Euro-denominated US-based bank accounts

Is EverBank and InteractiveBrokers the only banks that offer euro-denominated accounts in the US?

Looking at the EverBank site, I appears that EverBank does not make it possible to actually use the euros. It appears that you have to deposit USD, which forces you to take a forex fee hit at EverBank 's retail rate. IB can accept euro deposits for free, but there doesn't appear to be a way to get the euros from IB to EverBank . IB can apparently send an IBAN euro wire, but can EverBank receive one without converting?

And once you have an EverBank euro account, how can you use it? Although it's called an "access account", I don't see mention of a Euro-denominated bank card or credit card.

If all that speculation is true, then it's just a savings account with no more benefit than Everbanks currency CDs.

Anyone actually have one of these accounts?

HSBC is another option.

Many brokerage firms have a multi-currency platform, even Fidelity does.

If you have an IB account, why not just buy currency futures (that eArn the implied interest rate of euros)? Or do personal euro accounts earn more than fair ( like they do in the US due to the FDIC subsidy)?

TravelerMSY said: What is your goal here? To hold foreign currency for payments or to speculate on exchange rates?
The goal is non-specific. I'm mainly trying to discover what the options are, because AFAIK, they're quite limited.

Ideally, I would be able to deposit and withdraw euro cash, and I would have a euro ATM, and a credit card that's settled in euros. I would like to walk up to a multi-currency ATM and pull euros out before traveling to europe (London and some parts of canada have them - too bad the US doesn't). As far as speculation goes, I'm not interested in spread betting, but I would keep a portion of my assets in euros on the long term purely for hedging, and spending in europe.

Why.. why not just use a european account, you might ask. Well, in short, european banks suck. Most of them charge maintenance fees on the most basic accounts. Checks are non-existent, and wires are only free sometimes (and wires are a scam in europe.. that's another story). All the european credit cards are generally poorly protected. If a merchant rips you off, it's quite difficult to get a chargeback outside of the US or UK (and merchants know this). This is why a US-issued Euro-settled credit card would be so attractive. Plus rewards cards that are €-based are rare, and hard to get approved for. Generally, I want the US banking system, US FDIC, and superior US customer service, but on euro currencies as well. Granted, the schwab and cap one cards almost make the point moot - but it means doing a double conversion on a euro income.

Other countries (eg. China, Nigeria, and possibly Canada) have multi-currency credit cards, where you can settle the bill in USD or the local currency. So if half your bill is in USD and half in chinese guilders or whatever, you can pay it in both currencies to avoid the conversion. I have yet to see that in the US.

So far, it looks like IB and EverBank get a near monopoly on euro banking in the US. servicecu.org supports euro payments, but I suspect it's just from USD accounts, meaning it would go through an exchange.

I don't think you're going to find one-stop shopping on this one. IB doesn't do retail banking but is a good deal for investment transactions.

It’s hard to believe that in 21st century in the USA is so hard to open an account in international currency.I'm looking for a bank that is going to offer me an Euro account as well.I'm working for a German company,that pays me in Euro and I want the money to be kept that way and be able to decide when and how much to exchange into USD depending on the currency rate and my needs.The interest rate in USD is ridiculos comparing with how much money I can save by having account in Euro and choosing how to manage it my self.For example the EUR raised wit arounf 10% comparing to the USD only the last 30 days.Can you imagine what difference that will make for the companies that are making business for millions abroad…

Any idea witch bank may offer Euro account?

This was covered in an archived thread.

Options such as this are highly limited in the United States, outside Wealth Management / Private Banking. Citi via their International Personal Banking offers Multi-Currency deposits. HSBC Premier will likely direct you to HSBC Bank International (HSBC Offshore) which offers both deposit & credit products.