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Opening a foreign currency bank account takes a little research to find the appropriate bank for you. The trend seems to be gaining in popularity, and due diligence must be part of your research so as not to end up on the wrong side of the stick so to speak.
International Bank Accounts are Most Popular
At the present time, the UK seems to have more availability of this type of bank account than any other country. Some Canadian banks do however offer US Dollar accounts, while there doesn’t seem to be many US banks that offer foreign currency bank accounts, though there are a couple such as Union Bank in California
Research
The bottom line is that you must use your due diligence. Research every potential bank before opening any account and handing over your money. Things you want to look for are:
- name – Is the bank a well known entity?
- location – Is the bank located in a country that is stable?
- length of business – How long have they been open?
- safety – Are deposits insured?
- easy access – Do you have easy access to your account and the money in it?
You’ve worked hard for your money. You want to exercise extreme care when opening a foreign currency bank account somewhere abroad. Consider using banks such as Barclays or Lloyds TSB if you wish to open a foreign currency account in a location other than your own. They have been around many years, and foreign currency accounts are what their business is based upon.
