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  • FIRST POST
    • nilocmac
    • By nilocmac 18th May 17, 6:28 PM
    • 476Posts
    • 269Thanks
    nilocmac
    Citibank Account Closures USD & CHF
    • #1
    • 18th May 17, 6:28 PM
    Citibank Account Closures USD & CHF 18th May 17 at 6:28 PM
    I have just got a little letter from Citibank saying it no longers wants my business unless I have 150,000 (Citigold account).

    In 2 months time, they will close our USD & CHF accounts.

    So can anyone tell me what options there are out there? Ideally, I need an account I can lodge USD checks in and with an ATM card to withdraw in USD when in the US. CHF account really just needs to be an account with an ATM card.

    The clock in ticking
Page 1
    • eDicky
    • By eDicky 19th May 17, 12:20 AM
    • 2,306 Posts
    • 966 Thanks
    eDicky
    • #2
    • 19th May 17, 12:20 AM
    • #2
    • 19th May 17, 12:20 AM
    CHF account really just needs to be an account with an ATM card.
    Originally posted by nilocmac
    For withdrawing CHF in Switzerland, or some different reason?

    Depositing USD cheques in the UK will always be a problem, you should arrange electronic payments instead.

    Have a look at Revolut, in case it would fulfill some of your needs:

    https://revolut.com
    • caten8
    • By caten8 22nd May 17, 12:05 AM
    • 4 Posts
    • 1 Thanks
    caten8
    • #3
    • 22nd May 17, 12:05 AM
    citibank closing USD account
    • #3
    • 22nd May 17, 12:05 AM
    I got the same letter.
    Apparently I am not benefitting from their core wealth management services so they are giving 2 months notice.

    Have to decide what to do with my $ balance.
    i) Transfer to my GBP current ac using their electronic transfer at their exchange rates.
    ii) Take their closing balance cheque in 2 monthts and try to do something with it
    iii) Open a US based checking account.

    UK banks do not seem to offer a practical USD account

    Any suggestions?
    • Heng Leng
    • By Heng Leng 22nd May 17, 11:46 AM
    • 3,810 Posts
    • 1,157 Thanks
    Heng Leng
    • #4
    • 22nd May 17, 11:46 AM
    • #4
    • 22nd May 17, 11:46 AM
    You could use something like transferwise but you'd have to use electronic transfer - either SWIFT or domestic US (ACH) that Citibank Ireland probably doesn't support.
    • nilocmac
    • By nilocmac 23rd May 17, 1:47 PM
    • 476 Posts
    • 269 Thanks
    nilocmac
    • #5
    • 23rd May 17, 1:47 PM
    • #5
    • 23rd May 17, 1:47 PM
    I got the same letter.
    Apparently I am not benefitting from their core wealth management services so they are giving 2 months notice.

    Have to decide what to do with my $ balance.
    i) Transfer to my GBP current ac using their electronic transfer at their exchange rates.
    ii) Take their closing balance cheque in 2 monthts and try to do something with it
    iii) Open a US based checking account.

    UK banks do not seem to offer a practical USD account

    Any suggestions?
    Originally posted by caten8
    I still haven't come up with any options.

    The only good thing for me is I am going to the US in just over a month so will probably be able to take a proportion of it out there.

    Then I will get the remaining monies transferred to my UK account at 'their' exchange rate. I guess the only positive is that at least it is better rate than this time last year.

    Have you any options with opening a US checking? I was assuming that it might be hard to open a US checking account if I am not resident (or a citizen).
    • nilocmac
    • By nilocmac 23rd May 17, 2:22 PM
    • 476 Posts
    • 269 Thanks
    nilocmac
    • #6
    • 23rd May 17, 2:22 PM
    • #6
    • 23rd May 17, 2:22 PM
    For withdrawing CHF in Switzerland, or some different reason?

    Depositing USD cheques in the UK will always be a problem, you should arrange electronic payments instead.

    Have a look at Revolut, in case it would fulfill some of your needs:

    https://revolut.com
    Originally posted by eDicky
    Revolut seems like a very good product but does not really fulfil all my needs :-(
    • eDicky
    • By eDicky 23rd May 17, 3:43 PM
    • 2,306 Posts
    • 966 Thanks
    eDicky
    • #7
    • 23rd May 17, 3:43 PM
    • #7
    • 23rd May 17, 3:43 PM
    Revolut seems like a very good product but does not really fulfil all my needs :-(
    Originally posted by nilocmac
    Not all, but maybe some of your needs. We don't know what they are.

    You could use Revolut to transfer your Citibank USD to a GBP account. Also for CHF spending/withdrawals, if that's your need...

    You should be able to open a checking account with a US bank while you're there, BoA, Citi, Schwab, etc. Take proof of address with you.
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