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How to Close a Foreign Bank Account


Foreign banks are institutions that hold funds in a depository account in a country other than the United States. The account is also called a foreign bank account, and when you no longer want to hold that account open you should go through steps to formally close it. Leaving the account open may result in fees, charges or tax problems.


 


  1. Stop using the account. Do not
    deposit or withdraw any funds from this account.

  2. Make sure the account has no
    outstanding checks, debits or electronic charges that will come
    through. Closing the account before everything has cleared can cause
    returned item charges.

  3. Go to the foreign bank and request
    that the account be closed. If it is not possible to go to the bank
    in person, call them on the telephone and inquire about the account
    closure process. If you are not fluent in the language of the bank,
    you should a translator to ensure that the information is passed
    correctly to the bank representative.

  4. Verify the current exchange rate
    before closing the account. You will want to know how much money you
    will be getting back from the bank. You will have to take into
    account that there will be a conversion rate, and that your money
    may be worth more or less than the U.S. Dollar.

  5. Ask for a print out or ledger of
    the account. This will help to show that all items are reconciled
    and what the final balance is. Your final bank statement may be of
    assistance as well. This should show all deposits and withdrawals
    made from the account.

  6. Ask for an international cashier
    check or money order. These checks are easy to deposit in a U.S.
    Bank or cash or at a check cashing center.