Is it illegal for US banks to offer a savings account in Euros or another currency besides the dollar?

It is NOT illegal. We have no laws dictating what currency can and cannot be used for transactions. The Federal Reserve, which makes the USD notes, is a FOR-PROFIT company, like Walmart or what have you... its a business, NOT a government entity! If you want to try to "buy" something with salt, you just have to find someone that will accept salt as payment. Coins are a slightly different issue, and naturally counterfeit bills (bills specifically designed to look like any other note with the intent of deception) are illegal, but basically, if you can get a vendor to accept it, its LEGAL! Check out the Treasury's website. I'll even quote it here for you:


"There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
Is it illegal for US banks to offer a savings account in Euros or another currency besides the dollar?
No. Not at all. It is perfectly Legal. Euro money markets are prevalent. Many of my customers had them as they transacted a lot of business in Euros. The money in them is still subject to changes in the value of the Euro against the dollar. We also had multi-currency accounts which were technically established by a US bank but held in the Canary Islands. These accounts could individually hold many different forms of currency (each sub account had to be unique for its own form of currency).
Reply:Within the United States, the answer is yes. Only U.S. money is legal tender for financial transactions, including banking.