Is there an American Bank where you can....

Discussion in 'Blazers OT Forum' started by OSUBlazerfan, Apr 22, 2011.

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  1. OSUBlazerfan

    OSUBlazerfan Writing Team

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    deposit euros and not have them converted into dollars?

    Sort of like a Euro checking account?
     
    OSUBlazerfan, Apr 22, 2011
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  2. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Why wouldn't you want them converted into dollars? The Euro is even weaker than the dollar.
     
    SlyPokerDog, Apr 22, 2011
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  3. OSUBlazerfan

    OSUBlazerfan Writing Team

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    Funny...but seriously, anyone know?
     
    OSUBlazerfan, Apr 22, 2011
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  4. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    Shapecity, Apr 22, 2011
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  5. OSUBlazerfan

    OSUBlazerfan Writing Team

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    OSUBlazerfan, Apr 22, 2011
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  6. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    They offer it in the US also. HSBC is a worldwide bank.
     
    Shapecity, Apr 22, 2011
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  7. OSUBlazerfan

    OSUBlazerfan Writing Team

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    ok i will give them a call. the thing is, i didnt see it on their american site, thats why i think they dont offer it
     
    OSUBlazerfan, Apr 22, 2011
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  8. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    It will be treated as an offshore account. There's a monthly fee to have account. I think it's $25.00 or $35.00 per month.
     
    Shapecity, Apr 22, 2011
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  9. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    If you don't mind my asking, what exactly did you want to do this for?
     
    Shapecity, Apr 22, 2011
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  10. OSUBlazerfan

    OSUBlazerfan Writing Team

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    Well its for my dad.... he is a little older and didnt really know how to research it.

    He does trading in euros....and instead of keeping that money in europe in a bank somewhere, he wants it to be available here in the US
     
    OSUBlazerfan, Apr 22, 2011
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  11. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    If he wants to eventually spend the Euros in the United States he will have to pay the spread the bank charges even if he has the HSBC offshore account. Unless he physically brings the money over and doesn't declare it.
     
    Shapecity, Apr 22, 2011
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  12. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    HSBC Premiere. 100k minimum balance. holla.
     
    EL PRESIDENTE, Apr 22, 2011
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  13. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    This actually won't work though. You have to pay international transaction fee (3%) + a fee to exchange the money (1%) . even when you withdraw from an HSBC ATM you pay the fees I believe.
     
    EL PRESIDENTE, Apr 22, 2011
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  14. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    If he wants to convert Euros into US dollars or US dollars into Euros there's no way to get around currency exchange rate fees if you have a bank involved. These accounts are for people who travel frequently or operate businesses overseas. This way you can access your Euro currency in Europe and US Dollars in the US and avoid the fees.
     
    Shapecity, Apr 22, 2011
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  15. MARIS61

    MARIS61 Real American

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    Why draw the attention of the IRS and DHS?
     
    MARIS61, Apr 23, 2011
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  16. BengalDuck

    BengalDuck Well-Known Member

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    find a broker who will have him use financial derivatives
     
    BengalDuck, Apr 24, 2011
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  17. ehizzy3

    ehizzy3 RIP mgb

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    osu getting that drug money
     
    ehizzy3, Apr 27, 2011
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