Multi Currency Current Accounts

sanjaymaz

I currently have my account with Citibank as they offer me 3 accounts in 1 - sterling, dollar and euro and thus it means that I can switch the currency of my money simply.

Does anyone know of an account that offers something similar?

travel_freak

Hi there,

I don't know of any others I'm afraid - in fact I've never heard of this type of account but it sounds really useful - I currently have a stash of Euros and US Dollars that I could usefully do with banking. Please could you tell me roughly how it works and what the charges are for running it?

Can you actually pay in money in the three different currencies and hold them until you need them?

Thanks for your help.

Paul_Herring

travel_freak wrote:

Hi there,

I don't know of any others I'm afraid - in fact I've never heard of this type of account but it sounds really useful - I currently have a stash of Euros and US Dollars that I could usefully do with banking. Please could you tell me roughly how it works and what the charges are for running it?

From http://www.citibank.co.uk/personal/banking/?source=3469 they appear to have 3 different accounts, one for each currency. Looking at http://www.citibank.co.uk/personal/banking/bankingproducts/currentaccounts/usdollar/index.htm?source=3469 (for example) they cite:

CitiBank wrote:

A monthly service charge of $20 on each US$ Current Account will be levied where the credit balance, across your UK Citibank relationship, falls below the currency equivalent of £2000. This will be calculated, at the end of the monthly period, by applying the currency exchange rate on that day to the average balances in your UK Citibank accounts.

- a similar condition exists on the euro account, so I suspect the only charges will be $20+€20 per month if the average sum total of all three accounts drops below the equivilant of £2000

travel_freak wrote:

Can you actually pay in money in the three different currencies and hold them until you need them?

From http://www.citibank.co.uk/personal/banking/bankingproducts/currentaccounts/euro/index.htm?source=3469

CitiBank wrote:

Receive and make payments directly in euro. There’s no need to change between currencies - the amount, in euro, is simply debited from your account held here in the UK.

they also mention on that page:

CitiBank wrote:

Switch between your Citibank Euro, Sterling or US Dollar Current Accounts to take advantage of favourable conditions.