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European Bank Account

European Bank Account

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Old May 23, 19, 1:26 pm
  #16  
 
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TransferWise will set you up with multiple currency accounts and give you banking codes for several countries (USA, Germany, UK, Australia and New Zealand). It also comes with a debit card and no monthly fee. Allows quick and immediate transfer between your currency accounts and the ability to pay money into most accounts with an IBAN.
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Old May 23, 19, 1:54 pm
  #17  
 
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Originally Posted by malmostoso View Post
If it makes you feel any better, that's the standard reply to any non-resident, even Swiss citizens living abroad. US citizens are extra toxic due to the FACTA reporting (or whatever it's called).
1) Switzerland is the most US citizen unfriendly banking country, ever. Even towards Dual Swiss/US citizens residing in Switzerland. In fact due to #FATCA they are told to renounce or they will call their mortgage due.
2) Most countries aren't going to be easy to open an account if you are a US citizen. If you were a dual citizen of any other country, it would be no problem.

US citizens trying to do any financial business outside the US carry the #FATCA burden. It's a terrible thing, it's super harmful to middle and low class US citizen families overseas. Disastrous in fact.
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Old May 23, 19, 5:09 pm
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What are you trying to accomplish? Having a US-domiciled HSBC Premier or Citigold account with Euros might meet your needs. If you wish to buy property it might make sense to set up a corporation. Almost never makes sense to hold on to much cash.
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Old May 23, 19, 11:21 pm
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Open a N26 account
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Old May 23, 19, 11:25 pm
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Now, what on earth is a N26 account?
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Old May 23, 19, 11:29 pm
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Originally Posted by KLouis View Post
Now, what on earth is a N26 account?
It's an online bank from Germany (iirc), very useful service.
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Old May 23, 19, 11:32 pm
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Originally Posted by KLouis View Post
Now, what on earth is a N26 account?
N26 is a German startup/bank. They operate in several EU countries and are expanding to the US. Notably, they're fee-free (though they have products that charge a monthly fee), and 100% online
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Old May 24, 19, 1:16 am
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Monzo, Revolut, TransferWise Borderless. Lots of options. :-)
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Old May 24, 19, 3:45 am
  #24  
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Originally Posted by bertles86 View Post
Monzo, Revolut, TransferWise Borderless. Lots of options. :-)
Do monzo and revolut accept US residential addresses? Revolut is not a bank and is not a suitable place to hold $50K. You might as well be buying supermarket gift cards
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Old May 24, 19, 4:22 am
  #25  
 
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Originally Posted by rwSEA View Post
Keep in mind that European accounts are basically paying 0% interest at the moment. So, compared with an account in the US earning 2.25% (current online banking rates), you'd be losing $1,125 annually in interest by using a European account.
This. I'm not sure what OP's trying to accomplish here--there are more efficient ways to speculate on currency than opening a consumer account in EUR, and occasional SEPA payments can be done easily enough through Transferwise or the like--or through a EUR account with €500 in it.

If you find a really generous bank in the Eurozone, you might--might--get 0.5% on €50k in a savings account. Depending on the country and how competitive its banks are, it's also not uncommon for current accounts to charge monthly or annual fees in addition to not paying interest.

Originally Posted by pewpew View Post
N26 is a German startup/bank. They operate in several EU countries and are expanding to the US. Notably, they're fee-free (though they have products that charge a monthly fee), and 100% online
N26 is great. If you don't need any of their premium services, you get a 100% free current account with a great app and a debit MasterCard. It's also really easy to open an account--fill in some forms online, video chat an employee who looks at your passport, receive debit card a few days later. Basically all you need is an address in a country they serve and a passport from a country on their list (which includes nearly the entire industrialized world and a fair number of middle-income countries as well).

I suspect that when they do start providing services in the US, they'll operate completely separately from their German-based Eurozone branch, though I'd love to be proven wrong.

Last edited by der_saeufer; May 24, 19 at 4:31 am
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Old May 24, 19, 5:26 am
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Send me the money... I will open the account on your behalf
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Old May 24, 19, 8:43 am
  #27  
 
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Originally Posted by malmostoso View Post
Interestingly this was not my experience in Switzerland: once my bank realized I was not a resident they told me to close the account, or they would have terminated it. I still had a valid address and everything, it's just that they don't want to deal with the hassle of reporting, unless of course you make it worth their while with a six figure account.
I had the same response from Commerzbank in Germany, which demanded I close an active account I had with them for over 50 years, just because I am a U.S citizen. They said they wouldn't do business with U.S. citizens unless they were actually residing in Germany irrespective of where they were living when they opened the account or how active the account was. They stuck to that despite my protests, even when I showed them I was reporting the account to the IRS, and said it was because of the extra paperwork the IRS demanded they provide.

Who knew the IRS could dictate to foreign banks?
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Old May 24, 19, 10:01 am
  #28  
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Originally Posted by Counsellor View Post

Who knew the IRS could dictate to foreign banks?
Well given that your bank may also operate in the US there would be a requirement for it to follow all applicable US laws and failure to comply with any US law could lead to having their banking licence revoked or sanctions applied.

And even if that wasn't the case a US customer could be seen as putting an extra burden on the bank that they would regard as unacceptable and going above what they would have to do with a German customer.
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Old May 25, 19, 5:47 am
  #29  
 
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Originally Posted by HeidiInTheAlps View Post
1) 2) Most countries aren't going to be easy to open an account if you are a US citizen. If you were a dual citizen of any other country, it would be no problem.
OP is a dual US-HU citizen, therefore my advice to grab his HU passport and open an account in HU in the currency of his preference
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Old May 25, 19, 6:01 am
  #30  
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Mini update: I contacted the HU lawyer who helped with the citizenship application for his advice and he said that banks there require Hungarian residence
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