Best Bank for a USD dollar account

w216uhk

I'm looking for a USD international bank that I can easily do transfers between my UK accounts pay USD dollar cheques into etc, with no charges. The best one I think I've found in Lloyds TSB does anyone know of a better one.

bowlhead99

I've used Citibank for a long time. Not as my main bank (which is Lloyds) but their offering is well set up for US expats or anyone who is travelling a lot and was streets ahead of Lloyds when I was looking.

I pay an £8.00 fee a month on the GBP account (which may not be the cheapest going but does have some value added features) and then you can have one or more current and savings accounts in USD, EUR and GBP for no extra charge. I think if you pay some minimum amount into the account each month and have a couple of direct debits they waive the fees, but I never got round to it (yeah, not very MSE I know!).Your visa debit card with a phonecall can be linked to whichever account you prefer, which has been handy. You can write and deposit USD cheques. When you're in the US, you can take out USD free of charge at Citi ATMs using the visa card.

Flipping between currencies does cost you a spread (I think it's 2% either side of the mid-price exchange rate) but lower than going to a Travelex type place and if you don't need the money converted you can just keep whatever amounts you like in the USD account and later spend it by buying something online through the debit card. You can do normal free UK GBP transfers to other banks, and also free transfers to citibank accounts abroad if you or your friends/family/customers/suppliers have them.

I did open up a LloydsTSB International (Isle of Man) Premier account a few years later, because Lloyds were my main bank and I thought it would be useful to have some flexibility. You get a visa debit card but the account fee is $30 a month if you don't maintain $3500 at all times and it's on a completely different online platform from the LloydsTSB International sterling accounts, or the regular UK internet/phone banking. If you buy something in sterling with the USD visa card they charge you a 2.99% conversion fee. If you take out USD currency from a US ATM, you'll be paying the local ATM fee of a couple of dollars plus a 1.5% fee on the whole amount. This is expensive if you're not someone who needs a 'premier international account' and just want to deposit a few cheques and do some forex.

I suppose if you don't want debit cards or internet banking, just a dollar saving account to deposit cheques into, Lloyds can probably help (obviously they do Eur and USD accounts for corporate customers, but don't promote anything for individual retail customers). But they've never offered me one.

If you go the Lloyds Premier International route they have a £100 promotion for new customers. However to get it you have to keep £2500/$3500 minimum in the account for 3 months, then once you stop you'll be paying £20 in fees which will wipe out the freebie in 5 months.

inmypocketnottheirs

I too use Citibank, again not as my main account. However I do not pay any monthly fee.

I also have a € account and can switch between three currencies on line. The rate is a bowlhead99 says, which is better than most bureau de change rates and competes with credit cards. Also when withdrawing outside of th UK if you can track a citi cash machine down, there are no withdrawal charges.

I haven't found any other bank that offers such a flexible service.

w216uhk

Thanks Citit it is then