When players come to play over seas the first crucial thing they think about is playing well and receiving the money promised in the contract. As this is important with any job. Depending on the players contract can determine how and when they are paid. In most cases, Americans are coming to Europe to play basketball and they are normally paid in US Dollars. Since 2001, the EURO has been the main currency in most European countries. The US dollar and Euro are similar but in the market there have been drastic changes.
In any case, the player has to be paid in US Dollars and most banks in Europe give the option of opening an account in US Dollars. This is very important because this helps the player in so many ways and the team as well. The player does not lose any money changing or sending to their own bank. The team can deposit Euros directly into the bank in exchange for US Dollars without a blink. This works in everyone’s favor.
In the biggest countries like France, Spain, Italy, UK, Germany and others it could be possible that the player has a bank in the US which is also in the respective country of team. This is probably one of the greatest solutions for both parties. Opening and closing a bank account in a foreign country is not always easy and the communication barrier for something that is so important can be challenging.
So if possible its best to give this information to your player and administration. Here are a list of the biggest financial banks who have an establishment in Europe and Asia.
US Banks Overseas
- JP Morgan
- Bank of America