Currencies Direct as a checking account in the USA and Germany?
Currencies Direct is not a checking account in the traditional sense, as you would know it from a bank in the USA or Germany. It is a specialized provider for international transfers and multi-currency accounts, mainly designed for money transfers and managing multiple currencies.
What Does Currencies Direct Offer?
- You can open a multi-currency account where you can hold and receive balances in GBP, EUR, USD, CAD, and JPY.
- The account is primarily intended for international transfers and receiving payments (e.g., as an online merchant), not for everyday banking such as direct debits, salary payments, card payments, or cash withdrawals.
- Payouts are only possible to your own bank accounts or tax authorities, not to third parties as with a regular checking account.
- There is no traditional bank card, no branches, and no way to deposit or withdraw cash.
- The service is especially suitable for international money transfers, currency exchange, and holding balances in multiple currencies.
Using Currencies Direct in the USA and Germany:
- You can open an account from both countries and use it for international transfers.
- However, the account does not replace a full-fledged checking account at a US or German bank, as important functions like card payments, cash services, and SEPA direct debits are missing.
Currencies Direct is not a replacement for a checking account in the USA or Germany. It is a multi-currency account for international transfers and receiving payments in various currencies, but not suitable for daily banking. For classic checking account functions, you still need a regular bank account in the respective countries.
This Is What Your US Account Details Look Like:
With this account, you can receive the purchase price from a real estate sale and, of course, the refund from FIRTPA.
Background to the Question
Our client sold their property in Florida with us, and the tax firm recommended opening an account with a US account number (account number, routing number) via Currencies Direct to receive the tax refund after filing the tax return by wire transfer.
The alternative would be a check sent by mail from the IRS. This can be cashed at most savings banks and cooperative banks in Germany.
Which would you prefer?
Wire transfer from the tax office or check? Please comment below.
By the way, the account is held with JP Morgan Chase. To know exactly what I can recommend to our clients, I opened it myself:
Did you know?
- Open bank account for LLC or Corporation
- Transfer money: USA ► Germany
- Free DKB-account for everyone?
Supplement for you: The Chat with the Tax Advisor
Aloha,
I’ve also opened an account here: https://www.amerikakonto.com/de/currencies-direct-girokonto-usa-deutschland/ — what kind of experiences do your clients share about it? Best, Richie
Great, awesome. Glad to hear that 🙂
They don’t mind if you open the account, then nothing happens for several months, then the IRS payment arrives, then the money is exchanged, paid out, and the account is closed again?