7 Best Euro Bank Accounts in the US (2024 Updated Reviews)

Last Updated on December, 2024

Are you interested in finding the best euro account in the U.S.? These accounts are great if you often deal with euros, whether you’re traveling, shopping online, or doing international business. Essentially, a Euro account lets you hold euros and use them without constantly converting them to dollars.

In this piece, I’ll cover the basics of Euro accounts, who they’re for, and the best options in the U.S. Trust me, this will help you a lot with clear, simple information.

You can read everything (and take notes if you want) to learn all about Euro accounts and how they can benefit you.

Quick Summary

Purpose of a Euro Account: A Euro account allows users in the U.S. to hold euros and use them without constant conversion to dollars, making it useful for travelers, online shoppers, and those involved in international business.

Top Providers in the U.S: Wise, Revolut, and other financial institutions offer Euro accounts with features like multi-currency management, competitive exchange rates, and low fees, though traditional banks like Wells Fargo and Citibank primarily cater to businesses.

Benefits and How to Open a Euro Account: Euro accounts provide financial flexibility, protection against unfavorable exchange rates, and ease of international transactions. Opening a Euro account involves choosing a provider, signing up online, verifying identity, and depositing funds.

7 Best Euro Accounts in the U.S.

1. Wise

wise logo on a laptop screen

Wise specializes in international money transfers (always my favorite pick). Their platform allows users to send money abroad with transparency and low fees.

One of its standout features is the ability to hold and manage money in multiple currencies, including euros, making it convenient for frequent travelers or individuals dealing with international transactions. 

Wise offers mid-market exchange rates, always better than traditional banks. Its fees are transparent, showing the exact amount before you make a transfer. 

It holds authorization for operations in the majority of states. In states where it is not directly authorized, the program is sponsored by Community Federal Savings Bank.

However, a Wise account may not support all countries’ currencies (however, it supports 160+ countries globally with 40 different currencies), which could be a drawback for some users. Plus, its exchange rates are based on the mid-market rate with a small markup, ensuring fairness

And here’s about Wise cards. It is a prepaid debit card linked to your Wise account. It allows you to spend money in different currencies without extra fees, just like a regular debit card.

You can use it online or in stores, and it automatically converts your funds at the best exchange rates. .

Fees vary depending on the currency exchange rate and transfer amount, but generally tend to be lower compared to traditional banking fees. However, opening an account is FREE and there is also a business account which you can take advantage of. 

Understood? 

Interested in Wise? Take a look at this Wise review.

Pros

Low Fees
Real Exchange Rate 
User-Friendly 

Cons

Limited Cash Services 

2. Revolut

revolut logo on a laptop screen

Revolut is an authorized financial services provider which offers digital banking, currency conversion, and cryptocurrency support. Their platform provides users with multi-currency accounts, including euros, allowing for easy spending and transferring money in different currencies.

With features like budgeting tools and real-time spending notifications, Revolut aims to provide a modern banking experience. One of its advantages is the favorable exchange rates, especially during weekdays when they offer interbank rates.

While Revolut’s mobile app is user-friendly and offers convenience, some users have reported issues with customer support and occasional technical glitches.

Revolut card is a prepaid debit card linked to a mobile app. It allows you to spend, transfer money, and manage finances internationally with low fees and real-time tracking.

Fees vary depending on the plan chosen. A free basic plan with limitations is available, and premium plans offer extra features for a monthly fee.

Interested in Wise? Take a look at this Revolut review.

Pros

Comprehensive Financial Services
Multi-Currency Accounts 
Innovative Features 

Cons

Fee Structure Complexity
Customer Support Issues

3. OFX

ofx logo on a laptop screen

OFX specializes in international money transfers for businesses and individuals. It provides many features designed to meet customers’ needs, including dedicated account managers and risk management tools. 

The good news? OFX also uses euros as the currency they provide.

Businesses can benefit from services like forward contracts, which allow them to lock in mid-market exchange rates for future transfers and help manage currency exchange rate risk. 

While OFX offers a competitive mid-market rate to exchange currency compared to traditional banks, some users have noted that transfers may take longer to process, especially for certain currency exchange rate pairs or destinations. 

Exchange rates offered by OFX are typically competitive, with no hidden fees, providing transparency to users.

Transaction fees are usually flat and may be waived for larger transfers, making it cost-effective for businesses and individuals alike. 

Interested in Wise? Take a look at this OFX review.

Pros

Competitive Exchange Rates 
No Transfer Fees 
Dedicated Account Managers 

Cons

Minimum Transfer Amounts 
Less Suitable For Small Transfers 

4. HSBC

hsbc logo on a lpatop screen

HSBC is a well known authorized bank offering a wide range of financial services, including international money transfers. Their services cater to both personal and business customers, with options for different currencies, including euros, and many types of transfers.

HSBC provides convenience through online and mobile banking platforms, allowing users to initiate transfers from anywhere at any time. 

However, some users have reported that HSBC’s exchange rates may not always be the most competitive, and transaction fees can differ based on the type and size of the transfer.

While HSBC offers the advantage of being a trusted and established financial institution, users may find more cost-effective options for international transactions with specialized providers like Wise or Revolut. 

Users need to compare rates and fees to ensure they’re getting the best deal for their needs.

Pros

Global Presence 
Full Banking Services 
Advanced Security Services 

Cons

Higher Fees 
Complex Fee Structure 

5. Airwallex

Airwalex logo on a laptop screen

Airwallex is also a famous financial institution that offers international payment solutions for businesses. Their platform provides features like multi-currency accounts, including euros, virtual cards, and cross-border payments.

Its Borderless Card is issued by Community Federal Savings Bank, an FDIC member, under authorization from VISA U.S.A. Inc.

Businesses can benefit from Airwallex’s API integration, which allows for seamless integration with existing systems and automation of payment processes.

One of Airwallex’s advantages is its competitive exchange rates and low fees compared to traditional banks, making it a cost-effective solution for businesses with international payment needs.

However, while Airwallex offers convenience and flexibility, some users may find that it needs a higher level of brand recognition and trust than established banks.

Interested in Wise? Take a look at this Airwallex review.

Pros

Global Reach
Low Costs
Integration with Business Tools 

Cons

Limited Customer Services 
Relatively New 

6. Wells Fargo

Wells fargo logo on a laptop screen

Wells Fargo is a major American bank that offers many financial services, including international money transfers. Their platform allows customers to send money abroad to over 200+ countries and territories in different currencies within one account. 

Wells Fargo provides options for both personal and business transfers, with features like wire transfers and online banking. 

While Wells Fargo offers the advantage of being a trusted and well-established bank, some users may find its currency rates and fees are less competitive compared to specialized money transfer providers.

Plus, transfer times may vary depending on factors like the destination country and currency. 

Users should always consider their specific needs and compare rates and fees before choosing Wells Fargo or another provider for international transactions.

Pros

Extensive Branch Network 
Comprehensive Services 
Established Reputation

Cons

Higher Fees
Customer Service Issues 

7. MoneyGram

MoneyGram logo on a laptop screen

MoneyGram is a global money transfer provider that allows users to make transactions globally. Their platform provides various options for sending money, including cash pickup, bank transfers, and mobile wallet deposits.

MoneyGram operates in over 200 countries and borders worldwide, making it accessible to users in diverse locations. 

One of MoneyGram’s advantages is its extensive network of agents and partners, which enables users to send and receive money conveniently. 

However, MoneyGram’s currency rates and fees may vary depending on factors like the destination country, currency, and payment method. 

Users should review MoneyGram’s fees and terms of service before initiating a transfer to ensure they’re aware of any costs involved. 

Plus, while MoneyGram offers convenience and accessibility, users may find that other providers offer more competitive rates and lower fees for international transfers.

Interested in Wise? Take a look at this MoneyGram review.

Pros

Wide Accessibility
Fast Transfers 
Flexibility

Cons

Higher Fees 
Unfavorable Exchange Rates

About Euro Account

A Euro account is a type of bank account that allows you to hold euros or exchange, as well as other currencies if you wish.

It’s handy for various situations:

  • This is for frequent travelers who need to use euros for expenses during their trips.
  • This is for individuals who frequently shop online from international stores that price items in euros. 
  • For people having regular financial commitments, such as paying a mortgage for a vacation home, which require transactions in euros. 

Moreover, euro accounts are beneficial for business owners, freelancers, and entrepreneurs who engage in international transactions.

They can receive payments from clients located in different countries, especially those in the Eurozone. They can collect payments through authorized financial services provider(s) like Stripe or online marketplaces like Amazon. 

Business owners have the flexibility to hold their euro balance, convert it to their local currency, or withdraw it to their local bank account for ease of use and management. 

Understood? Next, I’ll discuss how a euro account works.

How Does a Euro Account Work?

illustration image of how euro bank account work

Do you know? A Euro savings account lets you hold and exchange euros. Some service providers offer local account details which work alongside their EUR accounts. For instance, with a Wise account, you can set up your account online or in the Wise account app to get local account details for EURO payments and other currencies.

Here’s how it works:

  • Log into your Wise account
  • Tap Open and then Balance
  • You’ll see a list of currencies, including ones with local account details
  • Select ‘Euro’ from the list
  • Your Euro balance will be opened, and you will receive your local account details

You can share these local account details, like your IBAN and SWIFT/BIC code for euros, with someone who needs to transfer you a Euro payment. 

This makes it easier for people overseas to send you money or for clients to pay you for work in euros. You can keep your euros in your account to spend later or convert them back to USD immediately and withdraw them to your regular bank account. 

Some euro bank accounts come with extra features, like a linked Euro debit card, to facilitate spending.

Opening a Euro Account in the U.S.

illustration image of opening a euro bank in us

To open a Euro account in the U.S., you need to follow these steps:

  • Choose the provider you like the best.
  • Sign up for your account online, through their app, or at a branch.
  • Provide your details and contact information. 
  • Complete any verification steps they require
  • Add money to your account. 

Then you’re good to go!

During the process, you’ll have to show some documents to verify who you are and where you live.

These might include: 

  • A photo ID from the government. 
  • Something that proves your address, like a bill or bank statement with your name on it. 
  • If you’re opening a business account, you might need documents showing your business is registered.

Opening a Euro Account Online

If you don’t live in a European country, you can still make an account online with a special company like Wise or Revolut.  

Let’s see how to open a euro account with Wise:

  • First, download the Wise account app or go to their website on your computer.
  • Sign up using your Email, Facebook, Apple, or Google account.

Now, it’s important to verify your identity. This step keeps your account safe and follows international rules.

It’s easy – follow the instructions to upload pictures of:

  • Your ID, like your passport or driver’s license.
  • Proof of where you live, like a bill or a letter from the government with your name on it. 
  • Once you finish the verification, you’re all set! You can send or get money, ask for a debit card, or add money to your account. 

If you’re opening an account for a business, you might need to provide some business details. But don’t worry; the app will guide you through it, and you can stop anytime and come back later. 

Euro Account With Debit Card

A man is using a laptop to check his bank account

Listen, if you want to have euros in an account and make it easy to spend them, consider opening an account with Wise or Revolut

With these providers, you’ll get a debit card that you can use to spend from your euro balance. All you have to do is add money to your account in your chosen currency, and then you can start spending euros right away. 

With a Wise account, you can hold euros and 40+ other currencies. You can spend any currency you have for FREE using your linked Wise card. If you don’t have the currency you need, you can automatically convert it with a low fee, starting from 0.43%, using the mid-market rate.

Revolut lets you hold many foreign currencies and spend worldwide without conversion fees up to your plan limit. However, you’ll pay a fair usage fee of 0.5% for conversion. Plus, depending on when you use your card, there might be out-of-hours fees.

What are the U.S. Banks With Euro Accounts?

GUESS WHAT? Only a few major banks in the United States provide Euro accounts, mostly for businesses, not individuals. Wells Fargo and Citibank are among them. 

Wells Fargo caters to corporate customers involved in international trade, but regular retail customers or small businesses can’t access these Euro accounts. They often demand high minimum balances, which may entail additional fees.

Bank of America doesn’t offer Euro accounts; it only sticks to USD accounts. However, Wells Fargo extends Euro services to corporate clients through its UK offices.

To open a Euro account with Wells Fargo, you must be a corporate customer and fulfil specific requirements. Similarly, Citibank offers a comparable service known as Citigold International Products, which mandates either a high minimum balance or a monthly fee. 

These accounts may include debit cards and a dedicated manager but are primarily designed for large businesses handling global finances.

Foreign Currency Bank Accounts in the U.S. for Euro

foreign currency bank account in the us

In the U.S., some big banks offer foreign currency accounts, mainly for wealthy individuals, business owners, and companies. 

If you’re not in that category, you can try digital providers like Wise or Revolut:

  • Wise Account: You can open a personal account for free. It lets you hold more than 40 foreign currencies and gives you a card to spend in over 150 countries. When you exchange different currencies, they use a mid-market rate with a low fee starting at 0.43%.
  • Revolut Account: You can choose a standard account with no fees or upgrade for more features with a monthly fee. They also use a mid-market rate when you exchange different currencies, but there are limits, and some fees may apply. 
  • HSBC Global Money Account: This one lets you hold seven foreign currencies, and there’s no fee to open an account. While there are no debit cards, you can easily manage your money through their mobile app and send global transfers in a few currencies.
  • OFX Foreign Currency Account: Aimed at business owners and freelancers, it lets you hold and exchange seven other currencies. It’s easy to accept payments from customers and platforms. When you exchange multiple currencies, they use a slightly higher rate than the market.

Benefits of a Euro Account in the U.S.

Benefits? There are many. 

Having a euro account could be useful if you earn money in euros or often deal with euros. 

It helps you handle changes in currency values. For instance, if the euro-dollar exchange rate goes down, you can keep your euros in your account without converting them right away.

This means you won’t lose money because of a bad exchange rate. You can also buy euros when the rates are good and keep them in your account until you need them. 

Having a euro account can also make it easier for European clients to get paid. If you’re a business owner, freelancer, or contractor, you can give your euro bank account details to clients so they can pay you in euros directly.

Online sellers can use their euro account to receive payments in euros from platforms like Stripe and Amazon. Then, you can choose to keep your money in euros or convert it to another currency when you need to. 

Relevant guides:

Conclusion

You’ve learned all about Euro accounts in the U.S., from their benefits to the best providers, right? Now, it’s your part.

Pick the best opportunity to make your international transactions super easy. 

You can sign up for one of these accounts to enjoy a fair mid-market rate and convenient features. Don’t let borders limit your financial flexibility—take action now and experience the ease of effortlessly managing euros with Wise (my favorite pick)!

FAQs

Yes, if you have a US address and valid ID, you can open a Euro account in the US with institutions like Wise or Revolut. Nationality isn’t usually a barrier; verification requires a local address and ID.

Opening a Euro account is often free, with many options available that have minimal or no ongoing fees.

Yes, a U.S. citizen can open a Euro bank account with certain major banks or financial institutions like Wise and Revolut, which offer simple solutions for holding and exchanging euros.

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Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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