What to expect when opening foreign currency accounts at EverBank

EverBank^® offers a number of account services, features and innovative products to simplify the purchase of foreign currencies. However, given the nature of these accounts, it's important to understand how they work. Whether you're already a currency account holder or are just getting started, this page will help you understand some of the important EverBank processes and procedures.

While this information is intended to address some of the most common questions pertaining to WorldCurrency^® accounts, you should always consult the Terms and Conditions for specific and complete account details.

Currency trades and pricing schedule

Transactions requested by phone or online after 10:00 a.m. EST. will be placed and priced by 11:00 a.m. EST. the following business day. EverBank groups orders starting at 9:00 a.m. EST. and implements the trades based on the specific country's banking schedule.

Actual exchange rate and cost of currency accounts

Exchange rates are determined at the time of the actual trade and not at the time of the transaction request. The exchange rates listed on EverBank.com are for research purposes only and do not reflect rates and costs at the time of the trade.

When a currency trade is implemented, EverBank will convert your funds using a then current conversion rate set by EverBank. Your currency conversion rate will be within 1% of the wholesale spot price EverBank pays for your currency. Exceptions may occur when a specific conversion rate is agreed upon between you and EverBank.

How to lock a currency conversion rate

You may call the World Markets Trading Desk at 800.926.4922 by 4:00 p.m. EST. to request a lock on the currency conversion rate (not available for WorldCurrency Index CDs). EverBank will work to the best of our abilities to set a conversion rate at the time that you call.

Tax information on currency accounts provided by EverBank^®

A 1099-INT is mailed to the account holder stating annual interest earned on all currency accounts. EverBank does not provide information on capital gains or losses.

Limit orders on currency trades

EverBank does accept limit orders on currency trades.

EverBank settlement date schedule

Funds will not be moved into your account until 2 business days after execution of the trade.

Providing EverBank with maturity instructions

Currency CD account holders need to provide maturity instructions to the World Markets Trading Desk by the Friday prior to CD maturity (all EverBank currency CDs mature on Wednesdays). Mailed notices are sent to account holders 30 days prior to maturity. E-mailed notices are sent to account holders 1 week prior to maturity. Account holders can either call the World Markets Trading Desk at 800.926.4922 or respond to the e-mail notification with instructions.

Currency transaction information on the EverBank Online Financial Center

EverBank Access Deposit Account holders can use the Online Financial Center to perform currency transactions at any time. However, the Online Financial Center updates information on currency transactions once a night (except on Fridays). Transactions initiated from Monday through Thursday will not be reflected on the Online Financial Center until the following business day. Transactions requested on Friday will not be reflected until Tuesday. If there is ever a question regarding the status of your currency transaction, please contact the World Markets Trading Desk at 800.926.4922.

The need for a U.S. dollar account as a Cash Management Account

All WorldCurrency accounts (excluding IRAs) include the EverBank Asset Manager Service . Depending on the nature of the account, the Asset Manager will consist of an interest-bearing EverBank Checking or Money Market Account to be used as a Cash Management Account. Funds converted back to U.S. dollars will be deposited into this transactional account. You can manage this account through the Online Financial Center.