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  • FIRST POST
    • Carltonsimpson
    • By Carltonsimpson 17th Oct 16, 10:09 AM
    • 8Posts
    • 0Thanks
    Carltonsimpson
    Where can I deposit or store $10,000 USD cash?
    • #1
    • 17th Oct 16, 10:09 AM
    Where can I deposit or store $10,000 USD cash? 17th Oct 16 at 10:09 AM
    Hi, I have $10,000 USD in cash. I want to keep this in USD and please let me know the best way to transfer this to an USD account, USD debit card, Holiday Money card, etc.
    I don't want to currency convert this so keeping it in USD currency is essential and I would like to avoid any fees,
    Many thanks in advance
    Carlton
Page 1
    • tacpot12
    • By tacpot12 17th Oct 16, 10:20 AM
    • 373 Posts
    • 302 Thanks
    tacpot12
    • #2
    • 17th Oct 16, 10:20 AM
    • #2
    • 17th Oct 16, 10:20 AM
    How long are you expecting to need to keep it, and what are you likely to do with it? These questionable might have a bearing on what might be the best options for you.
    • Carltonsimpson
    • By Carltonsimpson 17th Oct 16, 10:29 AM
    • 8 Posts
    • 0 Thanks
    Carltonsimpson
    • #3
    • 17th Oct 16, 10:29 AM
    • #3
    • 17th Oct 16, 10:29 AM
    I will be going to the US with my family next year, so would like to have USD cash available for this trip. Ideally I would like to have this in a card which I can use in the US or withdraw as cash before I go.
    Many thanks in advance
    • jimjames
    • By jimjames 17th Oct 16, 12:13 PM
    • 10,845 Posts
    • 8,917 Thanks
    jimjames
    • #4
    • 17th Oct 16, 12:13 PM
    • #4
    • 17th Oct 16, 12:13 PM
    To avoid any fees you are probably better off just keeping it as cash. But that then brings its own problems.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Carltonsimpson
    • By Carltonsimpson 17th Oct 16, 12:18 PM
    • 8 Posts
    • 0 Thanks
    Carltonsimpson
    • #5
    • 17th Oct 16, 12:18 PM
    • #5
    • 17th Oct 16, 12:18 PM
    I would prefer to avoid keeping as cash- there must be a way to deposit this to a card of account?
    • Voyager2002
    • By Voyager2002 17th Oct 16, 12:18 PM
    • 11,031 Posts
    • 7,384 Thanks
    Voyager2002
    • #6
    • 17th Oct 16, 12:18 PM
    • #6
    • 17th Oct 16, 12:18 PM
    Do you have bank accounts in any dollar-using economy? You can pay cash dollars into dollar accounts in Cambodia and the Philippines as well as the USA, probably many other countries, but not the UK.

    In order to pay them into a UK-based dollar account (eg with Citibank) you would need to exchange for sterling (fee); pay the sterling deposit into a linked bank account; convert the sterling balance into dollars (fee) and then move into your dollar account.

    Where did all the cash come from: a casino?
    • coyrls
    • By coyrls 17th Oct 16, 12:28 PM
    • 593 Posts
    • 546 Thanks
    coyrls
    • #7
    • 17th Oct 16, 12:28 PM
    • #7
    • 17th Oct 16, 12:28 PM
    In order to pay them into a UK-based dollar account (eg with Citibank) you would need to exchange for sterling (fee); pay the sterling deposit into a linked bank account; convert the sterling balance into dollars (fee) and then move into your dollar account.
    Originally posted by Voyager2002
    Are you sure that's right? Years ago I had a UK based Citibank US dollar account and I paid US dollars directly into this account (cheques, not cash though) with no conversions or fees. However the issue for the OP will be that Citibank now charge for their US $ account (when I had one they didn't, if you also had your main UK £ current account with them).
    • Carltonsimpson
    • By Carltonsimpson 17th Oct 16, 12:39 PM
    • 8 Posts
    • 0 Thanks
    Carltonsimpson
    • #8
    • 17th Oct 16, 12:39 PM
    • #8
    • 17th Oct 16, 12:39 PM
    Thanks all for feedback. Citibank US dollar account is a no go as they charge monthly see and 2% to deposit and withdraw cash!
    Any other suggestions? There must be a way to safely put away this cash in a bank of card of some kind?
    • jimjames
    • By jimjames 17th Oct 16, 12:54 PM
    • 10,845 Posts
    • 8,917 Thanks
    jimjames
    • #9
    • 17th Oct 16, 12:54 PM
    • #9
    • 17th Oct 16, 12:54 PM
    Thanks all for feedback. Citibank US dollar account is a no go as they charge monthly see and 2% to deposit and withdraw cash!
    Any other suggestions? There must be a way to safely put away this cash in a bank of card of some kind?
    Originally posted by Carltonsimpson
    Your two requirements appear to be mutually exclusive if you want a US dollar account that charges no fee.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • steampowered
    • By steampowered 17th Oct 16, 12:59 PM
    • 546 Posts
    • 473 Thanks
    steampowered
    Many banks will offer you a dollar account. I believe HSBC and Barclays both offer UK-based dollar accounts.

    Some of these accounts will have fees attached but the fees might not apply if you hold more than a certain amount in the account ($10k might be enough).
    • bowlhead99
    • By bowlhead99 17th Oct 16, 1:16 PM
    • 5,132 Posts
    • 9,063 Thanks
    bowlhead99
    This is the same question you were asking last week right? (http://forums.moneysavingexpert.com/showthread.php?t=5540327)...
    The market hasn't really changed in the last week...

    I hope you find a solution, and please let us know what it is if you do, because it could help others. But can I suggest that if you do have some updates you keep them to this thread or its predecessor rather than starting another new one, as it's hard for us to remember whether we've already given you our "two cents" or not
    Last edited by bowlhead99; 17-10-2016 at 1:18 PM.
    • grey gym sock
    • By grey gym sock 17th Oct 16, 1:40 PM
    • 3,834 Posts
    • 3,233 Thanks
    grey gym sock
    it's hard for us to remember whether we've already given you our "two cents" or not
    Originally posted by bowlhead99
    perhaps the OP has already had half a million pieces of advice, which would explain the $10,000.
    • DREKLY
    • By DREKLY 17th Oct 16, 8:38 PM
    • 91 Posts
    • 82 Thanks
    DREKLY
    you can put it in my offshore U$ dollar account,
    it will be very safe there )
    16 x Enhance 250w panels + SolarEdge Inverter
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