U.S. citizen looking for Eurozone bank
Thread poster: Charles Ek

Charles Ek  Identity Verified
United States
Local time: 01:08
Member (2009)
Norwegian to English
+ ...
Jul 6, 2010

To make things easier for EU-based clients, I'm looking for a bank operating in the Eurozone at which I can open an account from the U.S. So far, my situation resembles Yossarian's in "Catch-22". If I were a citizen (or married to a citizen) of an EU country, no problem. Or if I were physically present in the EU, no problem. But as a U.S. citizen physically located in the U.S. sans foreign spouse, there's been a problem so far.

Has anyone solved this problem, and if so, can you recommend any bank(s) to approach? FWIW, I bank at a subsidiary of Royal Bank of Scotland and would prefer doing business with them if possible. But I don't see that they have any Eurozone branches, and I don't want to end up duplicating the difficulties that EU-based clients have now in sending me funds electronically.


 

philgoddard
United States
Member (2009)
German to English
+ ...
. Jul 6, 2010

If you do manage to find one, and you maintain more than a certain balance on it, I think you'll need to disclose it on your tax return. There was an article about this in the latest issue of the ATA Chronicle.

I have a UK account with Citibank, though I'm a British citizen living in the US. But perhaps it might be a good idea to approach US banks with UK subsidiaries.


 

Charles Ek  Identity Verified
United States
Local time: 01:08
Member (2009)
Norwegian to English
+ ...
TOPIC STARTER
Thanks Jul 6, 2010

Thanks, I'm aware of the tax regulations.

 

Tom Ellett  Identity Verified
United Kingdom
Local time: 07:08
Swedish to English
+ ...
Try RBS in the UK Jul 7, 2010

You mentioned that you bank with a U.S. subsidiary of the Royal Bank of Scotland, so you could ask them to help you open an account with RBS in the UK. British banks are notorious for insisting on proof of residence at a UK address, but a referral from an American bank in the same group might – might – help.

Although not part of the euro zone, the UK is part of the Single Euro Payments Area, within which international electronic transfers in euros can be made at the same cost as a domestic transfer.

As a British expat living in Canada, I find this kind of arrangement works quite well. I have my Scandinavian and European clients pay into my UK account, which is a lot cheaper and more convenient for them than wiring funds across the Atlantic. I then move the money to Canada using XE Trade, a currency trading service, which offers better exchange rates than the banks with no additional fees. XE Trade also works in the U.S.


 

Teresa Borges
Portugal
Local time: 07:08
Member (2007)
English to Portuguese
+ ...
Have you tried? Jul 7, 2010

http://www.ing-usa.com/us/index.htm

or

http://usa.bnpparibas.com/en/home/default.asp


 

Charles Ek  Identity Verified
United States
Local time: 01:08
Member (2009)
Norwegian to English
+ ...
TOPIC STARTER
Thanks for the information Jul 7, 2010

Tom Ellett wrote:

Although not part of the euro zone, the UK is part of the Single Euro Payments Area, within which international electronic transfers in euros can be made at the same cost as a domestic transfer.

As a British expat living in Canada, I find this kind of arrangement works quite well. I have my Scandinavian and European clients pay into my UK account, which is a lot cheaper and more convenient for them than wiring funds across the Atlantic. I then move the money to Canada using XE Trade, a currency trading service, which offers better exchange rates than the banks with no additional fees. XE Trade also works in the U.S.


Thanks, this was very helpful. I didn't know about the Single Euro Payments Area. This will make things easier.


 


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