US$ Income: Foreign Currency Accounts?

lufiaguy

[please delete this thread if you see this!]

pin

Have a look at Citibank, they offer £, $ and € accounts. However I think there is a minimum balance requirement.

cheerfulcat

Hi there,

Citibank offer both a dollar current account and a dollar savings account. There is a charge for the current account if you have less than £2000 equivalent in it.

However, I question the wisdom of trying to play the currency markets ( which in effect is what you are planning ). Unless you are likely at some point to have liabilities in US dollars it makes more sense to convert to sterling as the money comes in.

HTH

Cheerfulcat ( speaking from experience! )

twins_2_Be

cheerfulcat wrote:

Hi there,

Citibank offer both a dollar current account and a dollar savings account. There is a charge for the current account if you have less than £2000 equivalent in it.

However, I question the wisdom of trying to play the currency markets ( which in effect is what you are planning ). Unless you are likely at some point to have liabilities in US dollars it makes more sense to convert to sterling as the money comes in.

HTH

Cheerfulcat ( speaking from experience! )

Just to be clear....will Citibank allow you to deposit US DOllar cheuqes which are from accounts in the USA? I just want to make sure they don't charge you for the trouble of clearing a cheque which originated from the USA. I can imagine it would take a while for the money to clear.

Also....when you convert from a Citibank US$ account to a Citibank Sterling account....is the exchange rate reasonable?

Also Quidco offers 50 quid for opening a Citibank current account (read T&Cs).

Thanks in advance for anyone that knows.

pin

twins_2_Be wrote:

Just to be clear....will Citibank allow you to deposit US DOllar cheuqes which are from accounts in the USA? I just want to make sure they don't charge you for the trouble of clearing a cheque which originated from the USA. I can imagine it would take a while for the money to clear.

Also....when you convert from a Citibank US$ account to a Citibank Sterling account....is the exchange rate reasonable?

Also Quidco offers 50 quid for opening a Citibank current account (read T&Cs).

Thanks in advance for anyone that knows.

Have you tried asking Citibank, they would be the best people to answer your queries.