New monthly fee: CitiBank foreign currency current accounts (EUR & USD)

Jew

rockitup wrote: »

One alternative would be to have a US Dollar account with a bank branch based in the U.S. Different banks have different minimum balances for fee-free operation.

The above would only be worth doing if you plan to use an FX broker (i.e. for larger FX conversions)

£2k minimum balance isn't too bad to avoid the monthly fee, but it is the way that Citibank and others squeeze extra money out of account holders using other tricks

Yeah, I'm closing both my USD and EUR accounts because I don't feel like playing their games and always thinking: "Do I have £2k or am I below? Bla bla" — waste of my time and effort.

rockitup

Jew wrote: »

Yeah, I'm closing both my USD and EUR accounts because I don't feel like playing their games and always thinking: "Do I have £2k or am I below? Bla bla" — waste of my time and effort.

I haven't checked with other U.S. based banks lately but Citibank in the States have different account packages. On one they brought in a minimum balance of $15,000 to avoid fees, but on their bog standard checking account they had a minimum balance of $1,500 so I switched to that package. I have the ATM card and a Mastercard credit card with that account so quite handy when making online purchases or travelling around the U.S.

Customer service seems far better with the U.S. based Citibank accounts.

Jew

rockitup wrote: »

I haven't checked with other U.S. based banks lately but Citibank in the States have different account packages. On one they brought in a minimum balance of $15,000 to avoid fees, but on their bog standard checking account they had a minimum balance of $1,500 so I switched to that package. I have the ATM card and a Mastercard credit card with that account so quite handy when making online purchases or travelling around the U.S.

Customer service seems far better with the U.S. based Citibank accounts.

Any idea how to get a US CitiBank account without a permanent address? I could set it up while in the US and am staying with a friend (could use their address), but after, can I change it to a foreign (UK/EU) address?

jen245

Dont you have to be a US resident to have a US based account?

Paul1985_2

I got the same letter yesterday about the new £5/month fee.
I've had my Citibank account for nearly 7 years and currently deposit around $8k in cheques every month so will have to learn to live with the new fee. I actually use my account for business purposes so thankfully Citibank hasn't noticed or cared.
Auctionchex is ok for one-off small value cheques, not for anything regular. Their exchange rate is laughable.

My only complaint of Citibank is their customer service quality became poor after the 2008 banking crisis. I believe they made redundant a number of their UK staff.

Jew

Paul1985 wrote: »

I got the same letter yesterday about the new £5/month fee.
I've had my Citibank account for nearly 7 years and currently deposit around $8k in cheques every month so will have to learn to live with the new fee. I actually use my account for business purposes so thankfully Citibank hasn't noticed or cared.
Auctionchex is ok for one-off small value cheques, not for anything regular. Their exchange rate is laughable.

My only complaint of Citibank is their customer service quality became poor after the 2008 banking crisis. I believe they made redundant a number of their UK staff.

Their customer service is terrible, you're right. But I put up with it when the account was free and always told myself — at least it's free and still convenient. Now, it's a completely pointless bank.

Paul1985_2

jen245 wrote: »

Dont you have to be a US resident to have a US based account?

I've looked into it many times, apparently because of 9/11 terrorist attacks that this is now impossible. Something to do with Patriot Act.

rockitup

I opened accounts in the U.S. at Citibank (2005) and Wells Fargo (2008) in Nevada, but was on holiday there at the time. Requirements were the same as a UK bank, passport & bank statement were fine. I don't think it has got any tougher since late 2008 to open accounts.

Interest is still low there, even for CD's (fixed term accounts). Another bank I found good for larger account balances is Everbank who offer multi-currency accounts.

Jew, you should be easily able to open the account whilst you are there on holiday, just a carry your id docs into the branch.
Maybe there is a problem in sending in ID docs by post, but you would need to ask the bank. It is best to go to location tab on their website and call required branch directly, if you use the main number you get the usual options asking for account numbers etc.

Edit: Just seen online home page, it states that you need to be a US Resident and have U.S. address to open an account ONLINE, maybe this does not apply if you open account whilst at a branch or if it is possible to send a paper application by post

Jew

rockitup wrote: »

I opened accounts in the U.S. at Citibank (2005) and Wells Fargo (2008) in Nevada, but was on holiday there at the time. Requirements were the same as a UK bank, passport & bank statement were fine. I don't think it has got any tougher since late 2008 to open accounts.

Interest is still low there, even for CD's (fixed term accounts). Another bank I found good for larger account balances is Everbank who offer multi-currency accounts.

Jew, you should be easily able to open the account whilst you are there on holiday, just a carry your id docs into the branch.
Maybe there is a problem in sending in ID docs by post, but you would need to ask the bank. It is best to go to location tab on their website and call required branch directly, if you use the main number you get the usual options asking for account numbers etc.

Edit: Just seen online home page, it states that you need to be a US Resident and have U.S. address to open an account ONLINE, maybe this does not apply if you open account whilst at a branch or if it is possible to send a paper application by post

Interesting, thanks man. But you said I'd need a statement? I wouldn't have any bank statements or any proof of address since I'd be using a friends address... :P

rockitup

Jew wrote: »

Interesting, thanks man. But you said I'd need a statement? I wouldn't have any bank statements or any proof of address since I'd be using a friends address... :P

I just took in a bank Statement showing my UK address and they opened an account in Las Vegas branch.

If you need a US Dollar credit card though, they require it to be secured. i.e. put a deposit into a fixed rate saving account for first couple of years that you have the credit card. They returned my deposit to me with interest