Best EUR account in the US: Banks and online providers compared

A euro (EUR) account can make it easier to receive, hold, and spend euros, and cut the costs of switching between EUR and other currencies. Euro accounts can be handy for both individuals and businesses, helping them to save time and money when transacting across borders.

However, opening a euro account in the US is more difficult than you may expect. It’s not possible to open a personal EUR account with most traditional US based banks. And where euro accounts are offered, they can be cumbersome, slow, and, most of all, expensive. Specialist providers like Wise and Revolut can be good alternatives.

In this article, we’ll walk through everything you need to know about opening a euro account, including the best EUR account US, the costs, and how to open one.

Can a EUR account be opened in the US?

Given how connected the world is today, you may expect that it’s easy to get a euro account from your regular bank in the US. Unfortunately this is not the case.

While it is possible to open a EUR account in the US, the chances are that you’ll be better off looking at specialist online services rather than relying on your normal bank. Many large US banks don’t offer euro accounts for personal customers at all – and where they do they may well be offered through an international banking subsidiary and have restrictive eligibility criteria.

Online sellers, freelancers and small business owners may well have the same challenge when it comes to getting a EUR bank account in the US – but large, established corporate companies tend to be better served.

This guide will walk through some smart options whether you’re looking for the best EUR account in the US for yourself, your business or as a freelancer working across borders.

What are the advantages of a EUR account in the US?

If you get paid in euros, need to hold a EUR balance, or send money to Europe regularly you may benefit from a EUR account.

Being able to receive and hold foreign currencies can make it easier to manage fluctuations in the currency exchange rates. You’ll be able to hold your EUR balance if exchange rates deteriorate rather than being forced to convert it to USD immediately and lose out because of a bad exchange rate. And you can choose to buy euros for future use when the rates look good, and hold them in your account until you need them.

Having a euro denominated account can also make it easier to get paid by European customers or clients who would rather use their home currency. Maybe you’re a business owner, freelancer or contractor –  give your EUR bank account details to clients and have them pay you with a local transfer. Or if you’re an online seller use your account to collect EUR payments from PSPs like Stripe and marketplaces like Amazon. You can then hold your balance in euros, or convert it to the currency you need using your preferred provider.

Best EUR accounts

There’s not a huge choice of euro accounts available for US based customers. However, there are a few great providers with flexible, low cost accounts for individuals and businesses. Picking the best one for you will depend on your specific needs and the sort of transactions you’ll want to make. Here are a few options to consider:

Wise

Wise personal and business customers can open international accounts to hold, send and spend euros as well as 50+ other currencies. Get your own bank account details for 10 different currencies including EUR, and get paid like a local from 30+ countries. Both personal and business customers can get debit cards for spending and withdrawals at home and abroad. All currency conversion uses the mid-market exchange rate with low, transparent fees.

• Fees: No fee to open a personal account, 31 USD one-off fee to open a business account. No monthly fee for either personal or business accounts
• Currency conversion: Hold and convert 54 currencies with the mid-market exchange rate
• Other notable features: Receive payments like a local from 30 countries, send money to 80+ countries, spend with your linked debit card in 200+ countries

Revolut

Revolut accounts can hold 28+ different currencies including euros, and are available for both personal and business customers. Choose a free standard plan or upgrade to a paid plan for more features and fee-free transactions. Whichever plan you select you’ll get a linked debit card with free in network withdrawals, and up to 1,200 USD/month of free out of network withdrawals, too.

• Fees: Standard accounts are free. Upgrade to a fee paid personal account for up to 16.99 USD/month or a fee paid business account for up to 149.99 USD/month
• Currency conversion: 28+ fiat currencies available
• Other notable features: Broad range of account services including budgeting tools, savings and investment

HSBC US

The HSBC US Global Money Account is designed for personal customers who make and receive international transfers and want to hold and convert between a range of currencies, including euros, within one account. You can manage your Global Money Account from your phone or other mobile device, to hold 8 currencies and send payments to a broad range of additional countries. You’ll need an HSBC deposit account to link to your Global Money Account.

HSBC US recently announced it would stop serving some states, transferring customers and employees to other providers. New HSBC customers will not be accepted in these areas – double check the details for your state before you begin the application process.

• Fees: No fees to open account or send global transfers – an exchange rate margin will apply when you convert between currencies in the account, or send to a different currency
• Currency conversion: USD + 7 foreign currencies offered
• Other notable features: Not available in all US states – check the details before you apply

OFX

OFX is a specialist in currency exchange, currency risk management and international payments. If you’re an online seller, OFX has a Global Currency Account which lets you accept payments in 7 different currencies including euros. You can also access OFX’s currency risk management products like forward exchange contracts which can be used to lock in an exchange rate for a future payment.

• Fees: No fees to open or operate account
• Currency conversion: 7 currencies offered
• Other notable features: OFX transfers and currency conversion has no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available, with support of personal brokers

Airwallex

Airwallex has EUR accounts which are designed for business owners who need to pay and get paid in euros, as well as USD, AUD and GBP. Accounts can hold these 4 major global currencies, with currency conversion available using a competitive exchange rate. Business owners can get linked debit cards for themselves and their team, which may also be eligible for cashback on spending.

• Fees: No fees to open or operate account
• Currency conversion: Local receiving accounts in 4 global currencies, payments offered in 31 currencies
• Other notable features: Business friendly features like bulk payments available

Wells Fargo Corporate European Treasury Accounts

Wells Fargo offers some EUR services for corporate clients through its UK offices. However, these services are not available for regular retail customers or small business owners at the time of writing. You can open an account as a corporate customer, in any of 20 different currencies, as well as accessing loans, currency risk management services, trade services and low-cost payments in the SEPA area. To learn more and check the eligibility criteria applied to this product, you’ll need to get in touch with the Wells Fargo European Treasury Account team directly.

• Fees: Contact Wells Fargo European Treasury services to learn more
• Currency conversion: 20 currencies including USD and EUR
• Other notable features: Not available for retail or small business customers – corporate clients only

How to open a EUR account in the US

The process for opening a euro account in the US will depend a lot on the provider you prefer to use. As we have seen, few traditional banks in the US have euro accounts available – which may mean you prefer to use an online service. In this case, opening an account can usually be done easily online or on your mobile device. Here are the basic steps you usually need to take:

1. Choose the best provider for your needs
2. Register for your account online, through the provider app, or in a branch
3. Give your personal and contact information
4. Complete the required verification steps
5. Fund your account – and you’re ready to go

At some point in the process you’ll be asked to provide paperwork for verification and to check your ID and residential address. The exact documents you need will vary depending on the account type, but can include:

• Government issued photo ID
• Proof of address – a utility bill or bank statement in your name for example
• Business registration documents if you’re opening a business account

Conclusion

If you need to transact in euros frequently, a EUR account can save you time and money, and make it easier to ride out changes in the USD/EUR exchange rate. However, the main US banks don’t have a great range of euro accounts on offer – especially for personal customers.

The good news is that there are several great online providers which may be able to offer you the perfect EUR account, whether you’re a personal or business customer, freelancer or online seller. Use this guide to kickstart your research and find your perfect match.

FAQs

1. Can I open a EUR account in the US?

You can open a euro account in the US.However, many major banks don’t offer EUR accounts to personal customers, so you may find it easier and more convenient to use an online specialist service like those listed in this article.

2. How much does it cost to open a EUR account?

Many EUR accounts are free to open with low, or no ongoing fees. Use this guide to start your research to find the perfect EUR account for your needs.