Full question:
what banks deal in foreign currency and what is the tax,cost per bill and proceedure
- Category: Banking laws
- Date:
- State: New Mexico
Answer:
Most major banks have currency programs that allow you to set up multiple currency accounts, complete transactions in different currencies, withdraw from those accounts while at home or abroad and provide secure online banking environments, so you don't have to worry about the safety of your money.
Different banks and brokerage agencies allow different kinds of accounts. Many banks only allow currency accounts in British pounds, euros, Japanese yen, Canadian dollars or Australian dollars, though some of the major international banks allow many more currencies.
You may visit the bank online, visit its local branch or call its toll-free number to determine if it will accept banking in the desired currency. Compare the different banks you've contacted for the best available currencies, online services -- some banks do not allow private individuals to send online international wire transfers, currency conversion fees, withdrawal fees, interest rates and ease of banking.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
