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Citibank Dollar Savings Account - Any good?
saubryn
Posts: 610 Forumite
Does anyone have any experience with the Citibank foreign currency accounts?
I deal with a lot of americans and get money paid in dollars into my paypal account - by the time I take into account paypal fees and converting the money into sterling, then converting it back into dollars (this money is my 'spending money for next time I go to America fund) I dread to think how much I would have lost.
Can you pay money into the Citibank account from Paypal?
Is it definately a free account (the savings one, not the current account) - I'm worried I've missed something.
Thanks in advance for any advice.
I deal with a lot of americans and get money paid in dollars into my paypal account - by the time I take into account paypal fees and converting the money into sterling, then converting it back into dollars (this money is my 'spending money for next time I go to America fund) I dread to think how much I would have lost.
Can you pay money into the Citibank account from Paypal?
Is it definately a free account (the savings one, not the current account) - I'm worried I've missed something.
Thanks in advance for any advice.
DFW Nerd No. 140 
Status as of 30/11/12
[strike]Rent 2500 Council Tax 800 NlPower - 800[/strike][SIZE=-2]:j IF - 8000
British Gas - [strike]112[/strike] - 102 Lloyds - 1123
Barclays - 306 Barclaycard 1,123 HSBC - 200 Capital 1- 400 Barclayloan - 4500[/SIZE]
Status as of 30/11/12
[strike]Rent 2500 Council Tax 800 NlPower - 800[/strike][SIZE=-2]:j IF - 8000
British Gas - [strike]112[/strike] - 102 Lloyds - 1123Barclays - 306 Barclaycard 1,123 HSBC - 200 Capital 1- 400 Barclayloan - 4500[/SIZE]
0
Comments
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I don't know for sure, but I guess you cansaubryn wrote:...Can you pay money into the Citibank account from Paypal?
Yes, it is free. However, if your annual income is less than £20K they ask you to make an initial deposit £2000 (equivalent). You can make the deposit either into the USD account (GBP are converted to USD) or into an instant access GBP account (in this case you apply for two accounts simultaneously). There is no need to keep this balance and the money can be withdrawn once the account(s) is (are) opened.Is it definately a free account (the savings one, not the current account) - I'm worried I've missed something.0 -
Cool, thanks
The initial deposit is a bit of a problem, I wasn't even expecting to end up with $2000 dollars in it within a year, let alone that many pounds!
Do you know of any accounts that don't have a monthly fee, and don't ask for a fixed initial deposit please?DFW Nerd No. 140
Status as of 30/11/12
[strike]Rent 2500 Council Tax 800 NlPower - 800[/strike][SIZE=-2]:j IF - 8000British Gas - [strike]112[/strike] - 102 Lloyds - 1123
Barclays - 306 Barclaycard 1,123 HSBC - 200 Capital 1- 400 Barclayloan - 4500[/SIZE]0
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