Euro & USD accounts in the UK

london-user_2

For the past few years I have used the very good Citibank currency accounts with their debit/credit card linked to these accounts. In June they are changing their terms and conditions so that these accounts will no longer run free of charge unless you keep over £2,000 balance in each a/c or use their sterling current account facilities etc.

I do not wish to move my £ banking to them or to pay a monthly fee for these accounts but love being able to pay my dollars and euros straight into a dollar and euro account and then use them again via an atm etc in the respective country.

Does anyone know of any other banks that are running similar facilities?

jen245

There are ways round the charge, you don't have to switch, I'm not. Have a read at this thread, particularly the 2nd and last page https://forums.moneysavingexpert.com/discussion/3821589

london-user_2

Thanks, jen245 - yes it does look interesting but I don't think the "cycling" will work from me. Having spoken to Citi about running the Sterling a/c, not only do you need minimum balances etc but also at least 2 DD and it's just too much trouble. And I'm not sure that it's cheaper than just paying £5.00 per month per a/c - i.e. £120 a year for two accounts. Like many of the people writing under the thread #New monthly fee: CitiBank foreign currency current accounts (EUR & USD) - I have the two accounts. I think the options are leave and convert money each time you want it, getting charges on your UK ATM card or swallow the Citi fees. I think the comments are correct, Citi is not concerned about losing us all at this stage.

jen245

It is cheaper. Paying in the required amount each month, means you do not need to keep the minimum balances, and you also do not need to pay the fees for the GBP account, or the currency accounts. The website states -

Foreign currency Account Specific Terms and Conditions
From 29th June 2012, if you open a foreign currency Account with us, we will charge a monthly account fee of £5 unless you or, in the case of a Joint Account, any Joint Account Holder meets one of the following criteria:

• You hold a Citigold Current Account with Citibank International PLC in the UK; or
• You hold a Citibank Plus Current Account with Citibank International PLC in the UK; or
• Your foreign currency Account holds an average monthly balance of £2,000 (in foreign currency equivalent) or more.

and

To qualify for the Citibank Plus Current Account with no monthly fee you must meet at least one of the following criteria:

• Credit your Citibank Plus Current Account with at least £1,800 per month, and have a minimum of 2 Direct Debits paid from your account each month; or
• Maintain a minimum average monthly balance of £20,000 (or currency equivalent) across your current and savings accounts with Citibank International plc.

The only thing you would have to do is set up 2 unimportant dd's, cylce the money through, and thats it. You have met the minimum requirement for the free Citibank Plus account, thus avoiding the fees on the currency accounts.

It might be too much hassle for some people who maybe have only one currency account that they use once a year for their holiday, but if you have a few accounts that you use regularly, I think its worth doing.

london-user_2

Thanks again, jen245, it's certainly worth thinking about and may well suit a lot of people to do it the way you are suggesting.