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Opening a foreign money account.

Mulder12345

Has anyone opened a foreign money account and used the SWIFT money transfer system to restock it? I am looking for a good bank to do this with. How much money is the minimum to open a foreign money account?

See also

Living in Nepal: the expat guideHow to transfer money back home from Nepal?Sending money to family in PokharaHow much should a lawyer charge for service in Nepal?Declaring Money at the Airport?
jw

Yes, I have both a US$ account, a EUR account and a NPR account with Nabil bank.
All were opened at the same time, about 8 years ago, and all are still active.
None of these three accounts needed any minimum amount for opening, but after all these years I do not remember exactly how that came to be. Probably along the line that I did not have the currency with me, but I would be transferring it in at a later time, which I have done.
For all three accounts I have ATM cards, with which I can withdraw directly from their connected accounts. The ATM will give Nepali rupees, and the amount given is being taken out of the foreign currency accounts at the days exchange rates.
Feeding the foreign currency account I do from my home bank accounts by direct bank transfer through SWIFT. This used to take weeks, but for the last couple of years these transfers are completed in 2 or 3 working days.

All three accounts had to be opened in my personal name, not as company accounts. I would have loved to have a foreign currency account for my company, but that was not allowed...

Mulder12345

Thank you JW. Are you an american? I spoke with other banks and they do not give americans bank accounts due to this FACTA law enacted in the US to keep track of peoples money. Too much reporting hassle for the banks i guess. Of course, your account was made many years ago so maybe it slipped through the cracks if you are a US citizen.

jw

Ehm, no, I'm not an American... what gave you that idea..?

If this FACTA law is giving you too many problems, then maybe renouncing your US citizenship might be an answer for you? It seems to have helped more people:

Mulder12345

I asked if you were a US citizen because you opened a $USD account and because this information pertains to my situation. Thank you for your input.