Dollar account or Euro?
I live in a country in the Eurozone and have a dollars account with one of the banks here. I'm expecting a payment from a client in the US. I was told that when a bank sends money to a Eurozone country, then the money is automatically converted into Euros and that if I give my client a US dollar account, I'm actually losing money because the Dollars will be converted to Euros and then again to Dollars, hence 2 conversions plus fees.
Is that true?
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This is not completely true. Generally USD will not automatically get converted to EURO. It will remain as USD and credited to the account.
From 2012, Certain banks in order to maximize money on Fx conversions may erroneously convert it to EUR and send it to your Bank who would convert it again to USD. You can dispute this and your Bank. Your Bank is obliged to have this corrected with the correspondent bank and credit you the Original USD without conversions.
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