Best US Dollar Account

apcorbett

Citibank have a US$ savings account, which you can open online, no charges, 4.5% interest, and a debit card to withdraw cash if you are in the US.

Will confirm how easy it is to withdraw the money after next week, as I'm going over there...

bjxxx

guynextdoor82 wrote: »

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

Exactly, it's an International Bank account. Just like Lloyds TSB International offer a dollar account, it's not based in UK, they use their global operations.

teddyco

I am curious?

It's difficult for a UK citizen to open a US current account, but what about the other way around?

How difficult is it for an American to open a UK Current Account who doesn't live in this country? Should they open an offshore account; i.e. Cayman Islands, Swiss, etc.

teddyco

WilsonPuppy,

Since your two children are students in the USA, have they approached any American banks to try and open accounts? I am assuming that they are in America on a student visa? Do you know if their student visa will allow them to have a current account, credit card, etc.?

Certainly their visa should allow some form of bank account while they are students in the USA?

I would kindly advise you to get them to check with a local bank to see if they will open an account for them, and then move money to that account through PayPal and save all the expensive fees and charges that the bigger banks like to impose.

If they can open US current accounts per their student visas, then you can upload money from your UK account to your PayPal UK account, then transfer to their PayPal USA account for download into their US current account.

apcorbett

Well, I'm back from the US, and the Citibank US$ savings account is a piece of cake.

Transfer money in from any UK£ current account directly, bank transfers the money into $$ at the bank rate.

Walk to cashpoint in the US, and withdraw the $$ with no charges whatsoever.

You can choose when to transfer (when the rates are highest) and withdraw when you get over there...

MattyNeth

Very interesting Andy - thanks.

I'm making a major purchase in the States in 2008 and want to lock into the current decent exchange rate. I opened an Alliance and Leicester Intl US Dollar account with a rate of 5.5%. Minimum balance $5,000.

Biggles

Whatever account you open, you'll have to pay charges (usually in the form of a poor exchange rate) for transferring funds from one to another and, if it's a bank in the US, money transfer charges too.

If you open a Nationwide Flexaccount for each of them and give them a debit card, you can fund it here in GBP and they can withdraw USD completely free of charge in the US. And if they do get a US bank account in the future, they can deposit their USD there in cash as and when they withdraw.

hesjane

My son attend university in California last summer and as a student he was supplementing his income by working part time in whatever jobs he could get. He had no problem opening a bank account. Now he is home he has kept the bank account up and running and just makes the odd transfer between main account and a savings account to show activity on the account.

He may never need it again, but his view is that if he does it will be far easier to keep the one he's got than allow it to close and then try and open another one at a later date if he finds he needs it for any reason.

Definitely get your kids to look into opening accounts rather than you doing it.

dupuytren

Hi all

I have a Citibank UK account but in American dollars. I am not an US citizen but I'm going to New York for a holiday for a month, is it possible to open a US Citibank account easily, since I already have a Citibank UK account but in American dollars? As I am travelling, I wouldn't have a permanent address in the USA too. Please enlighten me!

inmypocketnottheirs

dupuytren wrote: »

Hi all

I have a Citibank UK account but in American dollars. I am not an US citizen but I'm going to New York for a holiday for a month, is it possible to open a US Citibank account easily, since I already have a Citibank UK account but in American dollars? As I am travelling, I wouldn't have a permanent address in the USA too. Please enlighten me!

If you sign in to your citibank account on line you will see there is a section to open a new account. Just click on dollar account, either current or deposit. It really is that easy. All can be run on line, and if you open a dollar current account you will get a dollar cheque book, cleared through citibank New York.