US $ account

skkskk

Hi guys, does anyone know of a US dollar account that can be opened over here in the UK to deposit US $ and just to witdraw when out in the USA? I've seen Citibanks options, but you need to keep a minimum of 2k sterling in it!
Many thanks!

jonesMUFCforever

To be honest if you haven't got £2k to play with now it's not worth it IMO.

digerati

skkskk wrote: »

Hi guys, does anyone know of a US dollar account that can be opened over here in the UK to deposit US $ and just to witdraw when out in the USA? I've seen Citibanks options, but you need to keep a minimum of 2k sterling in it!

Opening a USD account at any UK bank will require a large deposit and minimum balance as the paperwork is quite involved due to the reporting and regulatory requirements of the US Patriot Act. It used to be easy to open a USD account in the UK before 2001.

Opening a US bank account in the USA is no longer easy for non-residents either. Pre-9/11 tourists could walk into a US bank and open a bank account by showing photo ID and giving their hotel as the address of record. Now you'll need a social security number and proof of legal residency status to open an account. (Bank accounts opened before 9/11 are grandfathered in.)

Cook_County

digerati wrote: »

Opening a USD account at any UK bank will require a large deposit and minimum balance as the paperwork is quite involved due to the reporting and regulatory requirements of the US Patriot Act. It used to be easy to open a USD account in the UK before 2001.

Opening a US bank account in the USA is no longer easy for non-residents either. Pre-9/11 tourists could walk into a US bank and open a bank account by showing photo ID and giving their hotel as the address of record. Now you'll need a social security number and proof of legal residency status to open an account. (Bank accounts opened before 9/11 are grandfathered in.)

I disagree. An SSN is not required. Many US banks will accept an ITIN. The Patriot Act is however frequently (and irrelevantly) used as an excuse.

However you'd still need a US bank if you want to transact in US dollars, and the cost would outweigh the benefits.

acharlesworth1991

I presume taking dollars in cash into a US bank is also viewed as suspicious I wanted to open account nine months ahead of my company paying my salary into that account but presumely i will need some money in the account to pay charges in that gap time of nine months What is ITIN?