Finding A Quality European Bank To Do Business With

I'm not sure that a travel helpline is the right place to be asking a question about setting up a business and worldwide banking. From time to time here, people inquire about setting up foreign accounts as a way to perhaps avoid some of the costs of exchanging money, but in general, the answer has been that different countries often have very strict rules about who can open an account there - residency requirements and such. Perhaps you can find a business-oriented website that could guide you a little better in that area.

This is a double post.

You need to do a bit more research on this, including US laws that deal with American's having money in foreign accounts. Because of some recent changes that require more reporting, foreign banks are increasingly reluctant to provide accounts to US citizens. Like Tom, I was required to have a local address to open a bank account. Banking in France is very different than in the US. Your account is with a particular branch. If you have any issues, want to withdraw, etc, you have to go to that branch (and often in person!). I don't think a French bank would meet your needs.

I can only offer my own experience with a personal bank account, and I have no idea if this is applicable to your situation. That being said, to open a Euro-denominated bank account, I needed to have a European mailing address.

Just have to comment, since you asked......what strikes me about your post is the repetitive use of the generalized term 'Europe'. Europe has many individual countries, each with their own unique relationship with the USA. Although the 'European Union' exists, it doesn't necessarily supercede individual countries' import/export laws. It's as if just because you're in the US you can do business in Mexico and expect they have the same laws just because they share a border. That just isn't the case. Also there are some US banks that have branches all over Europe, they are just under different names, which means you definitely need to do more research.

Look up www.score.org and find the office nearest you. They offer free business consulting services to small business. If they do not have someone with import-export experience within their chapter, you can go to score.org and explore email counseling which gives you access to thousands of SCORE counselors nationwide.

Bruce here! Thanks everybody for all of the great ideas. How kind of you to take your time to help me. All good answers...thanks a ton. Have a great rest of the week. Warmest regards, Bruce