Best US Dollar Account

wilsonpuppy

With two children at University in America and the exchange rate being good, we are considering putting some money into a dollar account. We can then use this account to transfer their allowance money to them on-line. Should we open a UK International account or open an account with an American Bank?

mleonard79

Hi Wilsonpuppy,

I know Citibank offer an international account that you can fund in US dollars with no fees as far as I know. A friend of mine has just opened one as she has to spend a lot of time in the US this year and she was told this was the best idea. Others may be better informed than me but it's worth checking out.

Regards

Michelle

thumshie

I beleive most US banks will require you to either be resident, have a green card and SS number or atleast be able to go to a branch to open an account. When are you next travelling to see your kids?

Otherwise as michelle stated, citibank are pretty good, you do need to keep a balance of £2k across all your citibank accounts to avoid the montly fee i believe. Natwest, abbey all require £5K, barclays £10k, HSBC is 25k as of jan 2007

edit:
You could also open the citibank us$ saver account at 4.5%, which would count towards the 2K so atleast earn some interest on it.

mleonard79

That reminded me Thumshie I used to live in the US and you do need to be resident or have a SS Number to open an account. As I had a Visa at the time I didn't have a problem but I don't think you could open one up as a visitor.

Regards

Michelle

thumshie

Just played with bank of america and chase web sites for on-line application. without SS/us citizen it wants you to visit a branch...Doesn't say it will be accepted/possible.

Whatever you do, I'd avoid the 'offers' on ebay........

wilsonpuppy

Thanks thumshie and mleonard79 - I will check out citibank. I looked at HSBC and NATWEST but the charges seem a bit high.

guynextdoor82

Bank of america can open accounts on a tourist visa u need to provide I-94 Arrival/Depature record.... last but not the least

Try WELLS FARGO....INTERTIONAL PERSONAL BANKING !! i opened an account with them from UK with a UK Address but my account is in San Fransico.

You can also try CHASE (JP MORGAN) Interational personal banking

Josh

bjxxx

After 9/11 and the Patriot Act 2001 you can kiss goodbye to US bank accounts if you're not a US citizen, you can thank the peaceful Muslim terrorists for that!

I currently use Citibank's US dollar current account and recommend it highly. You'll be charged $20 per month if you don't keep a minimum of $2,000 balance. Please note it takes 3 weeks to fully deposit a US dollar cheque into the account. You don't get debit card or direct debit, but you get a cheque book.

guynextdoor82

bjxxx wrote: »

After 9/11 and the Patriot Act 2001 you can kiss goodbye to US bank accounts if you're not a US citizen, you can thank the peaceful Muslim terrorists for that!

I currently use Citibank's US dollar current account and recommend it highly. You'll be charged $20 per month if you don't keep a minimum of $2,000 balance. Please note it takes 3 weeks to fully deposit a US dollar cheque into the account. You don't get debit card or direct debit, but you get a cheque book.

Well I opened mine in 2006 hws that ??

bjxxx

guynextdoor82 wrote: »

Well I opened mine in 2006 hws that ??

Give more details, the bank name, the type of account, your nationality, whether you carry US passport or government documentation, whether the account was at a physical USA branch not an "international account" in US dollars.

guynextdoor82

bjxxx wrote: »

Give more details, the bank name, the type of account, your nationality, whether you carry US passport or government documentation, whether the account was at a physical USA branch not an "international account" in US dollars.

Banks name : wells fargo:A
Type of Account : IPB (International Personal Banking )
Nationality : Indian (UK Permanent Resident)
Account opened by post and is an US dollar account

https://www.wellsfargo.com/inatl/consumer_services/personal_banking?_requestid=26157