Advertiser Disclosure

Which U.S. Banks Offer Foreign Currency (Multicurrency) Accounts?

A foreign currency account (also known as a multi-currency account) that is often used by businesses.

However, for individual consumers who travel internationally quite frequently or are constantly managing money across different countries, a multi-currency account could be useful -- and less costly.

The issue:

Many U.S. banks do not offer a multi-currency account for personal-banking customers.

Rather, they are typically available only to businesses and commercial clients.

If you're in the U.S. and looking for a multi-currency account, we've found some options for you to consider.

What Are Multi-currency Accounts?

Multi-currency accounts are bank accounts that allow you to hold a foreign currency balance, often for the ease of making international transactions.

Benefits

The main benefits of a multi-currency account are:

  • Avoid foreign exchange conversion costs and rate fluctuations
  • Use of local currency may allow for better pricing on your purchases
  • Offers another way to invest in foreign currency

List of Personal Multicurrency Accounts at Major Banks

  • Citi
  • HSBC
  • TIAA Bank
  • East West Bank

Citi

Citi International Personal Bank offers an offshore bank account that includes a debit card for transfers across 16 different currencies.

Do note that this is not the same as the U.S. retail banking division of Citigroup.

To qualify

You have to maintain a minimum balance of $200,000 USD (or currency equivalent).

Supported currencies

  • Australian Dollars (AUD)
  • Canadian Dollars (CAD)
  • Danish Krone (DKK)
  • Euro (EUR)
  • Great British Pound (GBP)
  • Hong Kong Dollars (HKD)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • Norwegian Krone (NOK)
  • Polish Zloty (PLN)
  • Russian Rubles (RUB)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Swiss Francs (CHF)
  • United Arab Emirates Dirham (AED)
  • US Dollars (USD)

HSBC

HSBC offers the Expat bank account that offers current accounts for three currencies and linked savings accounts in 19 currencies.

To qualify

You must be 18 years or over and meet one of the following criteria:

  • hold a minimum of 50,000 GBP (or currency equivalent)
  • have a sole salary of 100,000 GBP (or currency equivalent)
  • already qualified for HSBC Premier in another country

In the U.S., to become an HSBC Premier client, you must have one of the following:

  • at least $75,000 in total deposits and/or investments
  • at least $5,000 in total direct deposits per month
  • an active U.S. residential mortgage loan with an original loan amount of at least $500,000

Supported currencies

  • UK Sterling (GBP)
  • US Dollar (USD)
  • Euro (EUR)
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Czech Koruna (CZK)
  • Danish Krone (DKK)
  • Hong Kong Dollar (HKD)
  • Hungarian Forint (HUF)
  • Israeli Shekel (ILS)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • Norwegian Krone (NOK)
  • Philippine Peso (PHP)
  • Polish Zloty (PLN)
  • Chinese Renminbi (CNY)
  • Saudi Arabian Riyal (SAR)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Swiss Franc (CHF)
  • Singapore Dollar (SGD)
  • Thai Bhat (THB)
  • UAE Dirham (AED)

TIAA Bank

TIAA Bank offers the WorldCurrency Access Deposit Account to world travelers and global investors who can transact in 21 currencies.

To qualify

You must have $2,500 to open the account or commit to a $100/month purchase plan.

Supported currencies

  • Australian Dollar (AUD)
  • Brazilian Real ()
  • British Pound (GBP)
  • Canadian Dollar (CAD)
  • Chinese Yuan (CNY)
  • Czech Koruna (CZK)
  • Danish Krone (DKK)
  • Euro (EUR)
  • Hong Kong Dollar (HKD)
  • Hungarian Forint (HUF)
  • Indian Rupee (INR)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • Norwegian Krone ()
  • Polish Zloty ()
  • Russian Ruble ()
  • Singapore Dollar
  • South African Rand 
  • Swedish Krona
  • Swiss Franc

Reporting Foreign Bank Accounts

Under the Bank Secrecy Act, you must report certain foreign financial accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) if the combined value of those foreign financial accounts exceeds $10,000 at any time during the calendar year.

The FBAR is due April 15 on the following calendar year -- automatically extended to October 15 if you miss the due date.