ForumsStarting a Business

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.

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

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

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