I would like to open a bank account on my country with foreign currency so that i would deposit foreign money like dollars so there's no currency conversion from within paypal or the credit card company (Mastercard/VISA). What i would like to know is will i pay any interest on depositing the money,or using this account to make payments online? The whole point would be for paypal to draw the money from this currency and make foreign payments without any conversion.From dollars i will have to pay dollars.
Well obviously,but what I'm asking is about bank issues.If i open an account to deposit foreign currency,will i pay any interest or have any obligations with the bank?
From your experience what is it that most bank do?Do they charge fees or not?So if one,wants to handle money from foreign currencies,what is it optimal for him to do?
You need to know which country you are from because it would appear that Paypal would only allow you to pay from a bank account only if you are in the US, Australia, UK and Germany. Other than that, it would need to come off a credit card. Of course if all those you need to pay through paypal then keep enough balance to pay them.
As far as I know HSBC is a bank my mean of which you can do transaction in almost any coin and it has international presence, in fact offering offshore banking.
Chances are when an incoming remittance would happen, a mid-bank deduction for funds will definitely take place, this can be anywhere from US$ 10 to US$ 45. It all depends how your bank handles international transfers. For opening a Dollar account, there would be no interest paying (i.e. you would NOT have to pay interest), however, you could earn interest, which always is a good thing. You only limitation might be that of the minimum balance requirement as needed by your bank. However, that is something for you to check out.