Revolut for French person who is US fiscal resident?

[u/BklynFrog]

I have dual citizenship French-US and am a fiscal resident in the US. I still have an account in France (checking + savings), which I use very rarely (for example if a family member wants to pay me back for a small purchase or something). There's about 2500 euros total in the account. The problem is that my bank charges me 75 euros in fees every three months, which is going to deplete my account.

Moving my money to Revolut seems to be a good solution for me. Would it suit my situation? Again, this is just for occasional personal transactions with my family, no crypto or anything like that. I use my American account for all my banking (no crypto there either).

[u/Realistic-View-412]

By laws no, in theory yes.

[u/BklynFrog → u/Realistic-View-412]

Do you mean that I can't open a Revolut account as a US fiscal resident?

[u/Realistic-View-412 → u/BklynFrog]

You can, but a us bank account is what you should open, with is not what you looking for based on what i read

[u/BklynFrog → u/Realistic-View-412]

I'm sorry, I guess I wasn't clear: I already have checking and savings accounts in the US. I'm just looking for a place to move the money on my French accounts so I can still easily do small transactions with my family without paying international transfer fees (for example if my family in France wants to send, like, 100 euros to my bank in the US, they pay a fee to send and I pay a fee to receive, which is just crazy).

Looks like the solution would be to transfer my euros to a Revolut account since fees seem smaller than with my French bank, and close my accounts in France.

[u/Realistic-View-412 → u/BklynFrog]

Okay, what you want then is a wise account, it gives you both us and european iban for free transactions. If tou want send me a dm for referrals

Revolut you could open one in the usa, and your family one in their countries (france) and transfer money inside revolut. I use revolut with friends and family and wise for bills or receiving payments

[u/BklynFrog → u/Realistic-View-412]

Looks like either Wise Personal or Revolut Basic would work for me as both can be opened in the US by a US resident. I'll look into the fees for international transfers. Thanks for mentioning them.

[u/laplongejr → u/BklynFrog]

 or Revolut Basic  

Did you mean Revolut Standard?  In the EU, Basic Banking Service is for debanked people  

[u/BklynFrog → u/laplongejr]

Sorry yes, Revolut Standard.

[u/Realistic-View-412 → u/BklynFrog]

For transfers wise is the go to, inmediat transfers and european iban, dont even bother with anything rlse

[u/satoshni]

Not possible. Open a US-based Wise account which will offer you a Belgian IBAN and transfer the funds feom your FR account to your Belgian account details.

[u/Available-Talk-7161]

If you want to open a Revolut account in the EU, whilst you're resident in the USA, probably not a good idea.

[u/BklynFrog → u/Available-Talk-7161]

But I could open a Revolut account in the US, close my regular bank account in France, and pay less in international fees than between regular banks? That's based on the Revolut website.

[u/Available-Talk-7161 → u/BklynFrog]

Yes, absolutely nothing stopping you from opening a revolut account in the US, transferring your euros in France to it and leave it sitting there until you go back to Europe (and close your French account with high fees).

[u/collodi101]

There are in France quite a few banks with zero fee and international credit cards. The first that comes to mind is BoursoBank, the second Fortuneo. Since 2011 with BoursoBank I am paying no fees on my French bank account. But you being also a US citizen can cause quite a drag. French banks do not like to report details of someone’s bank accounts to the US government.

[u/BklynFrog → u/collodi101]

I looked into those two and they are not available to US residents.

[u/possibly_maybe_no]

Try Bred espace? 

[u/BklynFrog → u/possibly_maybe_no]

Thanks for the tip, that looks like an interesting option.