Just wanted to ask some feedback from you since we are an (ex)-SVB customer who used their multi-currency accounts.
Which bank do you use for multi-currency accounts? What are the fees and fx-rates typically?
We are looking for an option but it seems many of the major banks do not offer currency accounts that are registered in the US.
TIAA Bank: Supports it. However charges $65 per outbound wire, crazy expensive.
SVB: Supports it. $100 / month maintenance fee. Future of SVB highly uncertain.
Unknown:
Wells Fargo: Unknown, spent lots of time being redirected between departments until I had to hang up because it took too long time. Will check again in the future.
No support:
First Republic: Only for larger customers that do not hold currency permanently, only if they continously convert to USD. Their customer support was really nice.
Citi: No support, only through sister company Citi International but not US based
Bank of America: No support multi-currency support for SME customers
Chase: No multi-currency support for SME customers
Bank of America: No multi-currency support for SME customers
PNC: No branch in several US states, therefore can only open accounts in certain states
US Bankcorp Business: Can't hold foreign currency
Wise.com: Not US based. Only for major 8 currencies. Not for smaller currencies such as Swedish SEK as they cannot provide an inbound IBAN.
XE.com: Not US based. No support
Imho simply buy gold, next opt to it is yuan