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  • FIRST POST
    • nilocmac
    • By nilocmac 18th May 17, 6:28 PM
    • 484Posts
    • 270Thanks
    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 2
    • nilocmac
    • By nilocmac 4th Jun 17, 8:56 AM
    • 484 Posts
    • 270 Thanks
    nilocmac
    Maybe this is it !?
    It is a dollar account and all ATM fees are refunded - and you can draw anywhere in the world within reason - in the local currency - I have used mine in Thailand and America - amongst other countries
    Originally posted by socrates
    Oh I am starting to get excited that this may be a possibility :-)

    Sorry didn't see the banking bit when I first checked it out.
    • nilocmac
    • By nilocmac 4th Jun 17, 10:16 AM
    • 484 Posts
    • 270 Thanks
    nilocmac
    Socrates
    socrates do you have a direct link as I can't seem to find the UK info.
    • Heng Leng
    • By Heng Leng 4th Jun 17, 1:09 PM
    • 4,100 Posts
    • 1,254 Thanks
    Heng Leng
    Doesn't Charles Schwab require a largish opening balance?
    They were after HNW individuals last time I looked...
    • KarenStew88
    • By KarenStew88 4th Jun 17, 6:27 PM
    • 48 Posts
    • 4 Thanks
    KarenStew88
    Hi, can you let us have a link to the Schwab account?
    • mattdickinson
    • By mattdickinson 6th Jun 17, 7:22 PM
    • 28 Posts
    • 16 Thanks
    mattdickinson
    http://www.schwab.co.uk/public/schwab-uk-en/nn/open-an-account/open-an-account.html

    $25,000 opening deposit though....
    • socrates
    • By socrates 7th Jun 17, 11:58 AM
    • 2,804 Posts
    • 1,714 Thanks
    socrates
    Initial deposit used to be $10,000 - anyway once the $25k hits the account you can reduce it back to $1,000
    • nilocmac
    • By nilocmac 6th Jul 17, 1:30 AM
    • 484 Posts
    • 270 Thanks
    nilocmac
    Has anyone come up with any other options as I am running out of time. At the minute I am just considering transferring my remaining balance into a Sterling account. I am also thinking of Charles Schwab but not sure I have the energy to pursue this.
    • christh
    • By christh 8th Jul 17, 5:56 PM
    • 23 Posts
    • 2 Thanks
    christh
    Well I just phoned up Citibank to get them to transfer the balance of my USD account to my nominated UK (GBP) HSBC account.

    The rate they offered was exactly the same as that via online banking (i.e. terrible).

    Transferwise appear to be able to get a rate that's 3.6% better (after fees) which means a bit over hundred quid for my balance.

    Such a pain!
    Last edited by christh; 09-07-2017 at 9:38 AM.
    • eDicky
    • By eDicky 8th Jul 17, 6:20 PM
    • 2,780 Posts
    • 1,208 Thanks
    eDicky
    Have a look at Fineco Bank, multicurrency GBP, EUR, USD, CHF, close to interbank rate on conversions, but cards only for GBP and EUR:

    https://finecobank.co.uk/uk/joinus/index.html#banking

    There's also the TransferWise 'Borderless Account' - GBP/EUR/USD.

    With Revolut you can now hold CHF and other currencies, as well as GBP/EUR/USD. But it's not a bank. You can use it to move your dollars to pounds at interbank rate (weekdays) without fees (up to £5k/mth, 0.5% thereafter).
    • nilocmac
    • By nilocmac 11th Jul 17, 12:48 AM
    • 484 Posts
    • 270 Thanks
    nilocmac
    Have a look at Fineco Bank, multicurrency GBP, EUR, USD, CHF, close to interbank rate on conversions, but cards only for GBP and EUR:

    https://finecobank.co.uk/uk/joinus/index.html#banking

    There's also the TransferWise 'Borderless Account' - GBP/EUR/USD.

    With Revolut you can now hold CHF and other currencies, as well as GBP/EUR/USD. But it's not a bank. You can use it to move your dollars to pounds at interbank rate (weekdays) without fees (up to £5k/mth, 0.5% thereafter).
    Originally posted by eDicky
    These look good options.
    • nilocmac
    • By nilocmac 21st Jul 17, 8:31 PM
    • 484 Posts
    • 270 Thanks
    nilocmac
    Moving forward
    Well, I managed to take some $'s out while I was in the US so my balance has reduced a little.
    I have also negotiated a 2 month extension with Citibank and have signed up with Revolut and Fineco.
    Thanks for all the advice it's not quite a done deal but I think we are moving in the right direction
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