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22 Replies Last post: Aug 16, 2008 8:40 PM by MsLili

EURO ACCOUNT INTERNATIONAL

Oct 10, 2007 2:32 PM

gracie 6 posts since
Oct 10, 2007

I am doing business in France and need to keep my EUROS in EUROS. While banks in Europe offer accounts in dollars and euros, I am having difficulty finding information about BANK OF AMERICA's options for small companies on both shores. I know that they are owned by BANK PARIBA but no customer service in either bank can shed light on the relationship or which division offers the service....

can anyone help.

I don't even know if this is the right place to post!

say g'nite

GRACIE

Tags: international, euros, foreign, france, europe Report as inappropriate

NatOnline 670 posts since
Oct 10, 2007

1. Re: EURO ACCOUNT INTERNATIONAL Oct 11, 2007 4:36 PM

Have you ever try to contact a central bank? I am not sure, but I think it is possible to open an account with the devise you need.

I am French, I can even open an account in France because I am a legal resident in US lol

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Wirelessany1 7 posts since
Oct 11, 2007

2. Re: EURO ACCOUNT INTERNATIONAL Oct 11, 2007 7:01 PM

Hello Gracie,

Bank of America does offer Euro Accounts. Have you tried speaking with your local banking center? The banking center in your area can get in contact with their Business Banker who can help you get information. The Business Banker will coordinate with the Foreign Currency. Someone from that division will call you to give you pricing and information. They will then coordinate opening the account if that is what you decide to.

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NatOnline 670 posts since
Oct 10, 2007

3. Re: EURO ACCOUNT INTERNATIONAL Oct 11, 2007 9:39 PM

in response to: Wirelessany1

Hello Wirelessany1,

I am just curious, and I think it could be interesting.

How the Bank of America can help in this situation:

Just imagine, if I was homeowner in my Country France, I sold my house but I don't have any bank account there. I've got a French check in Euros from the house sold, how can I cash it on my American Bank of America checking account in dollars?

I know Bank of America is in Paris, is this possible to make just a regular deposit with fees/exchange rate?

Thank you

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gracie 6 posts since
Oct 10, 2007

4. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 6:37 AM

in response to: NatOnline

Salut:

Where is there a Bank of America in Paris?

I can imagin your scenario, however, I am NOT interested in converting my EUROS into DOLLARS. I want to spend my Dollars in the US and my EUROS in EUROPE. In order to do that I need a EURO account.

merci

gracie

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gracie 6 posts since
Oct 10, 2007

5. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 6:47 AM

in response to: Wirelessany1

Merci Merci:

for the tip. I have contacted the SMALL BUSINESS help center and was told that a EURO account was a no go. Is the BUSINESS BANKING center something different? Should I go directly to Foreign Currancy?

As I am in EUROPE at the moment, it is impossible to stop in and speak with a manager who would be perhaps more qualified to direct me to the right place or make the calls on my behalf. So I really only have the CALL CENTERS at my disposals. I will give it ago once they wake up again...

Gracie

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NatOnline 670 posts since
Oct 10, 2007

6. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 9:06 AM

Bonjour Gracie,

J'ai trouvé l'adresse de la Bank of America a Paris ca devrait t'aider:

Bank of America
51 Rue François 1er 75008 PARIS
01 45 02 68 00

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Wirelessany1 7 posts since
Oct 11, 2007

7. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 11:04 AM

in response to: NatOnline

Hello NatOnline

I believe in your case, if you had a checking account with any bank, you should be able to deposit that check from France. This deposit would not be handled as a normal deposit, but as an International Collection. I know the process for having the funds available may be a few weeks, but it is possible.

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NatOnline 670 posts since
Oct 10, 2007

8. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 1:27 PM

in response to: Wirelessany1

Thank you Wirelessany1, that's a great information, I will remember that

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Wirelessany1 7 posts since
Oct 11, 2007

9. Re: EURO ACCOUNT INTERNATIONAL Oct 12, 2007 6:58 PM

in response to: gracie

I'm really sorry to hear that you are having trouble. I'm not sure that what you are trying to do can be accomplished if you are out of the country. I do know with 100% certainty that BofA does offer a Euro Account. I had an occasion to help open one. Since I am on the West Coast, we had to go through a unit in San Francisco. When you do come over to the States, please ask your local banking center to help direct you in the right direction.

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Bendite6 2 posts since
Nov 27, 2007

10. Re: EURO ACCOUNT INTERNATIONAL Nov 27, 2007 1:34 PM

in response to: Wirelessany1

Thank you for offering help in this interesting topic. I also have interest in setting up a Euro account in the states. I have contacted BOA with no success. It may be a state specific product, (Calif.). Therefore as I am chasing this up myself. Do you remember which branch in San Fran you used so I can call them directly. Is it possible that these accounts are only available for mega global companies and not small businesses?

Again, thanks,

Bendite

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equinina 14 posts since
Nov 18, 2007

11. Re: EURO ACCOUNT INTERNATIONAL Nov 30, 2007 10:40 PM

I bank with B of A but recently had to open an account with HSBC because they have easy access all over the world. I have to send alot of money over to London and it was getting crazy with all the fees. Don't know if I am suppsed to mention another bank here but tha is what i did. If you go to thier website it explains everything. Ofcourse i still have all of my B of A accounts.

Hope this helps,

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sdenman 5 posts since
Oct 22, 2007

12. Re: EURO ACCOUNT INTERNATIONAL Dec 5, 2007 2:48 PM

in response to: NatOnline

I agree!

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DomainDiva 1,727 posts since
Oct 10, 2007

13. Re: EURO ACCOUNT INTERNATIONAL Dec 5, 2007 5:01 PM

Go to Citibank.

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DomainDiva 1,727 posts since
Oct 10, 2007

14. Re: EURO ACCOUNT INTERNATIONAL Dec 5, 2007 6:43 PM

in response to: DomainDiva

It posted TWICE...sorry.

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CorpCons08 1,128 posts since
Nov 14, 2007

15. Re: EURO ACCOUNT INTERNATIONAL Dec 6, 2007 12:09 AM

in response to: DomainDiva

I would not advise Citibank as an option. Although Citibank has a presence in many countries, the banks are not the same bank. For instance, Citibank, Japan cannot review or do business on accounts established in the United States or England. The same goes vice versa. No one country can view or do business with another countries accounts. This lead to many problems for business owners who could not access funds. I would look at other options before trying to understand the Citibank network.

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CorpCons08 1,128 posts since
Nov 14, 2007

16. Re: EURO ACCOUNT INTERNATIONAL Dec 5, 2007 10:25 PM

my post on this subject is not working...TEST?

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gracie 6 posts since
Oct 10, 2007

17. Re: EURO ACCOUNT INTERNATIONAL Dec 6, 2007 5:59 AM

in response to: equinina

Dear E:

I think you did the right thing. I really got nowhere with BofA and had to REALLY DIG to get cooperation. I found it particularly frustrating as BANKPARIBAS here in FRANCE actually owns a huge hunk of BofA.

However, even with HSBC, I could not open an account here. I would have to open in the USA, then using the USA bank branch as a reference, I could then open an account here. HOWEVER, even with then the two accounts CANNOT speak with each other NOR even act as a liason. ???

I will say that BOFA does offer solutions for MEGA corps, just way to expensive for me to participate. Too bad they haven't figured out that small businesses have a huge need to go international.

I am leaving this question unanswered, however, your advice as been the best so far...

CAT

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equinina 14 posts since
Nov 18, 2007

18. Re: EURO ACCOUNT INTERNATIONAL Dec 6, 2007 9:45 AM

in response to: gracie

hmmmmmmmmmmm - the HSBC website made it seem like you could to me. I did it all online but my needs are different from yours. It has been a challenge to get it going because of Patriot Act but they have finally approved my account. There are so many challenges those of us who have small business have to deal with that are overlooked. Maybe someone should start a resource service for hard working entrepreneurs like ourselves. If I hear of anything that might help I will certainly post. Good luck.........E

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Bendite6 2 posts since
Nov 27, 2007

19. Re: EURO ACCOUNT INTERNATIONAL Dec 6, 2007 10:27 AM

Thank you all for your input. I too had considerable digging to do within BOA customer services to find help within their foreign exchange division. Their products seem to change periodically but currently they offer a time deposit account off shore, held in Euros, interest bearing. When you want to access your funds you need a two day advance notice to negotiate the exchange into dollars. Some of the options are for a one week maturity, so if you needed that level of liquidity you could do so although at a lower interest rate. Hope this may help someone, I works for me.

Bendite

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DomainDiva 1,727 posts since
Oct 10, 2007

20. Re: EURO ACCOUNT INTERNATIONAL Dec 6, 2007 5:07 PM

in response to: CorpCons08

However....when my client payments, wire transfers and credit card charges were a mess from traveling in several countries during a whirlwind tour...;) Citibank got everything straight betweeen banks in VietNam, France and Germany QUICKLY like 24 hours quickly. (with a quick stop at Dubai duty free as well). Whatever differences there are Citibank customer service USA somehow overcame all of these obstacles.

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CorpCons08 1,128 posts since
Nov 14, 2007

21. Re: EURO ACCOUNT INTERNATIONAL Dec 7, 2007 12:41 AM

in response to: DomainDiva

Wonder how things will be without their CEO of International Banking...
They haven't found a replacement yet.

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MsLili 6 posts since
Aug 16, 2008

22. Re: EURO ACCOUNT INTERNATIONAL Aug 16, 2008 8:40 PM

in response to: Bendite6

Whoa, Bendite6.....over my head. Explain that again?....BofA has a foreign bank division where you could do offshore funding interest earning in Euros? And USD obtained after writing 2 days prior? Did I just read that correctly?....if so, please spill that info of where you found that out.

Thanks

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EURO ACCOUNT INTERNATIONAL

Oct 10, 2007 2:32 PM

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