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Help with Dollar banking in UK
hsvqbutr
Posts: 95 Forumite
Hi All
I have a problem.......
I recieve a cheque from the USA on a regular basis (every week). The cheque is in US Dollars. I now need to cash these cheques in so I can pay someone else the same amount in Sterling (or US $, See below) but i dont want to get stung on the £10 per cheque charge that UK banks want to charge. Do any of you know of a cheap method of getting this done.
OR
How do I open a US bank account (if I can) which would then enable me to write a cheque out in US Dollars.
Hope this makes sence.
Cheers
Gary
I have a problem.......
I recieve a cheque from the USA on a regular basis (every week). The cheque is in US Dollars. I now need to cash these cheques in so I can pay someone else the same amount in Sterling (or US $, See below) but i dont want to get stung on the £10 per cheque charge that UK banks want to charge. Do any of you know of a cheap method of getting this done.
OR
How do I open a US bank account (if I can) which would then enable me to write a cheque out in US Dollars.
Hope this makes sence.
Cheers
Gary
0
Comments
-
Hi Gary,
Banks are really harsh on their charges. One way I've seen people save is by changing their bank every year coz you get 1 year free business banking. Another way is to open an account in another country, save your money for a couple of months and then transfer it to UK for a fee of around £20. Try some Swiss banks. They are not charging too much.
Cheers
Terry0 -
citibank (UK) US Dollar Current Account ?
Apply through Rpoints and get £30:
[URL=http://forums.moneysavingexpert.com/showthread.html?t=34011]£30 from Citibank, extra £16 from A&L....[/URL]
Important Information
Charges
A monthly service charge of $20 on each US$ Current Account will be levied where the credit balance, across your UK Citibank relationship, falls below the currency equivalent of £2000. This will be calculated, at the end of the monthly period, by applying the currency exchange rate on that day to the average balances in your UK Citibank accounts.
I don't have accounts with them, but as far as I understand you will not pay service charge if you have £2K on Direct Current Account with them that pays decent 4.59% interest. If you have savings with other banks moving £2K to Citibank will cost you not more than £2000*(5.35%-4.59%)=£15 per year before tax (I used best instant access savings rate 5.35% A&L)0
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