FV Bank Enhances Deposits with Euros

FV Bank, a regulated digital bank based in the U.S., has announced the enhancement of its deposit features, now allowing clients to deposit euros directly into their USD accounts. This new service automatically converts euros to USD, broadening the bank’s deposit capabilities beyond its existing offerings, which include domestic and international USD wire transfers and ACH transactions.

This addition streamlines the banking process for FV Bank’s enterprise clients by offering a wider range of deposit options, eliminating the need for opening separate accounts for different currencies. Customers can view daily EUR/USD exchange rates on the bank’s online dashboard, providing transparency and control over their transactions.

The integration of euro deposits represents a significant step forward in FV Bank’s offerings, enriching its financial services portfolio and highlighting the bank’s dedication to simplifying banking procedures for its clients globally. According to Miles Paschini, CEO of FV Bank, this development is a testament to the bank’s commitment to delivering a comprehensive and frictionless banking experience to its customers, facilitating easier international transactions: “We are proud to announce the integration of euro deposits into our suite of financial services at FV Bank. This strategic enhancement underscores our commitment to providing our clients with a sophisticated and seamless global banking experience. The ability for account holders to receive euro deposits directly converted into their USD accounts, not only simplifies international transactions but also enriches our deposit capabilities.”

Furthermore, FV Bank’s cross-border payment services allow clients to conduct transactions in 10 different currencies without the necessity of opening new accounts or maintaining balances in foreign currencies. This feature is particularly advantageous for clients involved in international business, providing them with a streamlined solution for managing multi-currency transactions.

The addition of the euro deposit facility aligns with FV Bank’s goal of offering a broad, flexible range of financial solutions to its international clientele, particularly small and medium-sized enterprises (SMEs). This expansion is designed to grant clients, both individuals and businesses, greater ease and efficiency in managing their financial resources, enhancing access to secure and comprehensive global banking services.

Operating under the regulatory oversight of the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico, USA, FV Bank is known for its innovative integration of traditional banking and digital asset custody services within a regulated framework. The bank provides a variety of financial products and services, including deposit accounts, payment services, custody of digital assets, access to money market accounts, and VISA card issuance.

Catering to corporates, institutions, family offices, and their clients, FV Bank delivers its services through online banking platforms and integrated API solutions, meeting the diverse needs of its customer base.