Opening and operating euro savings accounts
Euro savings accounts are the new rage amongst investors who wish to diversify their interests in a failing economic situation. This is not to say that the euro is doing particularly well against its counterparts. But there is belief that given the large mass of advanced nations operating on this currency, it will not go down as easily as say the dollar.
There are a number of international and European banks that offer the euro account. HSBC is one such international bank that specializes in euro accounts and provides for more than 200 different countries around the world. They also provide accounts in fourteen other currencies apart from the euro. The most popular euro account with HSBC is the HSBC serious saver account with a minimum deposit of ten thousand Euros.
There are some basic requirements in order to open a euro account. Firstly, if you are not a HSBC client you will need to fix up an appointment with them. But if you already have an account with them, it is as simple as just asking for an additional account attached to your current account. So you will start off by filing an application. The application will require details like your identity for which you can use a copy of your passport or a national ID card. You will also need an address proof for which you can use a copy of your driving license or you can show copies of the electricity and water bills for the last three or more months at a certain address. You will also have to furnish a bank statement from another account that you already own. The minimum balance required will usually be double of the minimum balance requirements in the euro account. You will then be contacted by the bankers for further clarifications and you can have the debit card mailed to your home address.
Opening a euro account is beneficial in a number of ways. All you have to do is hedge yourself against currency devaluation that occurs in your home currency. Whenever you see the currency falling, you can transfer funds or make an investment in Euros using your euro account. You can also pay off mortgages or other loans in your home country using the euro account which will be providing greater returns in a resurgent European economy. Apart from this, it helps to have an added fall back plan, in case, American investments you made fail miserably like they did when the global economic crisis was triggered.
