CitiBank Dollar Account Questions

JonB1081

Hi there,

I have a few questions about a citibank $ account that i couldn't find an exact answer for on their site, and there call centre could not provide me with clarity either

Anyway my situation is i recieve my salary via 10-15 USD cheques a month along with at least 2 weekly wires. I currently pay them into my HSBC current account and they are converted into UKP. (£8.50 per wire and varies for the cheques) So needless to say i am paying A LOT in fees right now.

I undestand so far with Citibank that USD cheque cashing is free into their USD account and also (i think) that there is no fee for recieving USD wires. I would like to maintain a float in that account for paying server costs for my business (which are paid in dollars) so i could use the visa card they supply for that.

However can someone explain to me their fees for then transfering the remaining USD balance out of that account and into my HSBC current account (UKP) as i can't get a straight answer as they seem to think i can only do it via a wire.

Does anyone have any experience of this? Getting payed in there in dollars and then transfering out to UKP accounts?

Anyone who can shed some light on this would be greatly appreciated!

Thanks!

Jon

knightfox

Citibank have a ££ account as well. You can convert the money into ££ at the going rate then transfer into HSB as & when required.

As yet I havent transfered from my dollar account into HSBC. However I have transfered from HSBC ££ into Citi $$. No fees were charged to me.

JonB1081

Hi, thanks for that info. I was hoping to avoid opening a UkP account with them as well as it adds an extra realm of hastle. However it would certainly be an option. Does anyone know the fees from $citibank to other uk account?

fawinds

JonB1081 wrote: »

Hi, thanks for that info. I was hoping to avoid opening a UkP account with them as well as it adds an extra realm of hastle. However it would certainly be an option. Does anyone know the fees from $citibank to other uk account?

As far as I know you can't do it. I have USD and EUR accounts and my online banking does not show any option to transfer by BACS USD or EUR to other UK accounts. I have to convert it using my Citibank sterling account and then can send the money anywhere.

USD and EUR account allow international SWIFT and SEPA transfers though.

Their exchange rate to sterling always carries a 2% load for less than 10000 pounds. I wrote some time ago a post about their fees depending on the amount of currency exchanged. They go between 0.5% and 2%.

JonB1081

fawinds wrote: »

As far as I know you can't do it. I have USD and EUR accounts and my online banking does not show any option to transfer by BACS USD or EUR to other UK accounts. I have to convert it using my Citibank sterling account and then can send the money anywhere.

USD and EUR account allow international SWIFT and SEPA transfers though.

Their exchange rate to sterling always carries a 2% load for less than 10000 pounds. I wrote some time ago a post about their fees depending on the amount of currency exchanged. They go between 0.5% and 2%.

Ah great now i understand! I wish they could give me that kind of clarity on the phone! I'll apply today

ERICS_MUM

Is it the UK branch of Citibank ? If so they can either :

1. convert the USD into GBP and send it to your a/c at HSBC by BACS or CHAPS. I don't know why they say you would need to open a GBP account with them for this transaction.

2. or they can send a USD wire transfer to HSBC who will then convert it to GBP and credit your account.

Loughton_Monkey

I was paid for 6 years (working in Asia) and banked with Citibank (plus HSBC). Both of them I found were 'fit for purpose', with the exception of some 'local' difficulty with Citibank in Chinese banking methods.

Providing your cash flow will support it, you should certainly deposit your $US cheques into your $US account, and pay your £UK liabilities from your £UK account. Transfer from one to the other on a 'block' basis. I found (with HSBC) that when I was transferring more than, say, $50K, I could ring my relationship manager and get straight through to the currency department who would quote a far better exchange rate - that I had to accept on the spot - or lose it.

Provided you are not transferring small amounts too often, it's the exchange rate that 'costs' you far more than the transaction charge.

If cash flow is tight, then you can do little more than optimise your transfers, as above. If, on the other hand, you are building up profits/savings (as I was to an extent), you also have an opportunity. [Or maybe a risk!]. Obviously this arises from different interest rates, and continually moving exchange rates over time. Personally, I made the right call some of the time, and other times, I screwed it up. But I think the point is that you should take your own deliberate view on the optimum currency in which to keep your surplus - don't just 'let it happen'.

I also, incidentally, maintained $US account in the UK and Offshore (where I was paid). This, again, was to give me a better choice as to where best to invest spare $US.