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Ask HN: Which US bank for multi-currency accounts?

by euph0ria on 3/14/23, 11:23 AM with 14 comments

Hi HN,

Just wanted to ask some feedback from you since we are an (ex)-SVB customer who used their multi-currency accounts.

Which bank do you use for multi-currency accounts? What are the fees and fx-rates typically?

We are looking for an option but it seems many of the major banks do not offer currency accounts that are registered in the US.

  • by euph0ria on 3/16/23, 12:57 PM

    Support multi-currency:

    TIAA Bank: Supports it. However charges $65 per outbound wire, crazy expensive.

    SVB: Supports it. $100 / month maintenance fee. Future of SVB highly uncertain.

    Unknown:

    Wells Fargo: Unknown, spent lots of time being redirected between departments until I had to hang up because it took too long time. Will check again in the future.

    No support:

    First Republic: Only for larger customers that do not hold currency permanently, only if they continously convert to USD. Their customer support was really nice.

    Citi: No support, only through sister company Citi International but not US based

    Bank of America: No support multi-currency support for SME customers

    Chase: No multi-currency support for SME customers

    Bank of America: No multi-currency support for SME customers

    PNC: No branch in several US states, therefore can only open accounts in certain states

    US Bankcorp Business: Can't hold foreign currency

    Wise.com: Not US based. Only for major 8 currencies. Not for smaller currencies such as Swedish SEK as they cannot provide an inbound IBAN.

    XE.com: Not US based. No support

  • by eevmanu on 3/14/23, 1:48 PM

    Could Interactive Brokers (IB - https://www.interactivebrokers.com/) be a good alternative? despite is not strictly a bank since it supports multi-currency accounts with good fx-rates.
  • by cjbenedikt on 3/14/23, 1:39 PM

    Wise offers US ac
  • by mardiyah on 3/14/23, 11:48 AM

    correct

    Imho simply buy gold, next opt to it is yuan