I'm traveling 2 months in Europe this summer, and expect to do the same for the next few years. Would like to have a Euro-denominated account in some bank (European or a European branch of a US or Canadian bank)so I could take advantage of exchange rates that, while high right now, will probably get higher in the near future given the apparent decision by the Bush bunch to push the dollar lower. And don't we all hope the US Dollar just declines, doesn't actually crash! (For this summer's trip -- June/July of 2003 -- the Euro is at least 25% more expensive than it was for me last summer. Great for our US economy but lousy for those of us Americans who travel abroad.) I've looked at online sites for 'off-shore' banks but don't like the appeals based on blatant tax-avoidance. Plus the fees are outrageous. Any recommendations for banks based in European countries? I've seen some online that specify monthly fees of 7 to 10 pounds or Euros per month, but would like to find a bank that is fee-free or at least lower.

In addition, what are the regulation hurdles in setting up an account in a bank in countries such as Britain or France, etc.? Can a US citizen just walk into a (for instance) British or Spanish bank with cash and set up an account? (Yes, I realize Britain is on the pound, not the Euro.)

Would appreciate any guidance in this matter!

I know some Britons (not resident there) managed to open a Euro account with a French bank (Credit Agricole), but I don't know if they accept non-EU citizens. In most countries, you have to be a legal resident (or at least a property/leasehold owner) to open a bank account, and even then it can be a hassle. As for UK, yes it's not in the Eurozone and most banks still offer a Euro account to their customers, but such an account is only of interest to those who do business with Eurozone as it doesn't offer cash Euro handling (only electronic transfers). Besides, checking account is next to impossible to open without a proof of permanent UK address. Situation with European branch of US banks is similar, as they have to abide by the banking law of the country they operate in.
So the short answer is no for leisure traveler. There are offshore accounts with EU denominated check book and ATM card, but they are designed for international executives with a high minimum balance (typically $10k) and monthly charges.

Call the French, British, German Spanish embassies. I'm sure they will tell you if it's possible, and if so, what you need to have with you. If it's anything like US, then it won't be easy. We need SS# and a photo id to open an account in the US banks, as the SS# is for tax purposes and the id is for bank's protection, so I would assume that it would be similar. I know some foreigners that own condos here in Florida, but since they spend about 2-3 months per year here, they were able to get a "special" SS#, one that allows you to have a bank account and get a drivers license, etc., but does not allow them to work. Obviously to get one like that, they have to have a valid US visa that allows them to stay here for longer amounts of time.
Also, look into a Swiss account. Don't know what that involves, but a numbered account is supposedly easy to get, although it may require a minimum deposit and balance.
Good Luck!

I have a Crédit Agricole account in France, and had no problems opening one, but I am a property owner. I am not sure that it is advantaqeous to open one for travel as a tourist. The bank insists on charging the tourist exchange rate to deposit dollars into the account. I get a better exchange by using my ATM card as long as I am willing to take out 200€ or more at a time.

I also have a bank account in France and am also a property owner, though I don't believe you have to be one to open an account - I'm pretty sure any French bank will take your money. As Michael says, however, French banks charge you to DEPOSIT money to your account, so if you plan to make numerous deposits it will, in all likelihood, cost you more thanjust taking large sums out of an ATM. If you can make one large deposit to last you for several trips, it might be a sensible idea.

To clarify the cost of deposit. I am not aware that I was charged for each deposit, but the exchange rate used to deposit was worse than the rate I would receive for an ATM withdrawal or a credit card transaction. That is why I suggest that for the tourist a European account is not worth the effort.

Well, I am both charged per deposit (and it's not cheap, either - around $15, whether it's a wire transfer - which also costs me $15 on this end - a check in euros, or a check in dollars) AND I get the worse exchange rate.

I'm topping this.

Could people say what I'll need to open a bank account in France (for example)? Or maybe the UK?

I'm thinking of starting an account where the balance is maintained in Euros.

I'm not a EU resident. Can anyone open an account? Are there special regulations? Would Citibank be a good place to bank (apart from the country-specific banks)? (I bank with Citibank in the US.)

Thanks.

Citibank have a Euro account. Not sure if this is any use to you (banking in the US), but may be worth exploring.

http://www.citibank.co.uk/uk/banking...euro/index.jsp

Thanks. Actually I was just looking at Citibank's website (they also have one based in France), and there's a phone number listed. So I may just call them.

Do people know about tax regulations? I know that US residents are taxed on worldwide income, so presumably, must pay taxes on interest income. But if I open an account in France, say, do I need to pay French taxes?

The Citibank expat accounts in Europe require a pretty substantial opening deposit--last we heard it was about 25,000 (euro or $, I'm not sure). Ditto for Chase Manhattan.

Wow. That's a lot of money. But anyone can open an account? I mean, can I show my passport? I was looking at the forms online (for accounts in France), and they said something about sending in the forms in advance and presenting yourself at a branch in 72 hours.

I've a lot of issues with Citibank, actually, but I've banked with them for years. And I do appreciate the fact that their ATMs are usually conveniently located in locations heavily visited by tourists -- in terms of convenience I find them hard to beat. While I know that I don't have to use a Citibank ATM, I always try to use one when it's available.

I actually asked them if I could open an account in the US, but with my balance maintained in Euros. They wouldn't let me do it at all. I found it very odd. I was thinking of asking Chase what they offer.

My neice got an account in London while she was there but can't say her situation was the same as yours. She was on a 6 mos. work visa and she had some "connections". Her friends step father is a UK citizen and helped the girls set up their accounts. I think some of the other issues with getting a bank account overseas is the money laundering issue..I think probably you should contact some of these banks directly to see what may be available to you. Good luck, and hope you can work it out.

Thanks. I wish I had money to launder....

But I guess I'll look into Citibank. Since I bank with them in the US already, maybe they'll be easier in terms of regulations.

If it's a French bank you're interested in, call the Banque National de Paris's New York Office and inquire.
When I opened my bank account in France I got the distinct impression that anyone could open one with a deposit of any amount, but again, that might be because I was a property owner. I don't pay a monthly fee for my account, but I do pay a rather stiff fee every time I make a deposit, whether it's in person or by mailed draft or wire transfer.
Some U.S. states also now have restrictions on wire transfers to foreign banks. I have a separate U.S. checking account from which I used to send periodic wire transfers to my account in France. Effective last summer, VA law has forbidden me from doing so through that account. I can only send money via a corporate account - so I have to have my company send the check for the wire transfer and then I repay my company. It can get complicated.

Thanks StCirq. The regulations sound bizarre, I must say, but who am I to argue?

I'll try to check BNP as well. I doubt that they've retail services in NYC though, but I guess I can look into it.

By the way, I find the fees to deposit money especially ludicrous. It's amazing what banks can get away with doing these days.

111op:

The new regulations are designed to keep individuals from regularly sending relatively small amounts in transfers overseas. That's considered suspicious activity because it's apparently a common tactic of money launderers.

I don't know if BNP in NYC has retail services, but they ought to be able to answer questions about opening an account in France.

Good luck.

While studying in Britain I was able to open a Barlclays account with no problem. After I returned to the US I received a letter from Barlcays saying the inland revenue service was interested in taxing my account. In reponse they had moved my account off-shore to the Island of Jersey. I defintely know Barclays offshore accounts can be opened in US dollars. You can check to see if they have Euro accounts.
Here is the address and phone number:
Barclays Private Clients International Ltd. International Personal Banking, P.O Box 8, Jersey JE4 8NE, UK
Telephone: (44 1534) 880550 Fax: (44 1534) 505077

I've had a bank account in London for years. I opened an account at Midland bank and they have since been taken over by HSBC. I started my account with 40 GBP. Since I always wind up with a lot of coins on every trip I just take them to the bank and deposit them in my account.