Receive an order from the United States and charge for your work in dollars. Go to study at an American university and pay our son’s expenses and have his own account or return to Spain from there with the savings in dollars. Have a company that imports and exports products and whose transactions are in dollars. In a world as globalized as the current one, traveling, trading or investing in different countries is as common as being in permanent contact with family and friends from any corner of the world. For this reason, foreign currency accounts are the best alternative so that receiving a payroll, paying an invoice or buying is not a ruin or a headache.
Opening an account in dollars allows us to be the holder of a bank account in Spain with the funds deposited in dollars. However, this task can be complicated and, in many cases, expensive. Many financial institutions apply opening and maintenance costs, surcharged exchange rates or transfer charges to these accounts, to name just a few examples.
What is a dollar account?
An account that is opened in Spain and whose funds are deposited in dollars. If a normal account has money in euros, this type of account allows you to have it in dollars. In the case of income or transfers in it, they are made in dollars. Although it is true that most of the clients of this financial product are companies, there are more and more individuals who, for different needs, open a foreign currency account.
They work in a very similar way to normal accounts, but they have some peculiarities. They do not accept direct debits or payroll and, in many cases, transactions are limited.
What are the advantages of a dollar account?
One of its most significant advantages is that dollar or currency accounts keep deposits safe in the event of economic crises in the eurozone.
This account allows you to take advantage of the best time to exchange currency, benefiting from the most advantageous changes.
In addition, this type of financial products in foreign currency provide favorable interest for this type of currency.
Dollar accounts allow participation in foreign markets that use a currency other than the euro, thereby opening up a range of investments that is not contemplated when operating with the common currency. The borderless account adds more advantages, such as the possibility of having local data to use in the EU or the United Kingdom among others, operating with several currencies in a single account and obtaining a debit card. All these characteristics facilitate operations abroad. In the case of students or workers who change countries for a short period of time, it also facilitates their day to day. For potential investors in another currency, the account has very low currency conversion fees.
international transfers.
What are the best dollar accounts?
There are many Spanish banks that allow you to open an account in dollars, such as Banco Santander, Bankinter, Ibercaja or BBVA, among others.
Transferwise allows you to easily activate and deactivate more than 40 currencies, as well as exchange money between them. Euros and dollars, but also yen, pounds sterling, etc… Opening the account is free and does not require a minimum balance. It also does not charge maintenance fees and the cost of currency conversion is very low.
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