US Dollar bank account (low investment)

Providence100

Good morning,

I am moving to the USA next summer. I project having some advertising revenue (albeit small) from an app I am developing. The revenue seems to be delivered in US dollars. As all my over income will be in pound sterling, and then swithched to dollars next summer, I would like to keep the app revenue in US dollars: as a form of hedge.

As such, I am wondering if anyone can lend me some insight into the International banking climate for small/no min investment US bank accounts. I am not overly concerned with savings rates, or access, but I wont have a guaranteed income stream to deposit; which I think is an important consideration.

I anticipate a maximum of $500 in ad revenue for it over the next 12 months.

Any thoughts?

Love this website btw!

grumbler

You are highly unlikely to find a free $ account (or without a big min balance requirement).

Providence100

Are there any paypal-esq services available for holding cash in dollars? I.e. not a regulated bank.

grumbler

Yes, you can hold US$ in PP, other e-wallets (Skrill, Neteller) or a prepaid card. However, loading any of the above with $ directly is a problem unless you open it in US.

You can receive $ payments from another wallet of the same provider, but if it's a bank transfer, most likely it will be double conversion as it's one £ bank account for all customers. Also, a unique reference has to be used when loading a e-wallet or a prepaid card by a bank transfer.

saintalan

Try Citibank, I have a £ current a/c with no fee subject to balance etc and have a US$ a/c at no extra charge.

grumbler

New customers must have Citygold account for this that costs £25 p.m. unless you have £75,000 across all your Citi accounts.

arbster

saintalan wrote: »

Try Citibank, I have a £ current a/c with no fee subject to balance etc and have a US$ a/c at no extra charge.

I've held a USD denominated Citibank account for many years, but they have recently started charging me £5 pcm for the privilege. So I'm closing it and sending my balance to my USD denominated Neteller account, if Citi's awful customer service get off their a*se and do it.

Providence100

Arbster - that is what I am interested in. I take it you are UK based? If so, is it relatively straight forward to obtain a Neteller USD account? Ideally i'd just deposit all my advertising revenue in that.

Thanks for all the other replies.

jonesMUFCforever

Why not open a dollar account when you get there?

Providence100

Good question. Because I will be earning the advertising revenue on a daily basis (probably payable at month end). As such I will be physically receiving dollars whilst still in the UK. I hope that clears things up.

[Deleted User]

Could you ask the ad company to hold your payments, until you have a bank account set up over there?