We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Dollar bank account
bluep
Posts: 1,302 Forumite
I have some US shares that regularly pay dividends in dollars. Its annoying me to have to pay them into my UK bank account and watch the dividend disappear in crud exchange rates and transaction charges for paying in foreign currency cheques. The divi cheques are only around $25 twice a year.
I am also considering selling the US shares (I paid tax upon exercising my options to purchase them through an employee scheme, so do not owe UK or US tax upon the sale, nor will there be any capital gains tax as I won't be over my annual allowance). However, although the share price is great (nearly doubled in the last 12 months), the dollar exchange rate isn't!
Is there any way to open a US or UK dollar account to pay the money into and then exchange at a later stage? Obviously this wouldn't be worth doing if a) they want a minimum balance that is large or b) there is a monthly account charge.
Any help much appreciated and thanks will be given
I am also considering selling the US shares (I paid tax upon exercising my options to purchase them through an employee scheme, so do not owe UK or US tax upon the sale, nor will there be any capital gains tax as I won't be over my annual allowance). However, although the share price is great (nearly doubled in the last 12 months), the dollar exchange rate isn't!
Is there any way to open a US or UK dollar account to pay the money into and then exchange at a later stage? Obviously this wouldn't be worth doing if a) they want a minimum balance that is large or b) there is a monthly account charge.
Any help much appreciated and thanks will be given
0
Comments
-
Hello - I have just read your email and am new to the forum as of today and wondered if you had found a solution as I have exactly the same problem. There are US internet stock brokers who will store dividends in dollars but I don't know how safe they are holding personal details including passport number.0
-
A lot of banks will still charge you for paying in dollar cheques if the account is held in UK.
Citibank will let you have a fee free account if you deposit and keep the equivalent of £2000 in the account.
The other alternative is to try and open a USD dollar account with an American bank but this is more difficult now after 9/11 and a lot of banks will only open accounts for foreigners in person.0 -
The other alternative is to try and open a USD dollar account with an American bank but this is more difficult now after 9/11 and a lot of banks will only open accounts for foreigners in person.
Another route is to ask your employers if they can arrange the conversion in bulk for all the UK employees. This is common.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards