How Hard Is It to Open a Foreign Currency Account in the U.S.?
Most mainstream U.S. banks do not offer foreign or multicurrency accounts to individuals; such services are typically limited to businesses or high-net-worth clients .
For instance, PNC’s multicurrency accounts demand high balances (often $100,000 USD equivalent) to qualify , while City National Bank requires a U.S. dollar account as a base before opening foreign currency services .
Moreover, opening even these services usually mandates extensive documentation—photo ID, U.S. address, tax ID—which complicates access for the average individual .
A Better Fit for Businesses
For businesses operating globally, holding foreign currency accounts in the U.S. delivers clear efficiency:
- Manage multiple currencies from a single U.S. bank platform;
- FDIC insured, simplifying compliance;
- Avoid complex foreign account reporting (e.g., FBAR) .
DogPay: A Flexible Multi-Currency Solution for Individuals
For individuals seeking greater flexibility and lower cost in managing multiple currencies, DogPay offers a compelling modern alternative:
- Supports holding and converting between major fiat currencies and cryptocurrencies;
- Offers virtual cards compatible with Apple Pay, Google Pay, and global payments;
- Opens accounts online—no residency or high-balance requirements;
- Available in 180+ countries, with minimal or zero fees and transparent mid-market exchange rates.
