Best Euro account in the US 2024
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 might be more difficult than you may expect. It’s not possible to open a personal EUR account with most US 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 to open foreign currency accounts.
In this article, we’ll walk through everything you need to know about opening a euro account, including the best Euro accounts in the US, the costs, and how to open one.
Euro account in the US: Key points
- Online accessibility: Many Euro accounts in the US are easily accessible online, allowing users to manage their finances from anywhere with internet access.
- Local account details: Some Euro accounts, like Wise, offer local account details in Europe, enabling users to send and receive Euros as if they were locals living in the EU.
- Linked Euro debit card: Many Euro accounts come with a linked debit card, making spending and withdrawing in Euros straightforward.
- Fee-free account: Wise and Revolut offer free accounts with no opening or monthly maintenance fees.
- Competitive exchange rates: Euro accounts generally provide competitive exchange rates and low conversion fees to make it worthwhile for those who make frequent transactions in Euros.
What is a Euro account?
A euro account allows you to hold and exchange EUR, often alongside a selection of other currencies. A euro account can be useful for
- people who travel often and need to send or spend in EUR,
- people who shop with international e-commerce stores and pay in euros,
- individuals with recurring EUR payments like a mortgage on a vacation home.
Euro accounts are also handy for business owners with customers, contractors or suppliers in the Euro area, and freelancers and entrepreneurs who get paid by clients overseas. You’ll be able to
- collect payments from PSPs like Stripe and marketplaces like Amazon,
- and then hold your euro balance,
- withdraw to your local USD account
- or convert it to the currency you need.
How does a Euro account work?
With a Euro account you can hold and exchange EUR. Depending on the specific account you may also have local euro account details, like Wise account, you can give to people who need to pay you – if someone from overseas is sending you a transfer, or if a client needs to pay for work in EUR for example. You can then hold your euro balance to spend later, or convert back to dollars and withdraw to your regular bank account. Some euro accounts come with extra features to make it easier to spend, like a linked Euro debit card.
Euro account details
We mentioned that some providers offer local account details which work alongside their EUR accounts. One option – which we’ll cover in more detail later – is Wise.
To give an example of how this works, with Wise you’ll simply need to set up your Wise account online or in the Wise app to get local details for EUR and a selection of other currencies.
- Log into your account,
- tap Open and then Balance,
- You’ll see a list of currencies, including currencies with account details.
- From that list, select ‘Euro’
- Thats it, your Euro balance will be opened, and you can get your account details.
You’ll then be able to pull up local bank details – like your IBAN and SWIFT/BIC code for euros – which you can share with someone who needs to send you a Euro payment.
Can I open a Euro account in the US?
Unfortunately, many US banks don’t offer euro accounts for personal customers – they’re are usually for business customers only – and where they do they may be offered through an international banking subsidiary and have restrictive eligibility criteria. Online sellers, freelancers and small business owners might have the same challenge when it comes to getting a EUR bank account in the US.
If you’re looking for a flexible and low cost way to manage your money in euros and dollars side by side, a specialist provider like Wise or Revolut may suit you better. Both providers offer accounts for individuals and business customers alike, covering a selection of dozens of currencies. You can manage your account from your phone conveniently, and get a linked debit card for easy spending and withdrawals. With Wise you’ll also get EUR bank details to get paid like a local from anyone in the Euro area.
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.
6 Best Euro accounts in the US
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:
| Provider | Availability | Fees | Debit card | Other features |
|---|---|---|---|---|
| Wise | Personal and business customers |
| Yes |
|
| Revolut | Personal and business customers |
| Yes |
|
| HSBC | Personal customers in eligible states |
| No |
|
| OFX | Online sellers |
| No |
|
| Airwallex | Business customers |
| No |
|
| Wells Fargo | Corporate customers | Not disclosed | Not disclosed |
|
Wise account
Wise personal and business customers can open international accounts to hold, send and spend euros as well as 40+ other currencies.
You can get your own bank account details for 10 different currencies including Euro, and get paid like a local from 30+ countries with Wise account. Both personal and business customers can get Wise cards for spending and withdrawals at home and abroad. All currency conversion uses the mid-market exchange rate with low, transparent fees.
- Wise 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
- Currencies covered: Hold and convert 40+ currencies, get local account details for 10 currencies
- Wise currency conversion: Mid-market exchange rate
- Other notable features: Receive payments like a local from 30+ countries, send money to 160+ countries, spend with your linked debit card in 150+ countries
Learn more: Wise Euro account
Revolut account
Revolut accounts can hold 25+ different currencies including euros, and are available for both personal and business customers. Choose a standard plan with no monthly fee or upgrade to a paid plan for more features and no-fee transactions. Whichever plan you select you’ll get a linked debit card with no-fee in network withdrawals, and up to 1,200 USD/month of no-fee 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 119 USD/month
- Currencies covered: Personal and business accounts can hold and exchange 25+ currencies
- Currency conversion: Mid-market exchange rate to plan limits, out of hours and fair usage fees may apply
- Other notable features: Broad range of account services including budgeting tools, savings and investments
HSBC US Global Money Account
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 7 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
- Currencies covered: USD + 6 foreign currencies offered for holding and exchange
- Currency conversion: Exchange rates are likely to include a markup
- Other notable features: Not available in all US states – check the details before you apply
Learn more about HSBC Global Money Account here.
OFX Global Currency Account
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
- Currencies covered: 7 currencies offered for receiving, send payments in 50+ currencies
- OFX currency conversion: Exchange rates include a markup, which may be smaller than a typical bank markup
- 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 a selection of other major global currencies. Currency conversion is available using a competitive exchange rate, with a fairly low markup. 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
- Currencies covered: Local receiving accounts in 11+ global currencies, payout to 130 countries
- Currency conversion: Exchange rates have a low markup from 0.4% – 1%
- Other notable features: Business friendly features like bulk payments available
US Banks with Euro accounts
There are a few banks in the United States that offer their customers Euro accounts, but these tend to be more geared towards business customers rather than for personal use, and there aren’t many of them.
Major banks such as Wells Fargo provide accounts, primarily catering to businesses engaged in international trade or making frequent transactions within the Eurozone. Whereas, Bank of America doesn’t offer a Euro account or an account with multi-currency function. Only USD accounts can be opened with BoA.
However, it’s important to note that these Euro accounts frequently come with specific requirements, such as high minimum balances and other potential costs, making them less accessible or cost-effective for individuals or small businesses. So, while these accounts can be a great option for certain customers, they might not be suitable for everyone looking for Euro banking solutions in the US.
| Provider | Availability | Fees | Debit Card | Other Features |
|---|---|---|---|---|
| Wells Fargo accounts | Corporate customers | Not disclosed | Not disclosed | Not available to personal or small business customers |
| Citibank accounts | Only for Citigold International package product customers | 150 USD per month or 200,000 USD minimum balance | Yes – Citi Multi-Currency Debit Card | Dedicated relationship manager |
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 a selection of 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
- Currencies covered: 17 currencies, send to 40+ countries
- Currency conversion: Exchange rates are likely to include a markup
- Other notable features: Not available for retail or small business customers – corporate clients only
Citibank Euro account
Citibank only offers a foreign currency account as part of its Citigold International Products. However, this account isn’t a standard checking or savings account and is tailored for clients who can maintain a substantial minimum balance of 200,000 USD or pay 150 USD per month. It’s designed for customers who need to manage their global finances and comes with a Citi Multi-Currency Debit Card and a dedicated relationship manager as well as a range of 16 different currencies.
- Fees: Contact Citibank to learn more
- Currencies covered: Contact Citibank to learn more
- Currency conversion: Exchange rates are likely to include a markup
- Other notable features: Dedicated relationship manager
How to open a Euro 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 to open a Euro account in the US:
- Choose the best provider for your needs
- Register for your account online, through the provider app, or in a branch
- Give your personal and contact information
- Complete the required verification steps
- 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 to open a Euro account 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
How to open a euro account online
If you’re not a resident in Europe, you can still open a non-resident account online in Europe, with a specialist provider like Wise or Revolut. Let’s look at how you open a euro account with Wise as an easy example:
- Download the Wise app or open the Wise desktop site
- Register with your email, Facebook, Apple or Google ID
- Complete the verification step
- You’re ready to send or receive a transfer, order a card or add a balance
The verification step here is important to keep your account secure and comply with international laws. It’s pretty simple to complete this verification – in fact, all you need to do is follow the prompts to upload an image of:
- Proof of ID – like your passport, driving license or ID card
- Proof of address – like a utility bill or government letter in your name
If you’re opening a business account you may need to add some business information, too, but you’ll be guided through the process by prompts on screen and can also stop the process, save and return later if you’d prefer.
Euro account with debit card
If you need an account to hold euros, and want to make it easier to spend your euro balance, you might want to consider opening an account with a provider like Wise or Revolut. You’ll get a debit card you can use to spend from your balance, so all you need to do is add money to your account in the currency of your choice, and get started spending euros right away.
- Wise account & card: Hold euros alongside 40+ other currencies, and spend any currency you hold for free with your linked Wise card. If you don’t have the currency you need, you can convert automatically with the mid-market rate and low fees from 0.43%
- Revolut account & card: Hold dozens of currencies and spend around the world with no-fee currency conversion to your plan limit. Once you exhaust your plan limit you’ll pay a fair usage fee of 0.5% for conversion, plus there may be out of hours fees to pay, depending on when you’re using your card
What are the advantages of a Euro bank 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.
If you travel to Europe often, this guide can be helpful: Best ways to take money to Europe
Foreign currency bank accounts in the US for euro
A handful of major banks in the US do offer foreign currency accounts, but these are often aimed at high wealth individuals, business owners and corporate clients. An alternative is to open an account with a digital provider like Wise or Revolut.
Read about some of the best multi currency accounts in the US here. Here’s a quick summary of the providers we covered earlier, as a reminder:
- Wise account: Free to open a personal account, to hold 40+ currencies, and get a linked card to spend in 150+ countries. Currency exchange uses the mid-market rate and low fees from 0.43%
- Revolut account: Choose from a no-fee standard account or upgrade to an account with a monthly fee for more features. Currency exchange uses the mid-market rate to plan limits, subject to fair usage and out of hours fees
- HSBC Global Money Account: Hold 7 currencies, no fee to open an account. Manage your money through a mobile app – there’s no debit card, but you can send global transfers easily in a selection of currencies
- OFX Global Currency Account: Business owners and freelancers can hold and exchange 7 currencies, and receive payments from customers and platforms easily. Currency exchange uses a small markup on the mid-market rate
Conclusion: What is the best Euro account in the US?
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 to 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.
Providers like Wise and Revolut can be a really good pick, depending on your needs. Wise lets you hold 40+ currencies including USD and EUR, and receive payments in 10 currencies like a local. You can also spend with your Wise card in 150+ countries. Revolut lets you hold 25+ currencies, and upgrade to a fee paying account if you want full feature access – both are worth comparing to see if they fit your needs. Use this guide to kickstart your research and find your perfect match.
FAQs on Euro bank accounts
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.
Which US banks offer euro currency accounts?
Few US banks offer EUR accounts to personal customers. One to check out is HSBC, which has a mobile account that allows you to hold and exchange euros – otherwise, you might find your perfect fit with specialist providers like Wise and Revolut, for a flexible low cost account you can do more with.
Can a foreigner open a euro account in the US?
If you have a US residential address and a valid proof of ID you’ll be able to open a euro account with a major bank if you can find one that fits your needs – or with a specialist service like Wise or Revolut. Your nationality isn’t usually an issue when it comes to opening bank accounts – but for verification purposes you’ll usually need proof of ID and a local residential address.
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.
Can a US citizen have a euro bank account?
Yes. A US citizen can open a euro bank account with a major bank or a specialist provider. Few US banks have euro accounts for personal customers, although businesses and corporate clients are better served. If you’re looking for an easy way to open an account to hold and exchange euros, check out specialist services like Wise and Revolut to see if they suit your needs.
If you need to open a bank account in a European country, these guides may be helpful:
- How to open a bank account in Spain
- How to open a bank account in Italy
- How to open a bank account in France
- How to open a bank account in the Netherlands
- How to open a bank account in Portugal
- How to open a bank account in Germany
- How to open a bank account in Ireland
