How can I open a euro savings account in a multinational bank?

A number of multinational banks offer euro or offshore accounts to their depositors. HSBC for example provides offshore accounts to citizens of more than 200 different countries. They in fact provide accounts in 14 different currencies around the globe. One of the most popular overseas accounts is the euro account. People believe this to be the case because of the relative stability of the said currency. The euro account offered by HSBC is called HSBC serious saver account. The minimum deposit needed to maintain a euro account is usually in the range of 10000 Euros.

No bank will provide you a zero balance euro account. You will be expected to maintain a minimum deposit in order to qualify for normal transactions. You also cannot make sudden withdrawals from your account beyond a certain limit. There are a few things that you will need to do before opening a euro account with a multinational bank.

The first step is to make an application. In order to do this, you will need to fill an online form with all your details. You can also make a personal application if you visit the country of your choice in Europe where the currency is in Euros. You will need an identification proof for which your passport should usually suffice. You also need address proof, if your passport does not have the same you will need to show another identity card which has your home address on it.

A driving license will usually qualify as proper proof documentation. You can also show your electricity bills, mortgage statements, telephone bills or cable bills for the last two months. Showing a longer duration will only strengthen your case. You will also need a bank statement from your existing account in your home country. You need to show a certain balance to qualify for the euro account and this balance will vary with different banks. Sometimes, showing double of the minimum deposit requirement will be more than enough to open an account.

Opening a euro account will diversify your portfolio and expose you to a new market. Doing this is crucial in this economy as no one can predict if the American economy is every going to be as strong as it once was. Putting all your eggs in one basket is definitely not a good idea in this scenario.