. Rates are usually variable and can be very different from one bank to another.

What are the tax implications of holding a foreign currency account?

If you hold funds in a foreign currency you may need to report your holding to the IRS in a FBAR¹³ report.

You may also have new obligations in the country the account is held in. Get professional advice to make sure you fulfill all the relevant obligations at home and abroad.

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
2. OFX Global Currency Account
3. OFX FAQ transfer fees
4. Revolut
5. Revolut fees
6. HSBC Expat
7. TIAA
8. EastWest
9. Payoneer
10. Payoneer fees
11. Citi international
12. Wells Fargo
13. IRS - FBAR
14. Wise may request additional documents to verify a customer's identity

Sources checked on 07.19.2023