Citibank US Dollar Account Question!

Simon83

Hi,

I tried the search, but could find the right words to find what I'm looking for.


I'm going to America In August for 3 weeks, going to be taking about £3300, I will be taking some cash but the rest I was thinking of opening one of these http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

This is seems to be the safest option, and as far as I can see there are no fee's.

My question is..... will I be charged for transfering the money from the account back to stirling if I have any left over from the trip?

Thanks in advanced.

Simon

dzug1

That's massive overkill for a 3 week holiday.

And there will be fees/charges both when you get the dollars to put in the account and when you change them back to sterling. In the form of a less than optimum exchange rate.

Don't get fixated on the word 'fees'

Simon83

So there are no charges as such, just a poor exchange rate?


Any other options open to me?


Well, we are going Orlando, miami and New York. Rather take more than less, and just want to do what we want and not be worried about money.

rosmersholm

I have the Citibank Euro Account and its fab for holidaying - the rate appears to be very close the Google rate (currency converter) but is "Citibank Exchange Rate" which can vary. I love it - as sterling is turned to € on entry into the account and can be converted straight back on return at similar rates.

I have a savings account too with CB- so you can quickly switch between the two when not on holiday.

Fab account - can't recommend highly enough.

rosmersholm

To add to my last post - my only gripe is that it is not Faster Payments Service into or out of the account - which slows me down - but alas, free withdrawals abroad from cash machines and no fees / % when using the card make up for it.

Hope this helps - have a good holiday :T

dzug1

Well there are a few bank accounts that charge nothing at all, not even on the exchange rate, for foreign transactions - Metro bank, Norwich and Peterborough, Santander Zero and Cumberland Building Society from memory. Metrobank will be the easiest to get, the others have restrictive conditions that not everyone can meet.

rosmersholm

Well, the Citibank Foreign Currency accounts don't have fees on exchange - its just the bank's rate, which seems to be a lot better than holiday currency exchange rates.

COIAHLGW

The problem with this - unless you can find a Citibank ATM for cash withdrawals - you will get charged a fee for withdrawing cash from another financial institution in the USA. It's not like the UK where you can use another bank ATM without a fee. Typical cash withdrawal fees are in the $2 to $4 range. Is this a dealbreaker? Depends how many times you will be withdrawing cash from a machine.

Side note - even though it's a Visa debit card, you need to select the "credit" option when paying for goods in shops. This just means you want Visa to process the transaction rather than an American Debit network (Pulse, NYCE or Interlink for example) to process the transaction that your card would not be affiliated to.

rosmersholm

In Europe - I have only ever used non-Citibank cash machines to withdraw my Citibank Euros and all have been free to withdraw. I think the Citibank wording is very cautious in this respect - as it can only ever guarantee (like most banks) than their own ATMs are free at point of use. However from Cyprus to France to Estonia- haven't been charged a cent in respect to ATM withdrawals.

I'm starting to sound like a superfan - but my friends have now got the Citibank Euro account now - and love it too.

Simon83

Thanks for the replies


Because of the interest rate changes, and the money that could be lost transfering back to stirling.

Would it be better just transferring part of the money and then as and when needed?

I'd prefer to have it all loaded on the citi bank card, but wouldn't want to loose £££ transferring it back?


any advice much appreciated

rockitup

Simon83 wrote: »

Thanks for the replies


Because of the interest rate changes, and the money that could be lost transfering back to stirling.

Would it be better just transferring part of the money and then as and when needed?

I'd prefer to have it all loaded on the citi bank card, but wouldn't want to loose £££ transferring it back?


any advice much appreciated

With the amount you are taking a 10 cent difference in exchange rate could mean roughly $300 either way. If you have any left on your return why not just leave it on the Dollar account till your next trip?
Probably won't be too much left and it gives you a start next time you head over there. (I've been doing that since 1992)