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    • stadler123
    • By stadler123 17th Mar 17, 2:37 PM
    • 10Posts
    • 1Thanks
    stadler123
    Current account with additional EUR and USD accounts
    • #1
    • 17th Mar 17, 2:37 PM
    Current account with additional EUR and USD accounts 17th Mar 17 at 2:37 PM
    I am currently banking with Citibank. The main reason for sticking with them is that they provide current EUR and USD accounts, which makes it easy to convert pounds into euros (just transfer GBP from the current sterling account to the current Euro account), transfer money across Europe and use a debit card in Eurozone. For that I just need to re-link my debit card from current sterling account to my current euro account. There are only a few branches of Citibank in London, but one is not far from my work, so if I need to do anything through the branch (like depositing or withdrawing cash), it is fairly easy.
    Now, the bank has just announced that it will close all branches within next few months completely moving its clients to web/smart phone platforms. Also cheques will no longer be available to make payments from Citi accounts.
    It is a bit worrying as I need to use branches sometimes. SO I wonder if any other UK bank provides similar services in terms of FX current accounts? Any experience/suggestions?
Page 1
    • eDicky
    • By eDicky 17th Mar 17, 5:06 PM
    • 2,220 Posts
    • 927 Thanks
    eDicky
    • #2
    • 17th Mar 17, 5:06 PM
    • #2
    • 17th Mar 17, 5:06 PM
    I wonder if any other UK bank provides similar services in terms of FX current accounts? Any experience/suggestions?
    Originally posted by stadler123
    Several do, but not with normal facilities of a current account such as a debit card for spending. But have you noticed the charges and exchange rates used whenever you use or convert currencies with Citibank? For your stated proposes, unless you have a real need for euro and dollar accounts, it would be cheaper to just keep pounds - send money using a service such as TransferWise and spend overseas with a suitable card for travel. There are many such solutions:

    http://www.moneysavingexpert.com/travel/cheap-travel-money

    http://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards
    • stadler123
    • By stadler123 17th Mar 17, 5:13 PM
    • 10 Posts
    • 1 Thanks
    stadler123
    • #3
    • 17th Mar 17, 5:13 PM
    • #3
    • 17th Mar 17, 5:13 PM
    Thanks a lot for the info. There is no charge for currency conversion and the exchange rate is very good. I use City Forex sometimes for cash and Citi's exchange rate is almost as good as theirs.
    • eDicky
    • By eDicky 17th Mar 17, 7:45 PM
    • 2,220 Posts
    • 927 Thanks
    eDicky
    • #4
    • 17th Mar 17, 7:45 PM
    • #4
    • 17th Mar 17, 7:45 PM
    Thanks a lot for the info. There is no charge for currency conversion and the exchange rate is very good. I use City Forex sometimes for cash and Citi's exchange rate is almost as good as theirs.
    Originally posted by stadler123
    That's not particularly good, compared to interbank or MasterCard exchange rates available using various cards. Metro Bank charges nothing for card use in Europe at MasterCard rates. With Revolut you can exchange when you like or at the moment of transaction at interbank rates (slightly off on weekends). Etc. Don't Citibank require a fairly large bank balance to avoid monthly fees, when that money could be earning interest elsewhere..?
    • DCFC79
    • By DCFC79 17th Mar 17, 9:32 PM
    • 28,970 Posts
    • 18,294 Thanks
    DCFC79
    • #5
    • 17th Mar 17, 9:32 PM
    • #5
    • 17th Mar 17, 9:32 PM
    Can you not open an account elsewhere for the purpose of depositing cash and just move said koney to your Citibank account ?
    Je Suis Charlie
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