Would there be any benefits to having an account like this overseas as opposed to here considering the Euro has better value?
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Yes, it is legal for US residents to have an overseas bank account. You do have to declare it on your tax return and of course any interest income you get for the holdings in that account.
If you want to speculate on the continuing rise of the Euro, you can also do that by buying the Euro ETF in a regular stock account. This ETF is listed on the New York Stock Exchange/ARCA with the symbol FXE. The transaction costs are probably lower than setting up and using an overseas bank account.