How to open a euro savings account

There are 50 countries in Europe, of which 27 countries have come together to form the European Union. Out of these, only 16 countries have so far accepted the common European currency called Euro as their currency. But because many of these 16 countries are the most important countries in the world in terms of commerce and finance, hence even other countries of Europe other than these 16 countries accept the Euro as a mode of payment. In the coming years, more and more countries in Europe are expected to convert to Euro. That is why having a Euro savings account is very important for anyone who is going to Europe for studies, or a vacation, or a new job or business, or for someone who receives large payments in Euro.

Advantages

The best advantage is that the debit and credit cards of the Euro Savings Account can be used freely in all member countries without incurring any additional charges for conversion of currency. The money kept in the account is also insulated from fluctuations in currency rates of the major currencies of the world Vis – a – vis the Euro. Citizens of USA can freely open Euro accounts without running into any regulatory roadblocks. Amounts up to $10000 need not even be reported in their annual income tax returns.

So now that you are ready and eager to open a Euro Savings Account, let us look at three easy ways to go about it:

In Person

When the account holder is travelling to Europe or has begun residing there, then the best way is to physically go to the bank and initiate the account opening process. One should first find out which banks offer Euro Accounts, and then walk into the nearest branch of such banks and ask to meet a concerned relationship manager. It is advisable to go along with the identity and address proofs and a couple of photographs, so that the process can be initiated immediately.

Through Mail

A second option is to make an email enquiry to your chosen bank. The application forms and other formats would be mailed by the bank to you, which you need to fill up and courier back to them along with the documents required.

Online

Most banks have the facility of initiating of account opening on their websites. Like in the account opening process by mail, only the initial correspondence would be online, but finally the forms and documents need to be despatched in hard copies to the concerned bank, or submitted at a local branch of that bank in your country.