Best US Dollar Account

Entertainer

inmypocketnottheirs wrote: »

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.

But is that a Citibank U.S account though? That sounds like a Citibank U.K account in US dollars, which you can withdraw with your Visa card up to £4000 per week equivalent. I've been told that you can open a Citibank U.S account to which you can make global transfers for free from your U.K based Citibank USD account up to £10,000 equivalent per day.

inmypocketnottheirs

Correct, in all respects.

gt94sss2

Citibank used to be good for USD accounts in the UK - how ever they are not so good now.

This is because Citibank are gradually worsening their foreign exchange rates. Whereas you could previously trade/exchange £ to $ etc at 0.5% away from mid-market rate using their online banking, they first increased it to 1%, then 1.5% and it has now reached 2%. So the bid offer spread for major currencies is now 4% (which is poor)

Regards
Sunil

indianvp

The Citibank Dollar Current Account certainly appeared to be exactly what we needed. However trying to open one has proved an absolute nightmare. I entered the required information online, then awaited the completed application pack for signature. It never arrived. Calling the 0800 number given was a very frustrating process, as all calls are routed to an Indian call center manned by very polite, but totally unhelpful people. After weeks of waiting, I was advised to start again as although they had all my details on record, they said they could not access the information to send me another application pack. I am now looking elsewhere! Has anyone any ideas please?

Entertainer

Opening a Citibank dollar account in the U.S is incredibly easy. You go into the branch (which stays open until 6 p.m) and they can open a current account for you on the spot as a tourist, they even print out a cash card for you in the branch. The guy there couldn't believe it when I told him we had to wait two weeks for an account in the U.K. You just have to bring i.d and proof of address (which I got by logging into my Lloyds Bank account and him printing off my statement). You can then do a global funds transfer by logging into your Citibank U.K account and it shows in your five minute old Citibank U.S account instantly- even he was impressed by that. Then withdraw as much cash as you want over the counter or $2k per day (I think) by cash machine (free at 7 Eleven machines).

It was better service than I've ever received from a U.K bank.

Paul_Varjak

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!

That is simply not true! I was staying with four Russian students in New York last August/September, they all opened US bank accounts and that was before they got their social secuity numbers!

It is actually easier for foreigners to open a US bank account than it is for those from EU countries to open a UK bank account!

inmypocketnottheirs

Entertainer wrote: »

Opening a Citibank dollar account in the U.S is incredibly easy. You go into the branch (which stays open until 6 p.m) and they can open a current account for you on the spot as a tourist, they even print out a cash card for you in the branch. The guy there couldn't believe it when I told him we had to wait two weeks for an account in the U.K. You just have to bring i.d and proof of address (which I got by logging into my Lloyds Bank account and him printing off my statement). You can then do a global funds transfer by logging into your Citibank U.K account and it shows in your five minute old Citibank U.S account instantly- even he was impressed by that. Then withdraw as much cash as you want over the counter or $2k per day (I think) by cash machine (free at 7 Eleven machines).

It was better service than I've ever received from a U.K bank.

Exactly my experience too. I have even opened a citibank account in Greece and had my cash card printed in the branch.

UK banks must rank amongst the worst in the world for technical innovation and customer service.

Bazn

thumshie wrote: »

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.

sorry - just to clarify/confirm... is it simply £2000 as a balance across all accounts to avoid the fee? (and NOT a requirement that you fund the account with £2000 every month!?!?)

inmypocketnottheirs

Bazn wrote: »

sorry - just to clarify/confirm... is it simply £2000 as a balance across all accounts to avoid the fee? (and NOT a requirement that you fund the account with £2000 every month!?!?)

It is balance.

juliusceasor

If it is opened online in the UK and by default is the money held in it declarable or known to the UK tax authorities? or is tax paid to the US authorities on interest earned...? please