You cannot open a euro bank account directly in the US, but you have three real routes
A euro bank account — one that holds euros and lets you send and receive money in that currency — cannot be opened with a US bank. No major US bank offers euro accounts to US residents. What you can do instead is open a dollar account and convert to euros when you need to, use a US-based fintech that holds euros on your behalf, or open an account directly with a European bank if you have a visa or residency there.
The reason US banks do not offer euro accounts is regulatory. US banks must comply with Federal Reserve rules and US tax law, which treat foreign currency accounts as a separate compliance category. Most banks decided the cost of that compliance is not worth the small customer base. European banks, by contrast, offer euro accounts as their home currency and can do so without the extra regulatory burden.
Your actual choice depends on what you need the account for: sending money to Europe regularly, holding euros as a hedge, or receiving payments in euros from a European employer or client.
Key Takeaways
- US banks do not offer euro accounts to US residents; the regulatory cost is too high for most institutions.
- You can convert dollars to euros through your US bank, a currency exchange service, or a fintech app, but the money stays in a dollar account until conversion.
- Some US-based fintechs like Wise and Revolut hold euros on your behalf and give you a euro IBAN for receiving payments, though Revolut's US availability is limited.
- Opening a euro account directly with a European bank requires residency, a visa, or proof of a legitimate connection to that country.
- Exchange rates and fees vary widely; a fintech transfer to Europe often costs less than a wire through a traditional US bank.
Converting dollars to euros through your US bank
Most US banks will convert dollars to euros if you ask, but the money does not sit in a separate euro account. Instead, you send dollars, the bank converts them at their rate, and the euros land in a euro account held by a correspondent bank in Europe. You cannot access those euros directly from your US bank account — you have to wire them out or ask the bank to convert them back to dollars.
The cost is high. A typical wire to Europe runs $25 to $50 in fees, and the exchange rate your bank offers is usually 2 to 4 percent worse than the mid-market rate. If you are converting $5,000, that gap can cost you $100 to $200. The process also takes 3 to 5 business days.
This route makes sense only if you are sending a large amount once or rarely, and you already have a relationship with your bank. For regular transfers or smaller amounts, a fintech is cheaper.
Using Wise to hold and send euros from the US
Wise (formerly TransferWise) is a fintech that lets you hold euros in a US-based account and send them to Europe at the real exchange rate. You open a Wise account online, add your US bank account, and transfer dollars in. Wise converts those dollars to euros at the mid-market rate — the rate banks actually trade at — and holds the euros for you.
You get a euro IBAN (the European equivalent of a routing number and account number), which means European employers, clients, or family can send you euros directly. You can also send euros out to any European bank account. Wise charges a flat fee per transfer (usually $1 to $4 for small amounts) plus a small markup on the exchange rate, but the total cost is still 50 to 70 percent less than a wire through a US bank.
The catch: Wise is not a bank. Your euros are held in a Wise account, not a traditional bank account, so they are not covered by FDIC insurance. Wise holds customer money in partner banks and has never lost customer funds, but the legal protection is different from a bank deposit. Transfers in and out take 1 to 2 business days.
Revolut and other fintech options (limited US access)
Revolut is a European fintech that offers multi-currency accounts, including euros, and was expanding into the US. However, as of early 2024, Revolut's US service is limited. The company has a US license but does not yet offer the full range of features available in Europe, including the ability to hold euros in a US account. Check Revolut's current US website to see if euro accounts are now available, as this changes.
Other fintechs like OFX and Remitly let you send money to Europe but do not hold euros on your behalf the way Wise does. They are better for one-time transfers than for maintaining a euro balance.
Opening a euro account directly with a European bank
If you have a visa, residency, or a strong connection to a European country, you can open a euro account directly with a bank there. This gives you a true euro bank account with FDIC-equivalent protection (in the EU, the deposit may provide is €100,000 per account per bank).
The requirements vary by bank and country. Some banks require you to be a resident or have a local address. Others accept non-residents if you have a work visa, student visa, or proof of income from that country. A few banks, like N26 (a German fintech), have historically accepted US residents, but their policies change. You will need to contact the bank directly to ask.
The process takes 2 to 4 weeks and usually requires a video call to verify your identity. You will need a passport, proof of address, and sometimes proof of income or employment.
Comparing costs and timelines
| Route | Setup Time | Cost per Transfer | Exchange Rate | Deposit Protection |
|---|---|---|---|---|
| US bank wire to Europe | Same day | $25–$50 | 2–4% worse than mid-market | FDIC (for dollars only) |
| Wise | 1–2 days | $1–$4 + 0.5–1% markup | Mid-market + small markup | Not FDIC; held in partner banks |
| Revolut (if available) | 1–2 days | $0–$2 | Mid-market + small markup | Not FDIC; held in partner banks |
| European bank account | 2–4 weeks | Varies by bank | Bank's rate (usually good) | €100,000 may provide |
What to do if you receive euros regularly
If a European employer or client pays you in euros, opening a Wise account and giving them your euro IBAN is the fastest and cheapest option. You receive euros directly, Wise holds them, and you can convert to dollars whenever you want. The alternative — having them wire to a US bank account in dollars — means they bear the conversion cost, and you lose money on the exchange rate.
If you receive large amounts regularly (more than $10,000 per month), ask your US bank whether they offer a dedicated euro account or correspondent banking relationship. Some larger banks will set this up for business customers, though the fees are higher than Wise.
Frequently Asked Questions
Can I use a US bank account to hold euros?
No. US banks do not offer euro accounts. You can convert dollars to euros and have them wired to a European bank, but you cannot hold euros in a US bank account. Wise and some other fintechs hold euros on your behalf, but that is not the same as a bank account.
Is Wise safe for holding euros?
Wise has never lost customer funds and holds money in regulated partner banks, but your euros are not covered by FDIC insurance. They are covered by the deposit may provide of the country where the partner bank is located, which is usually €100,000 or equivalent. For most people, this is safe enough, but it is a different level of protection than a US bank account.
What if I need to receive euros from a European company?
Give them your Wise euro IBAN. They can send euros directly to that account, and you will receive them at the real exchange rate. This is much cheaper than having them wire to your US bank in dollars, because you avoid the conversion markup.
How long does it take to convert dollars to euros?
Through Wise, 1 to 2 business days. Through a US bank wire, 3 to 5 business days. Revolut (if available in your state) is usually 1 to 2 days as well. The speed depends on whether the transfer goes through the traditional banking network or a fintech's faster rails.
Do I need a visa to open a euro account in Europe?
It depends on the bank and country. Some banks require residency or a visa. Others accept non-residents if you have a work permit, student visa, or proof of income from that country. Contact the bank directly to ask; policies vary widely.