Most US banks do not offer checking accounts denominated in foreign currency
If you are looking for a checking account that holds money in euros, pounds, pesos, or another currency, a traditional US bank will not provide it. US banks are regulated to offer deposit accounts in US dollars. What they can do is hold foreign currency in a separate savings or money market account, but you cannot write checks against it or use a debit card to spend it directly.
The accounts that do offer foreign currency checking exist outside the traditional US banking system. These fall into three categories: international banks with US branches, fintech companies licensed to hold deposits, and money transfer services that function like banks. Each has different rules about who can open an account, what currencies they support, and how you move money in and out.
Key Takeaways
- US-regulated banks cannot offer checking accounts in foreign currency, only in US dollars, though some hold foreign currency in separate savings accounts.
- International banks with US branches (like HSBC or Barclays) may offer multi-currency checking if you meet their minimum balance and income requirements.
- Fintech platforms and money transfer services can offer foreign currency accounts, but they are not FDIC-insured the way traditional bank deposits are.
- Moving money between a foreign currency account and your home country typically costs 1 to 3 percent in fees or exchange rate markup, depending on the provider and the currency pair.
- The fastest way to find out what is actually available to you is to contact the international division of your current bank or search for "multi-currency account" rather than "foreign currency checking".
International banks with US branches and their currency options
Banks like HSBC, Barclays, Scotiabank, and BMO Harris have US operations and can open accounts that hold multiple currencies at once. These accounts are typically called multi-currency or international checking accounts. You can hold US dollars, euros, pounds, Canadian dollars, and sometimes 10 or more other currencies in the same account, with a single debit card and online login.
The catch is access. Most of these accounts require a minimum balance of $25,000 to $100,000 USD equivalent, and some require proof of income or employment. HSBC, for example, requires either $100,000 in deposits or $250,000 in investable assets to open their Premier checking account, which supports 15 currencies. Barclays requires $250,000 in assets. These are not accounts for someone moving money occasionally; they are built for people who regularly hold balances in multiple currencies.
If you already bank with one of these institutions in your home country, opening a US account may be simpler. You can often do it online or by visiting a US branch with your existing account number and passport. If you do not already have a relationship with the bank, you will need to visit a branch in person or speak with their international banking team by phone.
Fintech platforms and money transfer services offering checking features
Companies like Wise (formerly TransferWise), OFX, and Remitly offer accounts that hold foreign currency and let you spend it with a debit card. These are not traditional banks—they are licensed money transmitters or fintech companies—but they function like checking accounts for practical purposes. You can receive deposits, hold a balance, and spend from a debit card.
Wise is the largest of these. You can open a Wise account online in minutes, hold balances in over 40 currencies, and receive money from employers or other sources directly into your Wise account. You get a debit card that spends from whichever currency you choose. There is no minimum balance requirement. The trade-off is that Wise is not FDIC-insured. Your money is held in partner banks, but if Wise fails, you do not have the same legal protection as you would with a traditional bank deposit.
Remitly and OFX work similarly but are more focused on receiving money from abroad than on holding ongoing balances. They charge per transaction rather than monthly fees, which makes them cheaper if you move money infrequently but more expensive if you do it often.
How exchange rates and fees work when you move money between currencies
When you deposit money in one currency and want to spend it in another, the account provider has to convert it. This is where the real cost lives. Banks and fintech companies do not charge a flat fee for this; instead, they mark up the exchange rate. The difference between the real market rate and the rate they give you is their profit.
A traditional bank like HSBC or Barclays typically marks up the rate by 1 to 3 percent. If the market rate for USD to EUR is 0.92, they might give you 0.89 or 0.90. Fintech companies like Wise typically mark up by 0.5 to 1 percent, which is why they have become popular for international transfers. Some charge a flat fee on top of the markup—$3 to $8 per transfer—while others charge only the markup.
When you receive money from abroad into your foreign currency account, the same markup applies. If your employer sends you 5,000 euros and you want it converted to dollars, the provider converts it at their rate, not the market rate. Over time, these small markups add up. If you move $10,000 a month between currencies, a 1 percent markup costs you $100 per month or $1,200 per year.
The difference between a foreign currency account and a travel card
A foreign currency checking account is not the same as a travel card or prepaid card. A travel card is a one-way tool: you load it with money before you leave, and you spend it while you are abroad. A foreign currency checking account is a real account where money can flow in and out, where you can receive deposits, and where you hold a balance over time.
Travel cards are useful if you are going abroad for a few weeks and want to avoid ATM fees. Foreign currency checking accounts are useful if you live abroad part-time, receive income in a foreign currency, or regularly move money between countries. The account gives you a local presence in another currency—a way to hold money there without opening an account in that country's banking system.
Opening an account if you are not a US citizen or resident
Most US banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open any account, including a multi-currency one. If you do not have either, you have two options: explore for an ITIN through the IRS, or use a fintech platform that accepts non-US residents.
Wise accepts customers in over 190 countries and does not require a US tax ID. You can open an account with a passport and a residential address. Some other fintech platforms have similar policies, though they vary by country. If you are a non-resident alien working in the US on a visa, you may be able to get an ITIN by filing a tax return, which then opens the door to traditional bank accounts.
International banks with US branches sometimes have different rules for non-residents. HSBC, for example, has specific programs for expats and non-residents, but you will need to contact their international banking team directly to find out what you may have access to for. Do not assume the standard requirements explore to you.
Comparing your options: a side-by-side look at what each route offers
| Account Type | Minimum Balance | Currencies Supported | Debit Card | FDIC Insured | Exchange Rate Markup |
|---|---|---|---|---|---|
| International bank (HSBC, Barclays) | $25,000–$250,000 | 10–15 | Yes | Yes | 1–3% |
| Fintech (Wise) | None | 40+ | Yes | No | 0.5–1% |
| Money transfer service (Remitly, OFX) | None | 10–20 | Yes (limited) | No | 1–2% |
| US bank foreign currency savings | Varies | 1–5 | No | Yes | 1–3% |
Frequently Asked Questions
Can I open a foreign currency checking account if I live outside the US?
Yes, but your options depend on your citizenship and where you live. Fintech platforms like Wise accept customers in most countries. International banks with US branches typically require you to visit a branch in person or have an existing relationship with the bank. Some US banks will not open accounts for non-residents at all, so you will need to contact them directly to ask.
Is my money safe in a fintech account that is not FDIC-insured?
Fintech companies hold your money in partner banks, which are FDIC-insured. However, if the fintech company fails, your money is not protected the same way it would be if you held it directly in a bank account. The risk is low with established companies like Wise, but it is not zero. If safety is your priority, an international bank account is the more conservative choice.
What happens to my account if I move back to the US or to a different country?
Most fintech accounts remain open and functional no matter where you live. International bank accounts may have restrictions based on your residency status. Contact your bank before you move to ask whether your account will stay open and whether any terms will change. Some banks close accounts for customers who move to certain countries due to regulatory restrictions.
Can I receive a direct deposit from my US employer into a foreign currency account?
Yes, but the money will arrive in US dollars and be converted to your chosen currency at the account provider's exchange rate. You cannot receive a direct deposit in a foreign currency unless your employer specifically sends it that way. If your employer can send euros or pounds, ask them to do so; you will avoid one conversion step and one markup.
How long does it take to move money between a foreign currency account and my bank in another country?
International wire transfers typically take 2 to 5 business days. Some fintech platforms offer faster transfers to certain countries—Wise can move money to some destinations in hours—but this depends on the currency pair and the destination bank. Always check the estimated delivery time before you initiate a transfer if you need the money on a specific date.