UK dollar account with low minimum deposit?

delude

As I exchange a fair amount of money in dollars, it would be ideal to open a dollar account. I'm 18 and don't want to be keeping a minimum amount in the account really, don't want to be charged monthly and would like to be able to cash USD checks in.

After a few quick searches it seems that banks want big minimum deposits and want a balance to remain, otherwise they will impose a monthly charge.

Any recommendations will be much appreciated!

fawinds

Citibank.

I have opened sterling, euro and us dollar accounts with them. Only put money there when needed and they require no minimum balance or have no fees.

I don't know if it is me or this is the second or third post I make today in this very same forum about citibank currency accounts

delude

fawinds wrote: »

Citibank.

I have opened sterling, euro and us dollar accounts with them. Only put money there when needed and they require no minimum balance or have no fees.

I don't know if it is me or this is the second or third post I make today in this very same forum about citibank currency accounts

Thank you so much! When I was searching for an answer before posting I kept seeing that Citibank required a minimum of £2000 to be kept as a balance, however I could only find threads on forums from a few years ago.

I'll check this out ASAP!

fawinds

No, they don't. All they ask for is an income of £20000, but they don't mean you have to pay that income into your account. It is only in order to have a £500 interest free overdraft on the sterling access account that they ask that you pay in at least £1250 per month.

http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

delude

fawinds wrote: »

No, they don't. All they ask for is an income of £20000, but they don't mean you have to pay that income into your account. It is only in order to have a £500 interest free overdraft on the sterling access account that they ask that you pay in at least £1250 per month.

http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

I see that the only Citibank branches are in London, which isn't really ideal got cashing in cheques...I'm not sure what I would do in this case. The cheques are in USD, would you know of another way to cash them in?

Oh, and as a full time student with only a part time job (and a bit of online business) as of now I don't actualy hit the 20k limit. I guess this rules me out immediately.

fawinds

You can order prepaid envelopes and send the cheques by post. They also allow you to pay in money into your account from Lloyds branches, but this only applies to sterling. Not sure about cheques.

For the minimum income, they don't seem to be very strict for what I have read in other posts.

Anyway it is free to call them and ask: 0800 008800

delude

fawinds wrote: »

You can order prepaid envelopes and send the cheques by post. They also allow you to pay in money into your account from Lloyds branches, but this only applies to sterling. Not sure about cheques.

For the minimum income, they don't seem to be very strict for what I have read in other posts.

Anyway it is free to call them and ask: 0800 008800

Do you really think they'd let a student have an account? I'm going to give then a call tomorrow, thanks for the number!

delude

Just as an update, I spoke to a man (presumable from a call centre) who said that the income shouldn't matter as I wont be charged monthly or need a minimum balance, and so just to apply.

Sorted!

Thanks for all your help.

slopemaster

I am a student with an income of less than £20 000 and I have the Citibank dollar / euro / sterling accounts.
very useful, comes with a debit card which can be linked to any one of the three and you can change which one it is linked to as often as you like by phoning them

delude

slopemaster wrote: »

I am a student with an income of less than £20 000 and I have the Citibank dollar / euro / sterling accounts.
very useful, comes with a debit card which can be linked to any one of the three and you can change which one it is linked to as often as you like by phoning them

Awesome! Is there any benefit to having both a dollar and sterling account? I will be using the dollar account to spend in dollars and cash USD cheques in. When I need some cash I was thinking of transferring at a good exchange rate into my Barclays account.

slopemaster

delude wrote: »

Awesome! Is there any benefit to having both a dollar and sterling account? I will be using the dollar account to spend in dollars and cash USD cheques in. When I need some cash I was thinking of transferring at a good exchange rate into my Barclays account.

I think citibank put less load on exchange from one currency to another.
i forget the figures so you'd have to check.
Very easy to wait for rates to move in your favour, then tranfer money from one account to another.
I use it to get money from sterling into euros mostly, works well.
(As otherwise my French bank charge a fortune to RECEIVE funds even if they're in euros)