How to Open a Euro Account in the US [2024]
You may want a euro account in the US if you’re a frequent traveler, own a vacation home in Europe, or want to save and invest in EUR. Business owners may also choose a euro account in the US if they take customer payments from the Eurozone, or have a remote team which needs paying in EUR for example.
You can open a euro account in the US, but the options available from banks might not be as comprehensive as you may expect. This guide walks through what you need to know and also introduces a few options, including non-bank alternatives like Wise and Revolut, to help you pick.
Key points: Opening a euro account online in the US
- You can open a euro account in the US, but many banks have limited options for checking account products
- Euro accounts from non-bank specialist providers like Wise and Revolut provide a useful alternative, with ways to hold, send, spend, receive and exchange EUR conveniently
- You can apply for a euro account from a digital provider online – banks may offer online application processes, or may need you to visit a branch
- All euro accounts will have some types of fees to know about – but these can vary a lot, from ongoing monthly charges to transaction fees and exchange rate markups
Can I open a euro account in the US?
Yes. You can open a euro account in the US, but you might find your choices are limited from banks. Instead, non-bank options such as Wise and Revolut can be a good pick, with products you can open online or in-app, offering linked payment cards and easy, low cost currency conversion. More on that coming up later.
Can I open a euro account online?
Yes. you can open a euro account online from the US – but you may need to pick your preferred provider carefully to get a fully online onboarding experience.
Digital only providers allow you to open a euro account online or through an app, while banks might ask you to call into a branch to get signed up. You may also find that opening a EUR account online with a bank is possible, but only if you also have a USD account with the same bank. Digital only services run their entire application, verification and onboarding process online or through an app, which means you don’t need to leave home – just grab your phone and proof of ID and address and you can get started.
What is a euro currency account?
You’ll be able to open a euro account which only supports EUR for holding or exchange, or could choose a multi-currency account which supports euros as well as a broad selection of other currencies. These can include the American dollar, the Japanese yen, the British pound, the Swiss franc, the Canadian dollar, and the Australian dollar. Some multi-currency accounts hold as many as 40+ currencies, which can be handy if you travel a lot or want to be able to send and receive other currencies aside from euros.
| Euro bank account pros | Euro bank account cons |
|---|---|
| ✅ Hold a euro balance for spending and investing ✅ Receive payments in EUR without needing to convert back to USD ✅ Get a debit card for spending and cash withdrawals in EUR with low or no fees ✅ Ride out exchange rate fluctuations and benefit from good rates when you see then | ❌ Some accounts have ongoing fees to pay ❌ Exchange and transaction costs are likely to apply |
What do I need a euro account for?
You may find a euro account is useful if:
- You travel to the Eurozone and want to spend and withdraw with lower fees
- You receive or send payments in EUR often
- You’re a business owner looking to receive payments from customers, PSPs and marketplaces
- You’d like to save or invest in euros to diversify your portfolio
How to open a euro account online in the US
You can open a euro account with a bank or a non-bank alternative. Online application processes aren’t always an option with a bank – but non-bank digital services have intuitive and easy processes you can complete with just a phone and your ID documents.
Here’s how to open a multi-currency account with Wise, as an example;
1. Download the Wise app, or open the Wise desktop site
The Wise app is available on Apple and Android phones and is easy to navigate – plus once you have an account you can start a chat in your app to ask for help from the Wise team whenever you need it.
2. Register with your email address, or an Apple, Google or FaceBook account
You’ll need to start by giving some information about yourself and how Wise can contact you – all information is securely stored by Wise.
3. Follow the prompts to enter your personal details
You’ll be asked to confirm if you want a personal or business EUR account and then follow prompts to fill in the application form.
4. Upload your ID documents for verification – you’ll also be prompted to enter your SSN
Take a clear photo of your ID and address documents – we’ll cover what’s usually needed in more detail later. You can upload these images in the app for verification.
5. Once your account is verified, tap Open in the app homepage and then tap EUR on the currency balance tab
You can now open a currency balance in euros, to hold, send and receive payments. Just look for the Open + symbol, tap it and choose currency balance to see your options.
6. Top up your balance, complete any required security step, and start transacting
You’ll need to add some money to your Wise account in USD or your preferred currency, but then you can send a payment, order a Wise card, access local EUR bank details to receive money from others, or exchange currencies in your account.
How to open a euro bank account in the US
Banks offer different account opening processes – while some let you apply online, this is not always possible. With HSBC for example, you can open a euro account online or in the HSBC app, but you’ll need to already be a customer with an active USD account. This means another step – which could require you to visit a branch.
Check the process with your own preferred banks – generally the outline looks like this:
- Choose your preferred provider and account, and check you’re eligible
- Complete the application online or in a branch
- Get verified by showing or uploading your documents
- Pay in your opening deposit if needed
You can usually add money from an account in USD and then convert to EUR in your account, once you’re verified.
What do you need to open a euro account?
Banks and non-bank alternative providers have to follow the same laws about verifying customers – so in all cases you’ll be asked to provide some documents and information, usually including:
- A photo ID document like a passport or a driving license
- Proof of your address such as a utility bill in your name
- Your SSN
Business customers will also need to provide details of their company and some ID for all beneficial owners.
What is the eligibility to open a euro bank account?
EUR account eligibility requirements can vary depending on the account you pick. You’ll pretty much always need to be:
- 18 years old or over
- Able to provide proof of ID and address in the US
Banks which cater to investors and high wealth individuals will also usually need a minimum deposit or proof of earnings, while business customers will need a full suite of business information and paperwork, which varies based on entity type.
Best euro currency accounts in the US
Different EUR accounts in the US have been designed to suit different customer needs. This means you can find accounts for day to day use, as well as options to save and invest among other things. Here’s an overview of the accounts we’ve picked out to give you a headstart on your research – there’s more detail coming up right after.
| Wise | Revolut | HSBC | Everbank | |
|---|---|---|---|---|
| Supported currencies | 40+ including EUR | 25+ including EUR | 6 including EUR | 20 including EUR |
| Maintenance fees | None | 0 USD – 16.99 USD/month | None | Monthly fee applies to easy access products |
| Minimum balance | None | None | None | 2,500 USD or 100 USD/month |
| International transfer fees | From 0.33% | Variable fees, up to 5% of transfer amount | Variable fees, no cost for some transfers | Not specified |
| Receive payments | With local account details in select currencies including EUR | With SWIFT details in select currencies | From your HSBC account only | Not specified |
| Debit card | Available | Available | Not available | Not available |
As you can see, the options available from different providers are quite varied.
- Wise and Revolut are not banks but offer euros for holding and exchange among a pretty broad currency selection. Both also have debit cards, making them a solid choice for day to day spending.
- HSBC customers might choose the Global Money account, which lets you hold a balance in foreign currencies, but you’ll need an existing HSBC USD account to benefit.
- Everbank has savings and CD products in foreign currencies, including easy access account options. We’ll dig into each a little more now.
Wise multi currency account
You can open the Wise account as a personal or business customer in the US, to hold and exchange euros among 40+ different supported currencies.
Accounts come with local account details to receive payments in euros and select other currencies, with no fee to receive incoming EUR payments. You’ll also be able to get a linked debit card for spending and cash withdrawals, making this a good choice for travelers and anyone looking to send and receive payments in foreign currencies. Currency exchange uses the mid-market rate and low fees from 0.33%.
Best features:
- Mid-market exchange rates
- Great selection of supported currencies
- Ways to receive, send and spend currencies conveniently
EUR account details: Available – no fee to receive incoming payments
Exchange rates: Mid-market exchange rate
Account fees: No fee to open or maintain, currency exchange from 0.33%
Learn more: Wise Euro Account
Revolut account
Revolut serves US business and personal customers, with a selection of accounts which can include some with no ongoing fees. All accounts offer some no fee weekday currency exchange which uses the Revolut exchange rate, before fair usage fees apply. Different account tiers have their own features – accounts with monthly charges may get discounts on services like international transfers, and also perks like lounge access and travel extras.
Best features:
- Choose from several different account types
- All accounts have some no fee features and services
- 25+ currencies including EUR supported for holding and exchange
EUR account details: Available for incoming SWIFT payments
Exchange rates: Revolut rate on weekday conversion to plan limit, 0.5% fair usage fees, 1% out of hours fees
Account fees: 0 USD to 16.99 USD monthly fees, other transaction fees apply including international payments fees of up to 5%
HSBC Global Money account
If you already have a USD account with HSBC you can also add in the app-based Global Money account. This account is primarily meant for people who want to transfer in and out from HSBC accounts, and can support 6 currencies including EUR. You can add money from a linked HSBC account to convert with the HSBC exchange rate – which can be handy for making overseas payments to other HSBC accounts, or if you know you’ll need foreign currency in future for an upcoming bill for example.
Best features:
- Service from a global bank with a full suite of other international products
- Accounts support 6 currencies
- Fully in app management tools
EUR account details: Not specified – transfer in from your linked HSBC account
Exchange rates: HSBC rates which may include a markup
Account fees: No additional maintenance fees for this account, but you may pay monthly fees on your HSBC USD account – transfer charges might apply
Everbank euro account
Everbank supports 20 currencies for access savings accounts and CDs, with options to buy EUR products available. At the point of writing the only currency which earns interest with the access account options is USD, but this can change depending on the rates available around the world. Monthly fees might apply on the easy access account products, these are variable depending on currencies.
Best features:
- 20 supported currencies including euros
- Easy access savings and CD products available
- Some accounts earn interest
EUR account details: Not specified
Exchange rates: Everbank rates which may include a markup of up to 1%
Account fees: Monthly fees may apply on easy access products
Which US banks offer euro currency accounts?
Some US banks have EUR currency accounts, but you’ll often find that the options are aimed more at corporate and business customers than individuals. Options can include those listed above as well as:
East West Bank – for savings products and customers looking to invest in foreign currencies
Citibank – products available through the international and expat services division, aimed at high wealth individuals
Chase – services are mainly intended for business and corporate customers
Learn more: Best multi currency bank accounts
Fees to open and maintain a euro account
The way different providers and banks choose to charge for euro accounts can be quite different. This may mean you pay a one off fee to get an account, or you pay maintenance charges every month. In all cases there will be some fees to pay, including transaction fees which vary based on how you use your account. It’s crucial you read through your preferred account’s fee information document before you sign up – here’s a roundup of some important fees from a few of the accounts we looked at earlier.
| Wise | Revolut | HSBC | |
|---|---|---|---|
| Maintenance fees | None | 0 USD – 16.99 USD/month | None – you must also have another HSBC USD account which might have fees |
| Order a debit card | 9 USD | No fee | Not applicable |
| Incoming international transfer fees | Free to receive in euros, as well as select other currencies 6.11 USD fee for incoming USD wires 10 CAD for incoming CAD SWIFT payments | No fee to receive in EUR and select currencies via SWIFT 10 USD incoming USD wire fee | No fee to receive payment from your own HSBC account – currency conversion costs may apply |
| Outgoing international transfer fees | From 0.33% | Variable fees, up to 5% of transfer amount | Variable fees, no cost for some transfers |
| Currency conversion | From 0.33% | No fee to plan limit, 0.5% fair usage fees after that 1% out of hours fee | HSBC rates apply which are likely to include a markup |
What is the minimum amount to open a euro account?
As well as fees, you might find your euro account has a minimum deposit or balance requirement, or a fall below fee.
Of the accounts we’ve picked out in this guide, only the Everbank products have minimum balances. In this case you need 2,500 USD or 100 USD a month on an ongoing basis, to get an account. Some other accounts which are aimed at high wealth individuals might have higher minimum balance requirements.
Can I deposit euros into my US bank account?
If you have opened a EUR bank or non-bank alternative account in the US you may be able to top up or deposit in euros electronically. You can’t usually deposit cash into your account, and checks may be rejected or come with high fees when you try to deposit them.
Euro business accounts
Some US banks and specialist providers like Wise and Revolut offer multi currency accounts for business customers. This can be very helpful if you’ve got a US based business but sell to customers in Europe, or if you need to pay contractors or suppliers in EUR. You’ll be able to receive payments in euros through PSPs and marketplaces, for example, and then run international payroll or pay your overseas suppliers and taxes more efficiently.
Digital providers are a good bet if you want a euro account as a relatively small business owner, many US banks focus their attentions on corporate customers – here are a couple of options to consider:
Wise Business: Hold and exchange euros and 40+ other currencies with no ongoing fees and no fee to receive EUR with local details. You can get multi-user access, batch payments and cloud accounting integration, as well as debit and expense cards for you and you team – currency conversion uses the mid-market rate
Revolut Business: Different account types depending on the size of business and your transaction needs. All accounts hold 25+ currencies and come with local account details to receive USD, and SWIFT details for EUR. Exchange up to your plan limit every month using the Revolut exchange rate with no extra fee – fair usage and out of hours conversion fees may apply
Wells Fargo: Corporate customers can access products and services including electronic payables and receivables, disbursement, fraud protection, and merchant services – not intended for smaller businesses
Can I open a European bank account online?
You’re unlikely to be able to open an account with a bank based in Europe online from the US. This is because most European banks require a local proof of address in the EU or the country the bank is based in. Instead, consider a non-bank alternative from a provider like Wise or Revolut, which you can open online or in app, from the US, to access euro currency balances and services.
Learn more: How to open a Europen bank account online
Conclusion: Opening a euro currency account in the US
You can open a euro account in the US for yourself or your business – but your options with banks can be a bit limited. Banks tend to serve business customers mainly, with some offering EUR accounts for investment and saving, and a few global banks providing more flexible EUR services. As an alternative, a non-bank EUR account from a provider like Wise or Revolut could be a good choice.
Wise lets you hold and exchange euros among 40+ currencies, with the mid-market rate and low fees from 0.33%. You can get a linked debit card, and spend globally, with easy ways to receive euro payments for free, and options to send money to 160+ countries with low fees and super fast transfer times..
Revolut has different accounts depending on how you like to transact – but all accounts support EUR and offer some no fee currency conversion during the week, to your plan limit. You can take an account with no monthly fee, or upgrade to one with maintenance charges to unlock more features and get higher non fee transaction limits.
Use this guide to kickstart your research for the right EUR account in the US for your specific needs.
