Reply to Has anyone used Wise for foreign currency?

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Reply to "Has anyone used Wise for foreign currency?"

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[quote=Anonymous]We're French and use Wise to transfer euros from our French account into our American account. I haven't kept money in a Wise account, though. Not sure I'd feel comfortable doing that.

Also, US citizens and foreigners who are resident for tax purposes in the US (like us), have an extraordinarily difficult time opening accounts in foreign banks. This is because the US governments has imposed strict anti-laundering restrictions on foreign banks. This maybe helpful to fight international criminal gangs, but it ends up hurting innocent private individuals and international families who have multiple accounts in their home country and in the US. My French bank closed my account against my will because they didn't want to deal with the paperwork and compliance burden imposed by the US government. There are thousands of people who have had their accounts closed like me.

So long story short, best to keep your money in US banks. You can keep foreign currency in your American bank.

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