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Old 24.02.2014, 09:12
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How to open a bank account for a company from US in EUROS

Hello,

I recently created a company (Inc to be precise) and we'd like to accept EUR payments because we sell software, platforms for marketing and hardware appliances in Spain, France and Italy.

We would like you to recommend me a bank to allow me using my US company and open a bank account in order to accept wire transferences internationally.

Thank you!
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Old 24.02.2014, 09:33
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Re: How to open a bank account for a company from US in EUROS

US person opening swiss bank account without residency, ouch

I would look to opening an account in Spain or Italy, they are not yet to the level of FATCA invasion as here in CH, plus you can directly deal with euros.
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Old 24.02.2014, 09:46
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Re: How to open a bank account for a company from US in EUROS

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Hello,

I recently created a company (Inc to be precise) and we'd like to accept EUR payments because we sell software, platforms for marketing and hardware appliances in Spain, France and Italy.

We would like you to recommend me a bank to allow me using my US company and open a bank account in order to accept wire transferences internationally.

Thank you!
Your US bank, or a bank in Spain, France or Italy would make sense.
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Old 24.02.2014, 17:01
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Re: How to open a bank account for a company from US in EUROS

Your USA bank is definitely the best choice. An account with a USA bank, but with EURO as the account currency.

Switzerland would be the worst choice, as accounts here have very hefty monthly fees, if you are not resident.

Other countries, eg Spain, Germany, France etc, offer free accounts, but you will face high fees when transferring money to and fro. Plus most require a personal visit in the bank.

It should be definitely possible and simpler to do in the USA. I imagine you are not the only company facing this problem, so there has to be a simple / easy way to receive euro payments, when located in the USA!
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Old 24.02.2014, 17:19
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Re: How to open a bank account for a company from US in EUROS

Swiss banks are extremely unlikely to allow you to open a business account here, particuarly as you're not resident in the country. Due to the US's FATCA law Americans everywhere are forced to agree to allow their bank account info to be passed on to the IRS if that account is located outside of the US. I assume something similar would be required for businesses and there may also be additional reporting of foreign accounts required as shown on the FBAR and 8938 forms that individuals have to submit.

Keep your accounts in the US if at all possible and save yourself a lot of grief. I'm sure there must be a few banks in the US who actually know what a Euro is and can set up an account for you.
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Old 24.02.2014, 19:00
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Re: How to open a bank account for a company from US in EUROS

Two preliminaries: First, the US does not permit US banks to offer accounts denominated in foreign currencies. Secondly, in practice no bank in the EU or US will open an account for a foreign non-resident company. The key word here is "resident".

It is of course possible to create a subsidiary, or a branch office, in an EU country .... but the costs are not trivial.

The best place to start is with the local (US) office of a multinational bank (Citicorp, Chase, HSBC, etc) and ask them for your options.

In the EU, many banks will accept a wire transfer in a "foreign" currencies, and automatically converto into € for you. I don't know if any US banks will do so (accept a wire in € and automatically convert it into $), but it is worthwhile to ask.
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Old 24.02.2014, 19:55
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Re: How to open a bank account for a company from US in EUROS

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Two preliminaries: First, the US does not permit US banks to offer accounts denominated in foreign currencies. Secondly, in practice no bank in the EU or US will open an account for a foreign non-resident company. The key word here is "resident".

It is of course possible to create a subsidiary, or a branch office, in an EU country .... but the costs are not trivial.

The best place to start is with the local (US) office of a multinational bank (Citicorp, Chase, HSBC, etc) and ask them for your options.

In the EU, many banks will accept a wire transfer in a "foreign" currencies, and automatically converto into € for you. I don't know if any US banks will do so (accept a wire in € and automatically convert it into $), but it is worthwhile to ask.
I had not realized US banks were like third world banks I believe your wrong as Chase certainly do hold foreign currency accounts as do Goldman Sachs.

If you wish to send money to a US bank in a currency other than USD, they will give you instructions where to send the money........

Amazingly the US does trade with other countries & can handle foreign exchange transactions, even foreign currency loans.
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Old 24.02.2014, 20:46
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Re: How to open a bank account for a company from US in EUROS

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Two preliminaries: First, the US does not permit US banks to offer accounts denominated in foreign currencies. Secondly, in practice no bank in the EU or US will open an account for a foreign non-resident company. The key word here is "resident".

It is of course possible to create a subsidiary, or a branch office, in an EU country .... but the costs are not trivial.

The best place to start is with the local (US) office of a multinational bank (Citicorp, Chase, HSBC, etc) and ask them for your options.

In the EU, many banks will accept a wire transfer in a "foreign" currencies, and automatically converto into € for you. I don't know if any US banks will do so (accept a wire in € and automatically convert it into $), but it is worthwhile to ask.
If you have a EUR amount (or any other currency that is not USD) that will be booked on your USD account you get the worst possible rate. The spread taken on those transactions is huge.

I know the bigger US banks offer offshore FCY accounts for private persons so maybe also for companies?
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Old 25.02.2014, 11:45
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Re: How to open a bank account for a company from US in EUROS

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Two preliminaries: First, the US does not permit US banks to offer accounts denominated in foreign currencies.
The US banks that I just googled quickly (>>Wells Fargo<<, >>Citibank<<, >>Union Bank<<) all offer foreign currency accounts

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Secondly, in practice no bank in the EU or US will open an account for a foreign non-resident company. The key word here is "resident".
Some banks chose not to, that´s true. The key word here is "some", so look for the others.

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If you have a EUR amount (or any other currency that is not USD) that will be booked on your USD account you get the worst possible rate. The spread taken on those transactions is huge.
Exactly!

Hence my guess what the OP wants to offer for his customers: Accept Euros in a "native" Euro-account, minimising hassle and expenses for his customers in the €-zone. It´s nice for customers to transfer €s to a €-zone-€-account, as that´s a no-fee-hassle-free transaction, especially compared to sending USDs to the US from the €-zone, where only god knows what fees will be deducted before the transfer is completed.

For the purpose of accepting "native" €-payments, and if the OP speaks only English, I´d ask a bank in Ireland, Malta or Cyprus. From there he can initiate summarised transfers to his US home account.

Such summarised transfers could then happen through an fx-broker such as currencyfair, minimising fees and maximising the fx-rate. (Although I´m not sure if currencyfair is best for USD - I heard good things about fx.com, but have no experience in this regard)

Rgds, Christian

Last edited by ChrisNeedsToKnow; 25.02.2014 at 14:34.
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Old 16.09.2016, 17:34
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Re: How to open a bank account for a company from US in EUROS

i opened a euro account with BCV bank in lausanne. as long as you are expecting and keeping payment in euros, you can open a euro account with any cantonal bank
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Old 16.09.2016, 17:42
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Re: How to open a bank account for a company from US in EUROS

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i opened a euro account with BCV bank in lausanne. as long as you are expecting and keeping payment in euros, you can open a euro account with any cantonal bank


A US Company with no presence in Switzerland? Really?
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