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

gglaze

jrusso wrote: »

Quick question: When I close my dollar and euro accounts with Citi how will they give me my funds? Cheque?

I just did this actually - I closed my old EUR/USD savings accounts at the same time when I went in to set up my new EUR/USD current accounts and upgrade my GBP account to Plus.

There was a form to fill out and it asks for details (sort code/account number) where the remaining funds from the closed accounts should be transferred. Alternatively, I'm sure you could withdraw cash, or perhaps they will give you a cheque if you prefer, not sure about that though. Or I'm sure they will be happy to transfer it all into your normal GBP account, probably at one of their sub-optimal rates..

jrusso

Anyone heard from DKB yet? I'm still waiting.

ETA: Just has a call from DKB, my German sucks when I'm caught off guard. Anyway, they asked me a few questions about why I needed an account and how I had heard of their account. I told her Google and that I travelled frequently to Germany. The lady couldn't say whether the account had been opened but said they were writing to me today.

gglaze

I had the same call today, and my German is even worse, so basically what I got out of the conversation was that she would send me an email and try to get answers to these questions via email I suppose. Really surprised the bank representative calling international numbers didn't even speak English, or have someone on hand who does.. I have a lot of experience dealing with banks in Poland and Have never run into a serious language roadblock. Anyway, haven't seen the email come through yet, so will keep an eye out for it.

jrusso

heh, yeah that hadn't crossed my mind actually but yeah calling international clients without an ability in English is rather silly!

Porcupine

Interesting to hear about the DKB account.

Another option is Keytrade Belgium. They're very friendly to non-Belgian residents (I found out about them on an Irish forum when things in Ireland started getting difficult - everyone there opened accounts without hitches), and everything's in English. Transfers to SEPA countries are, I think, free. The only snag is you don't get a debit card unless you're a Belgian resident.

Interest rates in Belgium are peculiar... every account is an instant access account, so you can always take out money at any time. But if you keep money in for a year, you get a special bonus on top of your normal rate (eg their standard savings account is 1.65%, plus 0.4% bonus which makes it 2.05% for a year). It's the opposite of our 'ditch and switch' culture - you get a better rate for staying put for longer.

[Deleted User]

What I'm gleaning from this thread so far is that moneysaving is getting more difficult... in order to save £5 a month on currency account fees, you need to learn German :P

gglaze

Or have residency in Belgium apparently...take your pick!

jrusso

Anyone heard anything from DKB yet???

Porcupine

Another silliness from Citibank... got a letter saving I haven't used my Citibank Euro account for 360 days and they're threatening to flag it as dormant unless I make a transaction and then contact them.

Err, it's a savings account. That's what they do. And you're paying me a pitiful 0.20% for the privilege of keeping my cash.

Having said that, given the EU situation at the moment I think I do still need to maintain a Euro account in the UK. Looking at the changes it appears you can now get a debit card on Citi's forex savings accounts. So I might kill my Euro current account and just keep the savings account and card (with enough balance to keep them happy - bit awkward to do the Citibank Plus thing). Has anyone noticed any other catches in doing this?

jrusso

Got an email from DKB today! Hurrah!

They are saying that the account is now open and I will receive notification of the account number and cards over the next few days by post. :j

@Porcupine

The interest rates available with Euro Zone banks are much better than what Citi is offering, as are some rates offered by offshore providers. A&L International & LloydsTSB International had offers last I looked but with high opening deposit requirements.

My view of Eurozone banks is that the Northern European ones are pretty safe. If things really go tits up it seems like only the South will be impacted. Anyway the DM was always pretty strong